She Takes My Money by Leon Keay.
Ever had trouble pricing your art?
It’s especially difficult the more hours you spent on a piece. You get emotionally attached. You put your heart into it and now you’ve got to put a number… on your heart! So you decide to take your heart out of the equation and turn to math.
The temptation to devise formulas takes over and all of a sudden you’re stuck figuring out how much overhead you’ve got and what you should pay yourself per hour (or worse, not giving yourself a wage at all).
But hey! Wait a second!
This takes all the heart out of your pricing. And your customers will notice. It’s important to feel right about your prices more than just formulizing (like that word?) them. Formulaic pricing creates formulaic buying. You want your customers buying because they feel compelled and they love your products, not because they thought to themselves, “Well yes, that’s a reasonable price for this scarf and I haven’t seen others cheaper out there that are as well made. So I think I might purchase it. Let me add it to my cart and think about it for another few minutes.”
Instead, they should be saying to themselves, “Wow. Those colors are astounding! I have to have this scarf. It will pair so perfectly with that blue dress with the ruffles I can never pull off in the Fall.” And then you want them to start daydreaming about what will happen when they put on that outfit and your scarf pulls it all together… maybe their husband falls in love with them again when the marriage was waning, or they finally feel confident at work, or they pick their child up from school and don’t feel embarrassed to be wearing mom jeans.
And pricing is a stumbling block here. Underprice and your customer will never think the piece will make a big impact in their lives. Overprice and they’ll be too hesitant to pull the trigger.
A formula can’t find that middle ground. But your heart can.
Stay tuned. Here’s my favorite pricing method. It’s a combo of a few things you’ve probably heard before. And I think it strikes a great balance between math and woo-woo feelings.