How the right price can attract the right customers!Mar 21, 2023
You have just spent 100 hours working on that one outfit...and you want to price your creation for what it is worth.
But looking at your own budget makes you feel uneasy about asking what you really desire to ask and you decide to price your work lower. You think at least I will sell it...
Does this ring any bells???
Know what this feels like.
If you are anything like me, you dislike pricing and even more asking for money feels terrible...
This article is about pricing and why it needs to be done well in order to survive!
Pricing your work in the fashion industry can be a daunting task for many designers and artisans. It is often said that pricing is both an art and a science, and this is especially true in the world of fashion, where there are many factors that need to be considered when determining the right price for your product or service.
One of the reasons why pricing can be so challenging in the fashion industry is because of the fear that many designers and artisans feel when it comes to setting their prices. They worry that they will price themselves out of the market and lose customers, or that they will not be able to sell their products or services at all if they set their prices too high.
The biggest challenge that designers and artisans face when pricing their work in the fashion industry is determining their own worth. Many people undervalue their skills and the value of their products or services, which can lead to underpricing and ultimately hurt their business in the long run.
When determining your worth, it's important to take into account all of the time, effort, and resources that you put into creating your products or services. This includes everything from the cost of materials to the time it takes to design and produce your products, as well as any marketing and advertising expenses.
Focussing on your dream customers is the ultimate way to find your best prices. They are the ones who have to pay your prices. Consider this: you may not have the money to buy your work but your customers do. Do not make the mistake of thinking that they have your budget!
Ultimately, the key to successfully pricing your work in the fashion industry is to find a balance between what you're worth and what your customers are willing to pay. This means doing your research, understanding your dream customers, and being open to feedback and adjustments.
It's also important to remember that pricing is not a one-time decision. As your business grows and evolves, your pricing strategy may need to change as well. This means regularly evaluating your prices and making adjustments as needed to ensure that you're always offering a fair and competitive price for your products or services.
We can say pricing your work is a complex and challenging task (to say the least) but it's one that is essential for the success of your business. By finding a balance between asking for what you're worth and what fits your dream customers you can ensure that your products or services are priced appropriately and that your business is able to thrive in a highly competitive market.
Take action now and raise your prices by at least 2x. I know this is hard but it needs to be done.
Find out what your dream customer is willing to pay and stick with it.With this simple yet highly effective strategy you will not only attract those in love with your work but also repel those who have no intention of buying from you. Not now and in the future.