Store Manager – Pricing

Knowing how to price your work is fundamental to successfully selling your art and crafts.

Structure your prices in stepping stones with entry level prices leading up to your highest price point.

Step 1

Your entry level price point should be between £5 and £10. A £5 price point is classed as an “instant purchase” where the customer doesn’t think about it, they just buy it. 

Step 2 

Anything with a price of £10 and above is starting to fall into the “considered” price range where people will stop and think about it a bit more.

Step 3 

Your highest price point is your “aspirational” price point. These will be your most expensive and desirable products.

Stepping Stones

You should lead people in stepping stones up to your highest price point so your shop should have products that cover each of the price ranges we’ve described. This is called “up-selling”. 

By engaging your customer with something affordable in the “instant purchase” price range they are more likely to consider a more expensive item.

Get your prices right!

An item that’s priced too low is as off putting as a product that is priced too high. People will always go by the old phrase “You gets what you pays for” and assume that an item is probably cheap because it’s poor quality. 

Equally, pricing an item too high can turn customers away. Be realistic in your pricing and do some research, see what the market value for similar products is and price yours accordingly. This doesn’t mean asking “How much would you pay for this” on a Facebook group. Have a look around yourself, take some time to really know your market and it will pay dividends in the long run.

Ok, you’re ready to get your shop out there.

Click HERE to visit the LA&C “How To” guide to marketing your shop.