Product evaluation and pricing your own work is one of the trickiest parts of running any creative business, because you are placing a concrete value on very subjective qualities, like talent, taste, and experience.
I find myself all the time trying place an objective view on my products when pricing. Sometimes I under price my designs and friends and family will say ” Are you crazy, you should be selling that for way more!” At times I find this hard because I am a frugal person and absolutely love “The Hunt” for an amazing deal. At the same time I put a great deal of thought and hard work into what I design, and therefore have to find that balance when pricing.
When pricing your items you really have to look at the demographics of where you are selling your designs. If you are setting up space at craft shows you really have to research them. You can’t expect to get top dollar for your quality designs if you are at a NON juried show where they will let anyone in for the sake of selling tables. You will waste your money and your weekend which in turn discourages you.
On the other end of the spectrum there are those that seem to live in a delusional world all their own. Their products are priced way to high and their products (sorry i can’t call them creations) are well… CRAP. I am a very blunt person, and not good at sugar coating things. If you ask me I will tell you! I can be tactful, but i won’t tell you if something is great if it is not. Look at it this way… when your watching the auditions for american idol you know you are sitting there saying “someone needs to tell these people they SUCK before they get on national television!”
Ask someone you know who will give you an honest opinion of your design and your price point. Let them know you are looking for honesty and that it is not going to hurt your feelings. If you sell something that you wear, or use daily and none is making good comments on it, then it probably isn’t something that is going to sell well. Your wasting your time and talents in a fruitless endeavor.
The bottom line is a reality check for anyone in the creative business especially if your serious about moving to the next level. We all need honest opinions, support and direction to keep things fresh and in line with our business agendas.
Don’t be afraid to ask and BE ready to change and evolve your business. If you don’t you will stay on the merry-go-round of denial , how come, and why. Are you ready to get off the merry-go-round?
Post your comments on how you price your items we would love to hear from you.