1 Big Myth About Pricing Your Work | Maker's Money
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- Опубликовано: 20 июн 2024
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This is our new series, Maker'$ Money. We are sharing as many business lessons as we can in these videos. We will cover as many topics as we can think of to help you grow you Maker business. You can make money by making things... you just might have to learn a few new skills to sell them!
Time Stamp
00:00 Shoes you HAVE to have
01:34 The Peloton method
03:18 Price is fake
04:17 Don't ask yourself what your product is worth
04:57 Be confident in yourself
05:59 Beginning with pricing
07:34 Find your customer
08:12 Take action!!
09:20 Outro
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As someone who just had a Peloton delivered yesterday, I feel attacked... Lol
Everyone reading this, give this man a hug! 💜
As you should
haha mine is being delivered tomorrow
What'd you owners think of the price? Aside from worth it, obviously.
Great…TY!
When I retired I started making custom furniture and figured if I tripled my cost and paid myself a really nice hourly wage and figured if I sold a few pieces a year I would be happy, found myself needing to hire help to keep up with my orders. Took some time to catch my breath and doubled my prices and got even more business. Doubled them again and orders slowed down enough that I could keep up and 1 order a month or so was still paying all my bills.
Premium pricing is valid only for premium markets and premium products. Not everyone has access or ability to find and fulfill.
Being in a LARGE METROPLITAN MARKET to build personal relationships is a major part. Texas and Houston have oil money and population. Why they moved from ND.
What piece seemed to sell the best?
I learned this lesson (the hard way) many years ago. I was an artist living in NYC and selling my work in street markets. I mostly sold in Union Square at a price point around $20. I did very well there so I decided to try a market in SOHO.... I didn’t sell one pice for three days. Then another artist told me to raise my price from $20 to $50. I thought they were crazy... if they weren’t selling for $20 why would they sell for $50?
He explained to me that no one in SOHO buys anything other then coffee for under $50. If it’s less then that, they assume it’s not worth owning. I raised my prices and made $500 in three hours the very next day. Price your art for what it’s worth and people will see it. Don’t hide it’s value behind a discount sticker. ✌️♥️
Price it to what it's worth to the customers in that market.
This was extremely helpful. Thanks
Nice story :)
Natural reaction to a higher price is the appearance of higher value and price and value don't often match. People really do think if they spend more they always are getting a more valuable product when that is not the case.
@@fireballxl-5748 TBF there's some evidence that the effort we go through to get a thing can make us appreciate it more.
That's no excuse to lock people in need behind arbitrary make work. But for non-essential goods and things that we seek out to make our lives more fulfilled . . . maybe it's not a bad thing.
I've a got a giant back log of cheaply purchased games I've never played. And a lot of them are really good games by all accounts. But I regularly use my switch and play the physical media I walked to the game store and paid full price to buy.
Likewise, firing up a streaming service to watch something, and then just flipping through the options for hours.
I took a class in high school back in the 70s that I never forgot. The teacher explained why people who work in advertising can make as much as MDs. She explained the "bandwagon" theory: convince people that a product is something that a person just has to have from skinny jeans to a SawStop table saw and people will pay no matter what the price.
yep, people don't like to think, study or bring anything to a logical conclusion.
Pelaton now is being sold and almost bankrupt...
Another consideration when pricing. If your cost is $80 and you sell for $100, then profit is $20. And if you raise price to $110, then your profit INCREASES to $30, a 50% increase. So you only have to sell half as many boards to get the same profit. It took me a long time to understand this and put it to work.
PS...thanks for the thought provoking video
If your cost is 80%, you're doing something wrong. But your point is right. Just don't want people to think it costs $80 to make a $100 cutting board. Cost should be around $20-30 depending on lumber costs. Based on our current bad economy at least.
great video , and your absolutely correct , 95% of us wood junkies underprice our work by at least 150% in my opinion , I am the most guilty of it
I used to have a wedding video production company. When we raised prices above 2k we also saw an increase in business. My thoughts were if I am more expense than 90% of my competition, there must be a reason. It also helped us not to work with clients we didn't want. People who paid more money were less needy and "trusted" the process.
Being a wedding photographer, I do understand this perspective as I have seen the same results. But on the flip side, that's a dangerous piece of advice to give, in any industry. You have to know that you are ready to produce that quality of work. You don't want to be on the wrong side of the Dunning-Kruger curve. I've known several photographers who took this advice from RUclips "photographers" and ended losing business because when you charge $3000 for a wedding, clients expect you to know what you are doing. Many people have gotten in over their heads and gotten scathing reviews because of it. My advice is to progressively raise your prices (this goes for woodworking too) so that your price goes up with your experience.
@@bradcofo2009 Agreed. That is what we did. Slightly increase from $400 to $600. It did take us almost 2 years to get over 2k.
Pricing is always a struggle and every time I feel like I've gotten it right, someone tells me I've under priced and should be charging more. It's all a part of the self-doubt that comes with being a new woodworker/maker - "is my stuff really good enough?". Once we believe in ourselves, our customers will too!
Thanks for the vid guys!
Whether you think you can or you think you can’t, you’re right!
I think that’s a Henry Ford quote.
Thanks for watching!
I tell every entrepreneur before we begin our talk (I advise entrepreneurs for a university entrepreneurship center) "I'm going to listen to everything you say, and at the end of it I'm almost certainly going to tell you that you're doing too much yourself, and you need to raise your prices." There have been times I didn't tell them they were doing too much, but so far I think I'm batting 1000 with the prices thing.
And you should raise them but to the edge of just before they stop telling you that and where you start making actual money for your talents and work.
Great content! It’s so hard to wrap your brain around upping prices when you are the maker. We sell ourselves short all the time!
It even works for years sales. We tried selling an old car radio, it still worked, but we no longer had a use for it.
It was priced €15 or some similar low price. A lot of people took a look, but nobody asked about it. When we upped the price to €50, it was sold an hour later (after a small haggle for €40).
Apparently people didn't trust the low price we asked.
I had an auto repair business i bought from a friend. He charged $55 and hour and brought in customers that couldn't afford his prices. When I got the business I upped my labor to $90 and hour (which was more inline with the local dealerships) and changed the price structure on the parts for more profit. My business grew. I got rid of the people that couldn't afford to fix their cars and brought in people that could afford to pay for their car repairs. So yes pricing will determine the customers you bring to you business. But quality also plays a big part. If you're going to ask a big price you better give a great product or service. That's just my $95
@@MrMaacin05 link please?
You charge as much as the Dealership but your work isn't worth as much as theirs you don't have the ability to offer the warranties on services they do nor the billion-dollar backing for any mistakes made.
@@ericm8924 I can't tell you how many dealerships have tried to screw me in the past. I NEVER EVER take my vehicle to a dealer.
I am a hobbyist, but when I do try to make a go of a woodworking business, I will never sell at craft fairs. I will try to sell at art festivals where people value art. Also, if you are going to ask anyone what you should charge, you need ask someone that buys expensive items, someone that actually spends money on quality.
I learned a long time ago that when a product says "MSRP" (Manufacturer's Suggested Retail Price for those who may not know), it's a price set by the store, not the manufacturer. Yes, the store/dealer, in order to boost the sale price, sets the MSRP.
Dunno how I missed this video, but you're spot on! I price my goods for those with disposable income, not those looking for a deal. I love woodworking but I also love my free time, so I charge accordingly.
This is valuable information.... I sent this to my wife. She is a baker (cookies, cakes, ect). Her work is so amazing that several people have decided not to eat the cookies just because of the art she does. On the other hand the cookies are the best cookies anywhere. The problem is she severely under charges for the amount of work she puts into them.
You two hit the nail on the head. Amazing how many people think nothing of spending $250 on a pair of sneakers for their kids to wear to school but they will argue till they are blue in the face trying to convince you that the box-jointed custom made, custom engraved box you want to sell them for $75 is just too high! They can get a piece of crap from Michaels that's falling apart with no custom engraving for just $29.95! I heard the story from back in the day when Olivetti made computers. They weren't selling very well...so they increased the price on their computers and they couldn't keep up with the demand. Funny how that works. I am just a hobby woodworker who manages to sell something on occasion and I always feel guilty when I price something to someone. I'm not going to feel guilty anymore and I'm going to charge what I need to so that it's worth my while. Thank you both!
Finally, someone else who understands pricing! I learned long ago that the lower the price, the more problems I have with customers. The higher the price, the happier the customer and the least problems I have with them.
When the value of your product exceeds the price, people will buy. People pay for perceived value! Build value in what you sell... Like personalization or features or benefits and people will buy! Great video!
You know what they say: "there's a sucker born every minute" (re: $1,000 tennis shoes)
I really liked the way both of you addressed this issue. You weren't just referring to your business. You, predominantly, spoke for the rest of us who have this exact problem. Thank you for some of the best content on this matter. It was simple and concise.
You are absolutely correct with this concept. I am a massage therapist, and when I raised my prices to the point of being the highest in my area, I got MORE new clients. And several existing clients said, "It's about time!" I should clarify that my work is not your typical Swedish or deep tissue massage -- I specialize in resolving chronic pain. But it's true that if you give people quality, they will pay more for it. And the more they pay, the more they appreciate it.
Wow... I felt like this video was made for me personally. From the saw stop comment to the "too much time in the shop" comment. Thanks guys!
I built a garden bench to sell a couple years ago and no one bought it. The next year I raised the price $40 and sold 11. I didn't change anything else, I even used the same photo.
I have always enjoyed your content, but as a prospective woodworker, I appreciate this series even more (even if it is your first episode of the series). You guys are awesome.
Fantastic advice! Those shoes are worth $1,000 to someone for sure, just not you or me. The person buying them would think I'm crazy for spending $300 on a fountain pen. Everyone has passions. Selling into them is good for you because you make $$$$ and good for them because they get to enjoy the pride of ownership every time they slice an onion.
I don't usually comment on videos, but this information was golden. My wife has been saying for a while that I'm pricing too low, I've never thought about looking up the "high end" versions of what I make. I'm looking forward to this series!
Hey you guys as a woodworker for the last 35 to 40 years I have to tell you that this is extremely valuable information I wish I would’ve learned these lessons early on instead of trying to be the cheapest guy thinking that would get me sales and work you’re absolutely right we as custom manufacturers cannot compete with Walmart or target or any of the big box stores that just isn’t our market if people come to you wanting something cheaper their not your customer I don’t want to sell 1000 things at one dollar apiece I want to sell one thing for $1000 or more thanks guys keep up the good work!
Please bring more of this. It is exactly what I have been struggling with for many years. Thanks for a well done and informative video.
Some thing I learned years ago, as a photographer, from Peter Hurley, an extremely successful headshot photographer, is if you are booked up(or extremely busy, for a particular month, you raise your prices the next month. If you are still booked up the next month, you raise your prices again.
You keep doing this every month until you level off and that is where you find the sweet spot for your price point.
Thanks for the tip! Right now, I'm just learning and practicing my craft, but I'd eventually like to start selling some stuff. Good to know people like you are out there hustling and making it work!
Thank you for sharing your advise. I will be trying out your methods for pricing. Well done and thanks again!
The content that you produce is so valuable to me. As I am taking the steps to start a woodworking business focused on small wares (to start) I find myself consistently in "analysis paralysis". Your upbeat and real content is a source of inspiration for me and is helping me to take the steps I need.
- THANK YOU!!!
Thanks so much, Matthew. We wish you all the best - JOIN THE STUD STACK! You need business friends to help you stay sane! studstack.net
The phrase about loving your work...best ever! This will be a sign hanging in my work shop. 😆 And, about not lowering your prices...preach! It's all about perceived value baby!
Wow!!!!! I am amazed by this video. I watch all your videos religiously. I too am a woodworker (musician by trade up until the pandemic) and I struggle soooo much with pricing and you have hit the nail on the head with this one. I see now what everyone has been telling me about my prices that they are too low. I have struggled and struggled with this. This resonated with me when you say the ones shopping at Walmart and Target are not my customers. Thank you thank you thank you for this video
Haha happy to hear we could help, Matt.
It sounds like you knew the answer all along, you just didn’t feel allowed to raise your prices... trust yourself next time: you got this!
This is really good advice/perspective. My wife wanted a large wood sign she saw at a craft fair to hang in our dinning room. It was about 4' long, said "We Gather Together To Give Thanks" and priced at $225. I told her don't buy it, I will make you one. The sign I made, from old fence pickets I got for free and some OSB scrap, was much nicer than the $225 sign and it cost me less than $10 in material and about 2.5 hours of my time. I would never dream I could sell that sign for $225 but here was my wife ready to pay that price.
YES! Glad you could make her happy, but YES! There are customers at every price point - might as well make a profit!
That's great, I had a similar story with my fiancee and an entryway shelf .
Looking forward to seeing the following videos
Thank you so much that was fantastic advice! Been pondering about to get myself lately
Absolutely!! Thanks for the info!
Awesome advice thankyou, your changing my perspective!
Say it louder for those in the back!!!
Thank you this guys, I send people over to your pricing video when they are asking for advice and Ill send this to them as well.
People love to have a race to the bottom when it comes to pricing, I always say that if their clients wont pay what their product is worth then then they need to find new clients! Under selling yourself is the quickest way to hate our time spent in the shop.
The comment 're "Boos" is 100% on the money. We push towards high end clients because they always have money (even during a recession) and are happy to spend the extra for quality.
Great video, thanks for sharing the content and have an awesome day 👍🏼
Awesome job!! You are providing a great service!!
Great video guys! Definitely eye opening on how to look at pricing! Thanks for all your great tips!
I would like to Thank both of you.This has changed my way of thinking on pricing my products. And it makes so much sense.Thanks again and I have subscribed.
This is probably the most important thing I needed to hear today! Thank you guys so much for making this video. Haha, I've actually done jobs where I've only made 2$ an hour, and this is what I do for a living.
I hope you're subscribed! This series is going to be full of stuff like that!
@@jennieanddavis I sub'ed just now. I want to see the rest of these.
Great info! Very Encouraging Thank you!
This video is exactly what I have been thinking about... thank you for making this.
Great information for someone who is just starting making cutting boards. Will be watching for your next video on this topic. Thank you,my eyes r now open.
You guys inspire me. Honestly I’m scared to list my first piece for sale. But I think tonight when I get home, I’m going to try to sale my first project
Great video, guys. Super tips. Really appreciate what you're doing.
Really appreciate you watching!
I have seen this idea before and have experienced it myself. I always am afraid of pricing too high, but it's important to value your time appropriately.
Oct 2022 Peloton just laid off a bunch more people, and stock is going down. Luis Vuitton, not so much, lol. I just raised my individually hand crafted item pries for the craft show this weekend. Thanks for the quote at 8:32: "Enjoying your work is a bonus, not a form of payment."
I have had a tough time in this area of my woodworking. I have an electrical service business and don't have this problem. I will start researching more and going from there. Thank you for sharing your video.
Excellent video, thanks.
Guys you are amazing, thanks, this question was really bugging me for the last 2 month. Thank you so much.
Much love& stay safe😇
Very interesting and also very true!💯
Time and material + how many you want to make + how well you make them + how you market it + demand you created = better profit. Buyer pays shipping because they vary can kill sales as people see free shipping as a discount so include it in time and materials.
Yes, keep them coming!
GREAT video. Based on my marketing experience, pricing is set based on your brand value (what you want your customers expectations to be). So if you want to be known as a high-quality brand, you set a higher price point. Or, conversely, if you rather be known as the value-leader or high value brand, you set a lower price point. In short this is known as brand positioning. The last thing you want is to be known as is everything to everybody.
You guys are awesome! Thank you!
As a small business owner in a very niche market I appreciate this video.
Great advice. Terrific presentation. Well done!
I needed this! Thank you 🙏
Excellent. Nothing else to say. Thank you.
Everything you say is so very true.
The problem though, in some cases, is finding the market to sell to who is willing to pay what your work is worth. For some products and services I have sold, it has been easy to find the right places and customers to market to. Other things you sell can be a challenge to find the good customers/clients and even then you can stumble into a honey hole of tons of great customers or it can be one or two here and there.
I'd love to see you make a video on ways you have found to find the best places to market and to find the best customers who are willing to pay what your products are worth. I would love to weed out the bargain shoppers, but I feel like raising my prices aren't enough to do that. I also need to get my products/services seen by those who will pay the higher price. Depending on where your items are displayed, raising price may weed out the Walmart shoppers and attract the big buyers or it may just slow down sales, in which case I'd say it would be time to find better places to market.
This video reminds me of a truck box my best friend was trying to get rid of. He took it off his truck, and put it by his driveway with a sign on it that said "Free!" It sat there for 2 or 3 days, no one even slowed down to look. So, we're talking on the phone one day and he's telling me about it, and how he wanted this truck box GONE. So, I told him, "Put a sign on it for $25, $50 dollars. It'll be gone in hours." He argued good naturedly with me, on the "they don't want it for free, why would they pay money for it." I told him to just do it. And he did. Later that day, I get a phone call from him, and he's laughing. "Dude, you were right. I can't believe it. Put a sign on it for $50, someone 'stole' it. It's gone." We had a good laugh.
Perceived value is worth more than actual value. I learned that somewhere ... and constantly forget it when I go to bid or price something ...
Thanks for sharing, that’s good stuff👍
I love y'alls tips!! I'm just now getting to where I believe this is a business not a hobby!! Thanks for helping us little guys who love to work but have no idea how to sell!! ❤️
Haha we're more similar than you think! We just started learning all this stuff just a few short years ago!
Following you guys all the way from South Africa.
It's so on point with this video. Woodworkers all over complain that they can't make a living with wood work only to cut their prices to the bone in the believe it will generate more sales.
That leads to my other pet hate, people that want to run a business but say they don't want to do sales because it's not in their nature.
YES!!! This. Thank you for watching Willem!
Great way to describe the pricing aspect!
Love this video. Needed to hear this !
You guys rock! I really like the first video in this series. On to number 2
THANK YOU for the tip regarding Walmart. That's been bothering me for a while, but no longer.
Learned this 20 years ago in my plumbing business.
Doubled my price and actually got more work. And the client's were better, no more bitching about price, they just wanted a job done as soon as possible.
Excellent thank you 😊
I know you’re right! Ive sold my stuff out at a low cost and even given stuff away for free. As a beginner as a hobby I’m ok with that , but not anymore! Time to find new customers set the price right and be willing to walk away!
I love all of you guy's work 💪🏾
Thanks, Jason!
I LOVE YOU GUYS OMG I WAS SO UNSURE ABOUT THE PRICING BUT WOW!!! UGH IDK WHAT ELSE TO SAY THAT WLL CONVEY MY RELIEF, THANK U
Well said and we'll thought out video. Pricing is subjective and you guys nailed it
My dad use to have a booth at an antique mall. He would buy furniture and have little things in there to buy. He had gotten an bunch of cheap wrist watches that he paid $4-5 a piece for and so he priced them at $12.50, but never sold one. One of the guys at the booth next to his said the issue was they were too cheap. He raised the price to $30 and sold 5 that weekend. People equate price with quality. It is a mental thing.
Wow very informative. Just hit subscribe. Thank you so much.
Thanks for this.
Thank you a thousand times thank you. I lowered a price and regretted it. Changed it back after this video.
This is a great video. So many of the points have the ring of truth! Walmart customers will never want to pay for handmade no matter how little you charge. All it does is devalue your work, your knowledge and your skill. Thank you for this.
cool episode. thanks. waiting for the next one.
Thanks, Denis! Thanks for your feedback, too!
Commenting for the algorithm and to say thank you.
A couple years, I was making and selling rough cut garden beds from lumber I got from my local sawmill. I made some profit, but they were a surprisingly large amount of work for the amount I was making. I decided to increase the prices to over double what the materials cost. People were still happy with the price, even though it seemed like too much to me. I even tried offering to sell them the lumber directly, but people wanted them cut and drilled. I realized I can't value them at what *I* think it's worth. I need to set them at a price that someone without my skillset or tools would value them at.
Also I like the shoes. I wouldn't buy them, but yeah, they're cute.
I am rarely motivated to comment but THANK YOU for this video. I am an artist/craftsman and I have watched a lot of videos on everything about my craft - this is one of the most valuable I seen. In less than 10 minutes, you hit enough "Eureka" moments that it became hard to see though the water in my eyes. When you said "If you want people to appreciate your work and genuinely love it - price it that way!", I shouted out loud (too bad SOL already has a meaning) and hit Like and Subscribe. I am anxious to discover what else you will teach. If one of your goals for this video is to foment change, you have succeeded.
Thanks for the video. I seem to regularly talk to people about supply and demand as there are so many odd ideas folks have about pricing and the value of goods. Particularly in the time of COVID.
I have always undersold my work , that all stops today! Great video I will be watching you in the future for sure.
Dope Video
A true heaven send message
Love You Guyz ❤️🚀
Thank you so much for the tips! I Struggle with pricing my artwork.
Hi greeting from the UK, stumbled on your vid, great brilliant, thank you. Agree with you all the way! Subscribed
This was super helpful. I make knives and I definitely sold myself short on the first few so far. Thank you for your video. This is my first one I've found from you guys. I subbed! I found that a couple of my first customers were comparing my prices to knives they see at Walmart or other similar stores. It was difficult trying to get them to understand that those knives were made from sub par materials and by machines. I guess if the potential "customer" doesn't like my price, then I must move onto a different customer. 🤷 My time is in short supply and it's worth a lot to me. I guess I have to find a balance in there somewhere though. My time shouldn't be priced TOO high, right? ☺️
I think what the companies like Peleton, Nike, etc. have in common is marketing. High-quality photos and videos to promote their product. I think that doing that with your product could give you great results. I sell handmade walnut cutting boards for about $120 in my area while other people struggle to sell for $80. But I also use my portrait studio to take studio shots of my cutting boards! I need to do a video!
Great video guys. Always enjoy y'all's videos. Great information and great execution.
Thank you 🙏🏼
@@jennieanddavis you are welcome.
Great video, I needed to hear that.
one of your best videos to date!
Lumber prices and my time are my base line before I add mark up. My go to philosophy is just to be “fair”. If I can know that I am being fair then I’m happy and it tends to result in happy (and repeat) customers that also refer me to others.
I can already tell this will be a grrrrrr rate series!
I am a Maker and thank you for this information. I never know how to price my work!
I'm not a wood worker but as a maker, in other mediums, this makes sense to me/I've realized this point of view before and noticed it does seem crazy. Even in the resale market, I sell a good percentage of items at full asking price, when the option for a best offer is always available. You always get your low-ballers and people looking for a deal but on quality items, tools, things that can make you money etc, people are willing to pay a premium. You do yourself a disservice, if you try to play the middle of the market...you have to shoot for the higher end clientele or not; in your case, you'd have a hard time expanding, if you don't reach for that higher paying market.
I make crochet hats and do custom embroidery. The hats/beanies are hand-made (there are no commercial automated, crochet machines...yet) and are lined with various insulation materials and silk (to keep your hair lookin' good). Some are water resistant, some are extra insulated for colder climates, some have 3M flame-retardant layers of insulation (to protect from a sudden burst of flames, not prolonged). My goal is to have a custom service, where one could design their own hat from a number of different choices. As for pricing them...that's been a challenge. They aren't knit beanies, which a machine can make for pennies and in minutes, so they aren't in the same price bracket as those. I've sold unlined beanies for $25, that lasted for years. Also, I've refined my design since then, introduced elastic thread/yarn to help keep shape, over prolonged periods, and I've developed the inner-lining.
So obviously, I can't sell myself short but also, if I just go trying to sell them to every person in my town ( a very low-income town...), I might sell a couple. Now, if I advertise them to people that appreciate a hand-made, designer good that is still functional, then I'd have a better chance of getting what I "know" is a reasonable price - somewhere around $65-$85 usd for the top of the line ones. It sounds steep but were talking 3.5 hrs to crochet, 1 hr to make lining and install, 3m insulation isn't cheap and lastly, it's a designer good, made to last. Most companies buy cheaply made, machine knitted beanies and slap some embroidery on them and sell them for $25-$35 a pop at skate shops, and companies like New Era (which have been around for like a century) charge $25 for beanie blanks, so that has to be taken into consideration.
There's a lot to it but yeah, you've got to ask for the price that you believe (from doing your due diligence and researching and finding out what your product is worth in the market) is right. Otherwise, you will undersell yourself and wont be taken advantage of the market that is out there for higher priced, quality goods. Sorry to ramble on...I tend to do that when I need to leave for work 🤣
Great advice!