Tonight I’m taking a tip from Timothy Adams and adjusting some of the prices in my Etsy store. I raised the prices on several items and lowered the price on a couple others. Timothy points out that people will gravitate to a medium priced item in most buying situations. How do you raise your median price? By significantly raising the price of a few items to create a new “ceiling.” I probably fall in to the trap of pricing my items low, thinking no one will buy them otherwise. So many of us undervalue our work. I still think my prices are low, but I have a greater range now.
As a reverse experiment, I took a group of nearly identical items, my men’s chokers, and reduced the price on one of them by $1. By making one item look like an accidental value, it should be more attractive. I’ve tried so hard to keep prices consistent in my store that perhaps there hasn’t been any incentive to buy one piece over another. I’ll be interested to see if I notice any changes in sales from this.
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5 comments:
Thanks for the good information! I'll be interested to see how it goes for you. Your jewelry is lovely!
Julie
Timothy Adams has so many great tips it's amazing. My boyfriend often tells me that my prices are too low but I always feel that if I go too high, no one will buy thinking I'm overpriced. Something I will have to consider. Thanks for sharing!
Pricing is definitely a challenge, especially in a venue like Etsy when there are so many people undervaluing their work! I hope you'll share how your pricing experiments work out. I hope it brings you lots of sales!
I always under price my stuff. I just feel inadequate I guess. Good for you - go for it, hope it works
This is a good idea, I think. I've tinkered a little with my prices in the past and feel it's time to go back and look at everything again. Hope your sales increase with this new step.
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