unreal prices

MissyK · 05-01-2010, 02:39 PM

I went to a craft fair in a neighboring town (just to browse) and couldn't believe some of the prices. Earrings, $3.00, bracelets, $7.00 and necklaces, $10.00. I'm just starting out but I when I was doing my calcuating for pricing my pieces, I was coming up with $10-15 for my earrings and $15-20 for my bracelets. I had found some different strageties for pricing handcrafted items. At those prices (at the fair) it seems they are just getting their money back for just making the items. Unreal.

pinokeeo · 05-01-2010, 04:41 PM

For some people, it's just a hobby and all they want back is what it costs them for supplies.

They may also be using substandard supplies.

Don't worry about your own pricing. If it feels right to you, it probably is.

MissyK · 05-01-2010, 05:28 PM

Yes, I know that. But that doesn't help the rest of us. It can drag prices down for everyone.
I'm just starting out, so I'm not using supplies that are more expensive yet.
I'm working on just impoving my skill level.

pinokeeo · 05-01-2010, 06:30 PM

Yeah, it's tough. I've been dealing with the same issue for years. I don't know that there's anything can be done about it. You just have to hope that those people will eventually go somewhere else.

tdiprincess · 05-02-2010, 12:35 AM

People who appreciate better things don't buy the cheaper stuff. It's also learning where to sell things. They're doing quantity over quality while you are doing quality over quantity. So you could either buy earrings for 3 bucks that last for a year or whatever OR buy earrings for...10bucks or more..whatever, but they could last a lifetime or more depending on quality. Each buyer is different and different markets bring different buyers..

envyjewels · 05-03-2010, 07:21 AM

I hear your frustration! The people who are selling it that cheap are definitely using cheap materials and are going for quantity selling to make their profit....smaller profit per item but higher volume of sales. They are probably only taking their cost x2 and not factoring in labor. I do quantity selling on a few of my high selling items such as my anklets but I make sure to cover all of my base costs including materials, labor and misc(which is about $1 to cover packaging) I just don't mark up the base cost as much as I could...maybe only x2 or 3. These items are NOT available for wholesale though.

Just remember that the person who is pricing that low is cheating themselves and their business! How can you grow your business if you only charge enough to pay back your initial investment?

I realize you are just starting out...the best advice I can give you before you start doing shows is to really work on your display! If it looks high class people won't question your pricing!

Luv2BCrafty · 05-06-2010, 01:04 PM

Dont worry, if you feel that your prices are proper, keep them as before. If your products' quality is really good, customers still prefer to buy them ;-)

MissyK · 05-07-2010, 06:59 PM

Thank you everyone for taking the time and posting on my thread.
I do appreciate it. You have all been very helpful, thanks.

achristian · 05-08-2010, 10:23 AM

Some of the best advice I ever got, and it was from a professional business coach, was don't compete on price. There will always be someone else who is willing to sell cheaper. Instead of me explaining why, let me link you to his blog with a short video. He is a coach to stamping people, but this post applies to anyone in crafting.

http://stampingismybusiness.typepad....-on-price.html

MissyK · 07-05-2010, 11:06 AM

I was at my local farmer's market Sat and there were 2 stands with jewlery. One was selling elastic seed bead bracelets for 50 cents each and another stand had them for $1.00 each. The one with the 50 cents bracelets had earrings for $7. She said that they were nickel free. None of ladies behind the stand, got off of their butts while they were talking to me. I find that rude. Even when I have yard sales, I'm always standing and walking around greeting everyonoe who comes. Even if justs a good morning, how are you this morning, etc. Even if they don't buy anything, they almost always wish me well for my yard sale and a good weekend. I ususlly have one yard sale and year, and I see a lot of the same people. I don't just sit on my butt hoping someone buys something.