Pricing of products is often a quandary for many an artisan and brand, particularly when the product is handmade and/or upcycled. There are many factors to consider when pricing handmade products, aside from the physical resources, there is skill, time and uniqueness of product.
Sue Reed, from the Woolly Pedlar tackles this dilemma in her blog, “How much? For an Old Jumper! A Look at Pricing” from the artisan perspective. As consumers, what causes us to pause on the price tag of handmade, artisan goods? How is it that we often pay for machine made goods that are often overpriced without thinking twice, yet pause to evaluate the workmanship of hand and artisan made goods?
Perhaps a simple experiment might reveal our motivations. The next time you are in a store and pick up an object, pause for a minute to think about your immediate reaction to the price tag. If the price tag is higher or lower than you had anticipated, what happens next? Do you try to figure out how it has been made or if there is something ‘special’ about the object that has influenced the price?
A Request: Artisans and producers, we’d love to hear your stories around successes and struggles with pricing; and consumers, what value do you place on the object you are buying?
Look forward to hearing your thoughts!