Folksy Ltd

Interesting article on pricing work

(Heidi Meier) #1

Here’s an interesting article that I thought you might like to read:

Always good to get other people’s views/ experiences.

(Liz Clark) #2

That was interesting, thanks for posting.

I do believe that people will pay for good quality handmade goods. It is how it is marketed and presented that is key. I recently read an article about handmade bears, made by women in S.Africa, are selling for at least £245 and some are selling for much more that that. The bears are lovely, they are being sold in Chelsea, London and Harrods and have a USP in that the money goes back to better the lives of the disadvantaged women who make them.

Making something desirable and exclusive, having the marketing know how and of course connections, helps make these items sell. getting to that point is the very very hard part!

(Heidi Meier) #3

I’m realising it’s the exclusivity or originality bit that’s a really important thing. So the old mantra of making what you love and developing your own style is really the best way to go!

(Ronald Koorm) #4

Everything has a market potentially, but some things stand out more than others. The craft market is, in my view, very over- subscribed with crafters and goods across a very wide range, but one could say that there might always be room for something unique, or special.

I see some really lovely handmade items where a lot of work and passion has gone into them, but they don’t always stand out from the crowd, and there are an awful lot of substandard / imported poor-quality goods out there, pretending to be handmade, which take away the impact of the good stuff.

I suspect most crafters sell at a loss, or break-even at best. If it’s your only income, you can’t afford to do that for long.

A well-known pen company nearly went bankrupt some years ago, as it was being undercut by cheap imports. A consultant advised them to concentrate on very expensive pens and price them high. Reluctant to go down that route, they did so. As a result, they became very successful, and their client base changed completely. High prices became the norm.

If your product is quality, and the design is unique, there are some very wealthy people out there who will buy it. Trouble is finding them.

I was intrigued by the programme last night on Liberty of London, whereby they have a Vintage clothes section, but supported by a specialist buyer who does not, apparently, have social media, or a mobile phone, and never ever advertises his vintage gear, but operates on word of mouth alone.

I actually think that is ultimately, the way forward.

Too many people are totally reliant on Facebook, Twitter, and the rest. A successful enterpreneur of handmade goods who makes and sells quality items, should build up his / her customer-base by personal contacts, speaking and selling face to face, with online-sales (of selected goods) as a supporting role, Pricing is a reflection of the ‘must-have’ factor on those goods.

If you sell most of your stuff online, unless it is a ‘one-off’ and unique, I probably won’t be interested if I happen to be wealthy.( That is, for higher-end priced goods). Because I want something different and unique. That, I am prepared to pay more for.

Social media should be used as a peripheral marketing aid only, and not as a crutch. I suspect it is popular as a quick way to get your item(s) out there, but often they are seen as just another item in the sea of goods. There are exceptions, of course.

Others may well disagree.

(Heidi Meier) #5

I definitely agree about the reliance on social media, and the need to use it as a peripheral marketing aid. It can take up so much time which would be better spent getting out and about and talking to people or making new stuff! Having said that, it has a place and this can differ according to your type of business - some people manage a very good living through selling mostly on Facebook for example. The real challenge is finding out what is right for you and your business. On a separate note, and I’ll start a new post, I’ve resurrected my blog - yay - because I have finally worked out what I want to use it for. Hurrah - just took a year or so… :slight_smile: :smile: