Artists, potters, woodworkers, knitters, sewers. crafters of all kinds will know the pitfalls of pricing their goods for marketing to the public.
Your mode of marketing makes little difference. Whether you sell online, via your own website, a host website such as Etsy, or EBay, or via Facebook, or direct selling to the public, in a shop or on a market stall, the problem is the same. How much should I charge? How much will someone pay for this bag.
I have come across several formulas and methods for pricing goods but have found following any of them puts the results of all my hard work way beyond the sort of figure my customers would be willing to pay.
At the same time, I often feel that some of the prices I arrive at in order to make my beautiful bags an item of choice for buyers does not indicate the true worth of my handcrafted and very high quality bags.
Am I, by not pricing high enough, not giving a true indication of the quality of workmanship and skill that has gone into the making process, indeed with many of my bags, the design process also!
Am I belittling the standard of the goods on offer by trying to keep prices low? Am I undervaluing my work and the quality of my materials and hardware?
Customer reaction - in my experience - is of little help. Swinging between extremes of customers enthusing over how beautiful a bag is and then dropping it like a hot potato as soon as they hear the price, to others happily paying a considerable amount without reservation for one of my high-end bags simply because they love the bag and appreciate the uniqueness and quality of my work.
My instinct? My work is of high quality, my bags look fabulous. they are unique and I have put not only time and effort into creating them but also passion and integrity.
Charge a good price. I know their worth - if customers don't appreciate the value of my work one of my my bags would be wasted on them!