Posts Tagged ‘pricing strategies’

So you’ve thought about new things to make to ramp up for the holidays from yesterday’s post.

Now what do you do with the staples in your store? The bread and butter that just isn’t moving right now? You need to hold tight during slow sales months and I can tell you what NOT to do…

2. DON’T lower your prices! Our knee-jerk reaction in a “slow” economy is to lower prices. However, resist this urge…hold steady on your prices. It’s really hard to raise them again. And, if you lower them, it says you don’t value your workmanship or your time.

In some cases, some of the shops I have looked at, prices are way too low to begin with. These are handmade products. You have to get paid for your time, people, or you’ll never be able to stay in business. It took me a long time to learn this lesson (and hence, why I’m crafting part-time while working full-time). If you can, to make some extra money, sell supplies. I sell fabric on eBay along with my albums. It gets those customers in to take a look, and you make some money in the process on treasures you have lying around.

Really need to move inventory? Have sales or offer discounts to returning customers. But if your core prices are working for you, don’t change them. And if you feel they are too low, now’s the time to raise them so your customers will be used to the new numbers come holiday season. And if you really want to lure customers in with low prices, come up with some cute, quick items that will offer the inviting opening price, while still keeping your core products at sane price levels.

If you’re not sure if it’s the pricing that’s giving you trouble, try diving into #3 here while waiting out the slow season!

3. Refresh your stores, whether a website, an Etsy store, an eBay store or wherever you sell…now’s the time, when you have a little time, to add new photos, change up descriptions that aren’t working for you, revamp tags and material listings. If you have the same old, same old in your store month after month, it gets stale, and your valued followers could get bored and stop coming by, and then–their loss, they’ll miss your cool new intros when you roll those out.

Look at other websites, other stores, other listings. What do you like about those? What draws your attention? What makes you want to click that button to put those items into your cart. And then, without copying of course, try some strategies that seem to work for others. They may not always work for you, but keep testing. Eventually you’ll come up with the perfect formula for your products and your store!


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