Pricing your handmade goods is not all about the science, there’s also an art to it
Now that we’ve covered the maths/science behind pricing your handmade products let’s talk about the role of its perceived value. By now you already know that there’s really no one-size-fits-all formula for calculating how much you should be selling your handmade goods.
That’s because we also have to factor in the perceived value of your products. The art of pricing is your handmade goods’ perceived value.
What is it and why it is important?
Find out all about the art of of pricing your handmade goods in this week’s episode.
– Mik, Deb, Jess
Last episode we talked about the science of pricing and this week we continue the talk with the emphasis on the art of pricing your handmade products. In this episode we talk about why you need to take into consideration the perceived value of your handmade goods and how to apply it to your own pricing.
What we cover in this episode:
- Why it’s important to consider the perceived value of your products to calculate your pricing;
- Retail price vs wholesale price;
- What value based pricing is;
- There’s no magic formula for pricing your handmade goods;
- Charging different prices for different platforms;
- Factors to consider when evaluating the perceived value;
- Why knowing your ideal customer is important to determine the perceived value of your products;
- The right price is what your ideal customer is willing to pay for your handmade products;
- How to communicate the value of your products to your ideal customers.