Come on Spring!!!
But I digress. I really wanted to share my latest "mini-me" banks. I've been making larger animal banks for a while starting with 3 lbs of clay. At Christmas I got a custom order for 3 smaller banks and decided to make some for my shop as well. So, using half the clay of the big ones I made up these babies.
|Penguin, ladybug, snail, owl & lion.|
I struggle with pricing all the time, as I think most artisans do. Putting a value on material and time is pretty easy. But putting a value on your creativity and experience is so abstract and subjective. To clarify my point I did a search on Etsy for handmade mugs and found prices ranging from $2 to $12,000 (yes, I double checked the number of zeros). I'm pretty sure self-confidence is the driving factor here in both cases. One undervalued and the other just a wee bit inflated. I'm sure you can figure out which one had 200+ sales and which one had none. =/
How do you evaluate your competition? If someone is selling something comparable to what you sell and they're charging much less or way more than you, do you adjust your prices? Up or down? Or can you justify them and be confident enough to keep them where they are? Just curious to see just how conservative I am.
It's a challenge finding that happy medium. I know I can't make a mug for $2 and I'm pretty sure no one would spend an excessive amount (I can't even bring myself to type that number again!) on anything I've made. When I priced my first birdhouse for a studio show I was embarrassed to charge anything! Even at the prices I'm asking now some people balk. I've gotten past the phase of second guessing my prices. Enough people can see the time and creativity that goes into a piece to keep me in business. It's not quantity (though that would be awesome!) but quality craftsmanship that's taking me to my target audience. So I'll bypass the "price it to sell" marketing strategy and plug away where I am. I'm comfortable somewhere between having low self esteem and being an ego maniac.
Well, this post went in a completely different direction than I intended but, like I said, pricing is something I struggle with. I guess what it boils down to is realizing and defining your own worth without getting arrogant about it.