Well, I had to do something yesterday that I had hoped I'd never have to do with my online crafts business - I raised my prices on certain items. :(
It wasn't a matter of greed, or thinking that I'd come out short on a sale. It was simply a matter of feeling that I wasn't asking enough to show the true value and quality of my work. I've been thinking about it off and on for months, and really concentrating on it the past few days. In Etsy's The Art of Pricing: Price, You Get What You Pay For - it states: "The price you choose says something about what you make. Just as you carefully select your materials and skillfully craft your item, what you choose to charge for your item is just as important. Particularly with a one-of-a-kind item, like many of the items on Etsy, the price is the first indicator of value to a customer."
So, for 2 days straight, I perused other shops that sell the same or similar items as the ones I have ( in this case - Amigurumi). I found a lot of Seller's who have made sales at a higher price than my listings that haven't sold. And in most cases, their items are smaller and less detailed. The shops that are selling for less, haven't made any sales on those items.
I put a lot of attention (and yarn, lol) into my animals, and I know it shows. I worked out the costs a long time ago, before I started selling online, and I wanted to sell at what I thought was a fair price in today's economy. But, it looks like I was selling myself short. So, after a lot of back-and-forth on what would still be fair for my customers, I finally set the new prices - raising my animals by $5 and the turtles by $8 since the turtles take a lot more work. Considering I have yet to sell any, I'm hoping this will make a difference in a positive way. As the Etsy article goes on to say: "In the event items are not selling, most artists are quick to assume the price is too high. The truth is that the price might be too low. Experiment. See if raising the price will help sales. You never know: You might be selling yourself short."
Well, I guess we will see...
excerpts taken from: http://www.etsy.com/storque/seller-handbook/the-art-of-pricing-price-you-get-what-you-pay-for-482/
THE ZOO (so far...):
- I've been crocheting for over 30 years, and come from a family of yarn and fabric artisans. I learned to sew from my Grandmother who made several quilts a year entirely by hand...one for each child, grandchild, and great-grandchild. Life situations and changes caused me to take a chance and open my first Etsy shop in Feb. 2011. A few successful months later, I opened my second Etsy shop as BeccaTheBaker...and later in 2011 opened my third Etsy shop as BeyondCrochetToo. I'm a single mother of 2 teenagers (a girl and a boy), plus 2 cats. I'm a 5th generation Native Californian (Northern California. And am happy to be back on the West Coast in the Pacific Northwest where I belong.