Working with my clients on pricing and customer demographics (detailed buyer information) is extremely important, not just to discuss and organize the details, but to help determine if their current price point and customer base are the best for them.
One of my clients had priced his product very reasonably and was selling mainly to the ages of sixteen to twenty-five. However, while working through our focus session, we determined that his goal demographic was thirty-five to sixty-five years olds and he wanted his future lines to have a high-end, luxury feel. Obviously, his current client didn’t reflect his dream client and they would be a bad fit for his future design goals. We discussed his options and that included changing his price point, which would, in turn, change his customer base.
It’s not always best to sell to anyone who will buy your product, unless your work appeals to a wide audience and you’re happy with selling to that audience. Envision the customer that you want to sell to then research where that customer shops and what price points they will pay for your type of product (original brass wall sculptures, hand-blown recycled glass bowls, silver, gemstone and antler pendants, etc.). Go over your cost sheet and see how you can change your wholesale to suit this new market and how you can match the quality, if the price increases. Word of warning: If you are charging $95 wholesale but want to move to the $250 wholesale range, make sure that your materials and skill set warrant the higher price point and understand that you will be marketing and selling your new price point to different retailers. For the most part, a retailer who is purchasing your work for $95 won’t pay $250 unless the designs and technique change drastically, they can see artistic growth and if fits their client’s tastes and pocket books.To sell to the right people, determine your ideal customer and put your work into a comfortable price range for the both of you.