Should You Raise The Price Of Your Crafts?
Many crafters underprice their work and charge less than they should for wonderful products. Raising your price may be the right thing to do, here are a few arguments in favor of it.
Increase perception of quality : An item with a higher price point always equates better quality in a buyer’s mind. If the price is really, really low, buyers may wonder if something is work with the product. Indeed, if it’s that great, why is it priced so low? You don’t want your carefully crafted product to be compared with cheap Wal-Mart merchandise, so why use the same price as them?
Increase sales : Yes, believe it or not, higher price can bring more sales. An higher price may allow you to reach a new market, one who wouldn’t spend money on cheap stuff. And even if you sell slightly less, which may not happen, you will probably make more money since you sell a bit less, but for more.
Use better materials : With a low price point, you may not be able to buy the best supplies for your crafts if you want to break even. But an higher price will allow you to buy better supplies, and in turn make higher-quality crafts for your buyers.
Improve your product : You may have removed certain parts of a craft to be able to make it for faster and cheaper. Now, with an higher price, you can add all the little extra that will delight your buyers and please your crafter’s soul.
So here you go, four good reason to raise your prices to improve your business. And don’t forget, if you really want to sell the low-priced product, you may always have two version of a product: the cheap, low-priced one, and the high price one with extras.
Happy craft selling,
Cindy
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