Part 1 Pricing
for Art Shows & Craft Fairs
Admittedly, there
are many more than 5 things to consider when pricing your work. This is a huge
and important subject. How seriously you approach pricing is critical to your
success as a working professional.
Art show and
craft fair season will be here before we know it. The key to any fruitful show
season is pricing your work to sell and make
a profit. Easier said than done, I know. But here are some solid tips to
get you moving in the right direction.
1 Buying Power. First and foremost, the best thing you
can do for your business is buy in bulk or wholesale to reduce your cost of doing
business. It’s by far the best way to be competitive with fellow artisans and
increase your bottom line. This applies to all of your business related
purchases including everything you need to make your art, as well as packing
materials and office supplies.
2 Production Time. The second most important aspect of
marketing hand crafted goods is production time. You’ll want to streamline the
fabrication process of your product line to fit specific, popular price points.
You’ll want to have some small, flashy pieces, that are fast and easy to make. These
are the pieces you price low so they move and ensure you have steady cash flow.
Often these pieces cover show expenses while the larger ticket item sales are
the ones that line your pocket.
3 Perceived Value. This term refers to meeting buyer expectation
for worth, while keeping the actual production cost low. The goal is to
increase the perceived value so you can sell the piece at a higher price, while
satisfying the buyers desire to get their money’s worth. In other words, the
piece has to look like it’s worth more than what you’re charging; but in
reality it costs less than you’re charging to produce. This is marketing in a
nutshell. Think about diamond earrings. Small package, big price. But you buy
them anyway because of your perceived value of the glittery studs.
Here are some
easy and inexpensive ways to increase perceived value.
Add a card that
reads, hand-made-by, along with interesting information about the artist. Take
it a step further and have care instructions on the back. Add a ribbon, people
are suckers for a neatly tied ribbon. Include the candle, include the soap, tie
a spoon to the spoon rest, with a ribbon of course.
Make it easy
for the buyer. Get creative with your display and make sure your artwork has a
clear purpose. If you’re selling bottle stoppers, have a few displayed in wine bottles.
If your selling cheese trays include a small knife. Yes, tied with a ribbon. Display
the tray on a place mat or table cloth. If it’s wall art, hang it. Items that
need no explanation always sell better than those that require directions.
4 Popular Price Points. Show goers want to buy something, a memento to take home to commemorate their
outing. Twenty dollars is pocket change. People will part with it easily. They
actually go to the fair hoping to spend it on something artsy and unusual rather
than on food or hand-squeezed lemonade. Think of these inexpensive items as ice
breakers. You have to engage with the shoppers before you can sell the bigger
pieces.
Popular price points for show souvenirs are
$9.95, $19.95 and $24.95.
Popular price points for mid-range artwork
sales would be $29.95, $34.95, $49.95, $75.00 up to $125.00.
Price points for serious art collectors are
$125.00, $175.00, $225.00, $300.00, $500.00 and above. Of course, you can price
things anywhere in between if your confident you have the best number for that piece.
Collectors are less concerned about the dollar amount and more interested in owning
something that moves them.
Remember, whichever price point you
choose, the artwork must be designed, fabricated, presented and displayed in
such a way that it gives the impression that it has greater value than your asking
price.
Optimally, you’d
have pieces on display in all of the above price ranges. It might be wise to calculate
the total cost of doing the art show. Then bring enough souvenirs and mid-range
items to cover the cost. The collector priced item sales are then a welcome bonus.
5 Show Stoppers. These are your ego pieces, the ones you
make and display to show off your incredible vision and supreme artistic talent.
These are the pieces that people talk about after the show, the ones that get
you noticed during the show and bring people flocking to your booth. Every
booth should have a least one. It should be big, flashy and in keeping with the
rest of your product line’s theme. For example, if your product line features beach
themes then your show stopper should as well.
A note about your presentation.
Show focus. A booth
display is much stronger and more inviting to shoppers if the artwork exhibited
shares a common style and has an obvious theme. This shows that the artist is
enthusiastic and confident about her work which builds trust in buyers. I’m
sure you’ve seen the booths that have fifty totally different pieces of art for
sale. You wonder if that crafter just emptied their closet of seconds or
unloaded their garage of unsold left overs just to come to the art festival.
Don’t be that amateur!
As mentioned in
the beginning, pricing hand-made products is complicated. It’s a multi-faceted endeavor.
It begins with developing your product line to meet buyer expectation for a
particular venue whether it’s a county fair or big city art show. The secret to
success is getting organized. Make lists, as many as it takes to clear your
head, and then steadily tackle those items. You will then be well on your way
to a profitable show season.
You got this!
Good luck!
Lisa
Lisa
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