Don't Sell Price, Sell Value

@indywahm (808)
United States
June 14, 2007 5:07am CST
You have probably heard about people who cannot sell something so they raise the price and they start to sell! Why? The item did not look any different, but at a higher price they had a higher perceived value! Mark your items at what you value them at and others will see them as being worth that ,too. This is especially important if you sell handmade items. Too many of us price our goods too low because we lack confidence in what we are selling and what we are doing. You might mark up your items to cover expenses ,but not enough to make a real profit. You need to understand the value the customers are looking for and set your prices accordingly. When you go over the pricing you need to be earning enough to pay yourself for your time, pay rent on the space you use, any transportation, etc. You might start out with a living wage in the beginning ,but plan on giving yourself raises and you start bringing in more money!
1 response
@venshida (4837)
• United States
14 Jun 07
Great advise, I have a booth that I am renting right now, and sometimes I reduce the price just to obtain a profit. I also have some other projects I am working on but never thought of giving myself a raise.