while selling in person at a craft fair, I use what I call the "product pyramid." At the bottom, I have LOTS of little things that are quick, easy to make and I can sell at a low price (below $20)and still make a few bucks. These tend to be things such as keychains, book marks bracelets, etc. I then have a few larger, more expensive items such as purses, ornate belts, things that I have to sell at a much higher price, usually due to the labor involved. I will then have a moderate amount of items that fall between those two extremes from leather trays to dog collars. Quite often, what you get are customers who come to your booth or table and are attracted by the high ticket items. They are then more willing to buy a lower priced item because they understand the quality of your work. At the end of the day, you may not have sold that $200 purse but you just sold twenty $10 bracelets that you can easily replace. Keep up the great videos. They're informative and fun to watch.
@foozwahfitz Thank you for sharing your experience. The product pyramid is a great concept an artisy friend of mine taught me long ago, but he didn't call it that. I appreciate you sharing this with all the makers in the Big Stacks Family.
The two great pitfalls of craft work: the limited market, and the competition from Asia. Example: my wife use to make badge reel pulls (like for a security door badge one must wear to access secure areas) from vintage jewelry pieces that she'd disassemble and glue together to make them very artsy. These sold quite well on Etsy and she held a good profit margin on them. Then over a period of about six months the market flooded with cheap copies from Asia. And the market for my wife's hand made ones evaporated, as the Asian ones were less than half the cost. nowhere near as nice, and made with primarily garbage plastic fake stuff, but still. You are *always* in competition with the cheap products from Asia or elsewhere. Your big advantages are quality, durability and exclusivity. Look, anybody can go buy a cheap nylon or fake leather wallet from the dollar store or Wal-Mart. And it will do the job of holding your money, ID, credits cards, etc. So what's to get them to buy *your* wallet instead? Well, your wallet should be made from better materials, and be a visible upgrade from the Dollar store version. Next, durability: most people know that a proper leather wallet will last for years longer than the Walmart fall apart, and you need to play that aspect up. Lastly, exclusivity: many people like that cachet that comes from having a monogrammed wallet. or one made from an exotic skin, or one with a unique design of tooling. That is a powerful selling point. People like to feel special, or show how they have the money to get that extra thing (from a wallet to a jet aircraft) that sets them apart. Sometimes it's something like a wallet or handbag for themselves or a loved one, a belt for a particular look or purpose or a sheath for a prized knife or handgun, or a pouch for a specialized tool. Maybe a custom laptop bag or Kindle/journal cover for someone dear going to college. But it's that sense of "I care about this person/thing and I want something special" that is the market we aim for and handcrafters.
Great info. I've been doing stuff for almost a year. People have encouraged me to sell stuff. I have a degrees in business admin and accounting. So I know the business side and honestly as a disabled vet I got out of that because some people are dumb. I'm not a fan of people who think they know everything pushing my buttons for fun. But I'm learning more toward setting up the business next year and giving it a shot.
My experience has been that if an item sets and sets without selling (new or secondary market) I raise the price. Always sells within a month. I don’t know if it’s “perceived value” or magic, or just dumb luck. Hasn’t failed me yet
@reedgilliam6977 that is not the first time I've heard that. If the item isn't selling, what could it hurt to raise the price temporarily and test things out, right? Thank you for sharing.
while selling in person at a craft fair, I use what I call the "product pyramid." At the bottom, I have LOTS of little things that are quick, easy to make and I can sell at a low price (below $20)and still make a few bucks. These tend to be things such as keychains, book marks bracelets, etc. I then have a few larger, more expensive items such as purses, ornate belts, things that I have to sell at a much higher price, usually due to the labor involved. I will then have a moderate amount of items that fall between those two extremes from leather trays to dog collars. Quite often, what you get are customers who come to your booth or table and are attracted by the high ticket items. They are then more willing to buy a lower priced item because they understand the quality of your work. At the end of the day, you may not have sold that $200 purse but you just sold twenty $10 bracelets that you can easily replace.
Keep up the great videos. They're informative and fun to watch.
@foozwahfitz Thank you for sharing your experience. The product pyramid is a great concept an artisy friend of mine taught me long ago, but he didn't call it that. I appreciate you sharing this with all the makers in the Big Stacks Family.
The two great pitfalls of craft work: the limited market, and the competition from Asia. Example: my wife use to make badge reel pulls (like for a security door badge one must wear to access secure areas) from vintage jewelry pieces that she'd disassemble and glue together to make them very artsy. These sold quite well on Etsy and she held a good profit margin on them. Then over a period of about six months the market flooded with cheap copies from Asia. And the market for my wife's hand made ones evaporated, as the Asian ones were less than half the cost. nowhere near as nice, and made with primarily garbage plastic fake stuff, but still. You are *always* in competition with the cheap products from Asia or elsewhere. Your big advantages are quality, durability and exclusivity. Look, anybody can go buy a cheap nylon or fake leather wallet from the dollar store or Wal-Mart. And it will do the job of holding your money, ID, credits cards, etc. So what's to get them to buy *your* wallet instead? Well, your wallet should be made from better materials, and be a visible upgrade from the Dollar store version. Next, durability: most people know that a proper leather wallet will last for years longer than the Walmart fall apart, and you need to play that aspect up. Lastly, exclusivity: many people like that cachet that comes from having a monogrammed wallet. or one made from an exotic skin, or one with a unique design of tooling. That is a powerful selling point. People like to feel special, or show how they have the money to get that extra thing (from a wallet to a jet aircraft) that sets them apart. Sometimes it's something like a wallet or handbag for themselves or a loved one, a belt for a particular look or purpose or a sheath for a prized knife or handgun, or a pouch for a specialized tool. Maybe a custom laptop bag or Kindle/journal cover for someone dear going to college. But it's that sense of "I care about this person/thing and I want something special" that is the market we aim for and handcrafters.
We need to do a crossover vid where Mr. Bossman visits the Geeks.
@JeepGeeks You name the time and the place. Mr. Bossman was a blast to play, would do him again in a heartbeat.
Great info. I've been doing stuff for almost a year. People have encouraged me to sell stuff. I have a degrees in business admin and accounting. So I know the business side and honestly as a disabled vet I got out of that because some people are dumb. I'm not a fan of people who think they know everything pushing my buttons for fun. But I'm learning more toward setting up the business next year and giving it a shot.
@michaels2208 thank you for your comment and good luck with your selling!
My experience has been that if an item sets and sets without selling (new or secondary market) I raise the price. Always sells within a month. I don’t know if it’s “perceived value” or magic, or just dumb luck. Hasn’t failed me yet
@reedgilliam6977 that is not the first time I've heard that. If the item isn't selling, what could it hurt to raise the price temporarily and test things out, right? Thank you for sharing.
Very good advice
@briansmith3231 thank you very much
Always look forward to your new videos.👍🍻
@williamemerson1799 thank you my friend, I am humbled.
Thanks for valuable advices
@v3leathercraft thank you for the complement.
Hi!
@ethantaylordesigns hello to you as well. Thank you for being in top of things and watching my new video right away!