Pricing Etiquette

Read this today and it really struck a chord with me. Just replace “sweater” with “photo.”

From Lauren Venell of Biz Miss. Originally posted here on Design*Sponge.

“Pricing Etiquette”

Yes, Virginia, there is a polite way to price. Here are a couple of common pricing faux pas to avoid:

1. Changing your prices too often: yes, you should absolutely market-test your prices, but don’t just throw numbers out randomly to see what sticks. Focus on testing one or two products at a time, and try to do it at a live event like a craft show, where you can gauge customers’ reactions directly. Changing your published prices too often (like the ones on your web site) will make repeat retail customers think they are overpaying, and will make your wholesale customers struggle to keep their prices current.
2. Pricing just to maintain your hobby: I think it’s lovely that you make so many beautiful things that you’ve run out of people to give them to. I also think it’s great that you sell your extras in order to support your hobby. It’s selfish, however, to sell a fair-isle sweater you knitted for just the price of the yarn. Your customers might be thrilled, but underpricing devalues creative work and makes it harder for creative professionals to make a living

This entry was posted on Tuesday, February 23rd, 2010 at 2:28 pm and is filed under Best Practices and tagged with etiquette, faux pas, photography, pricing. You can follow any responses to this entry through the RSS 2.0 feed.