Pro tips from the Artist Community Team!
When it comes to choosing a markup and setting your prices it can be hard to know where to start. You want to find a balance between what your customers will pay and what you feel is the true value of your art. There’s no one size fits all solution and it takes some research and testing to find what works best for you. Here’s a few tips from our team that may help you as you set your prices.
1. Focus on your business goals and how much you want to earn on each sale. There may be more than one way to reach your earnings goal. For example, you may want to raise prices and sell fewer products with a high profit margin or you may prefer to have a lower price point with a lesser earning per sale, but potentially drive significantly more volume.
2. Research the marketplace. Take a look around at your peers and artists who you feel your work might be similar to on Society6 and what they’re charging for their products.
3. Consider your customers. Think about your customers’ spending habits and what they might be willing to pay for your art. If they are more price sensitive, you may consider offering some products with a lower price point to satisfy those customers.
4. Review your best selling products and designs and consider charging a premium. If you’ve seen a great response to one of your designs or if you know that shower curtains are your best selling product, you may want to increase your prices based on the demand for customers. Even small increases on popular products can make a big difference to your bottom line.
Our goal at Society6 is to be a partner that allows you to run your art business the way you want to. We hope that you’ll take these tips into consideration as you evaluate your pricing on the products you offer in order to maximize your earnings.
For more information on how you can set your prices on all products, check out our blog post here.