How to Set the Price: 4 Must Read Blog Posts

At Shook, we know it can be difficult to put a price next to what your trying to sell. Do you price it high to make the most money? Do you price it low to guarantee that it sells? I hope that the following blog posts can help answer some of these questions for you.

Conversion XL: The way that you price your product has an affect on people. Keep in mind that most people don’t always know how to price things fairly. If you give them more options of different prices, it can help customers understand what the best price is for them.

INC: Pricing your product can be one of the most difficult things to do. Some factors to consider when pricing your products are to know your customer, know your cost, know your revenue target, know your competition and know where the market is heading. Your product price should vary depending on what the market is willing to pay, how your company and product are perceived in the market, what your competitors charge and whether the product is highly visible and frequently shopped and compared.

Artbistro: Make sure you are aware of these guidelines before posting your art to sell. 1.) Prices are based in part, on medium. 2.) Prices are also based, in part, on size. 3.) All prices must be relative to one another. 4.) Your prices must be consistent.

Marketing, Confidence, and Time: Make your offer better than any one else’s. Make people feel that they need to have what you are offering; don’t sell it on the price.

Make sure that you are setting a fair and reasonable price (for you and your buyer) when you post an item to Shook. Anyone else have any other tips of how to price an item? Need additional advice on how to set your price? Comment below and let us know!

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18 thoughts on “How to Set the Price: 4 Must Read Blog Posts

  1. Pingback: How to Set the Price: 4 Must Read Blog Posts « Finding the way

  2. I have a niece who also does crafts and I bought a couple of the necklaces from her, when asked her how she set the the prices for her crafts she said the same thing as thought she would.
    Take into account the cost for the supplies needed, then the time it takes to craft it, if it is something that need your constant attention don’t charge for that, it is almost like working at a factory of sorts subtract for lunch, but also give your customers a fair price but make it fair to you.
    For example I looked over your site and noticed that your Wrap and Dress obviously you can’t change the price know, I feel the price is great however next time set a price for the set as well as as well as individually again a fair price for both you and the consumer but be willing to negotiate some people will pay the price being asked for example the price you have on the dress now. Keep the price set for the dress and wrap as is but when selling together drop the price down by 10 to $15.00 Assuming it is an item you can due this with.

  3. The site I use is an auction site so I can confidently sell it at my lowest reserve and hope for a bidding war. I would be lost of I had to sell my junk at a set price. I find that if I set my reserve for lower than anything else on the market it will attract the attention of every potential buyer. If you set your reserve too high, no one will want to play.

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