A few months ago in one of my Etsy Seller Groups, someone asked a question about price points.
The person sells gorgeous dreamcatchers, bracelets, and bohemian chic products. She had some higher priced dreamcatchers that she felt would be a hard sell. It was suggested to her to create an even bigger dreamcatcher, and price it accordingly to attract other clients, and make that other dreamcatcher she was worried about seem not as expensive.
And do you know what happened?
Even though she though it would never happen, someone bought it. She was able to reach a customer that she never would have otherwise with her “crazy” product (which was just gorgeous by the way). There’s an important lesson to be learned here: you need different price points in your Etsy Shop.
But when you set those price points up, there’s three guidelines to follow:
Your Customers Will Be at Different Places in their Lives
I purposefully try to price to reach several different people on their handmade business adventure; from those just starting out to those who just need some odds and ends for their business. No matter how I draw them in, they’ll already be familiar with me. And if they ever need to buy a “$200 Dream Catcher” they’re likely to come to me first.
Create some low, mid, and high range products so you can draw in various customers.
Make Sure Your Level of Service, Quality, and “Wow” Is Top Notch at Any Level
Think of a time when you were provided excellent customer service. A time when you were fussed over and just made to feel so special. It was an amazing feeling, wasn’t it? I’m from the school of thought that price point doesn’t matter when it comes to amazing service. The better you treat your customers, the more likely they are to write you glowing reviews. And those reviews in turn will attract new clients at various price points.
When I buy anything on Etsy, the first thing I look at before I make a purchase, is the Shop’s Feedback and their About section. I want to know the type of business I’m supporting. People will see your character and your comittment to quality shine through your reviews and About section. This information puts your $200 dreamcatcher and low and mid price point customers at ease.
Sometimes It Takes a While for your “$200 Dreamcatcher” to Sell
I listed my “$200 Dreamcatcher” a few months ago, and it finally sold this month. It takes time, so don’t get discouraged. Remember; this is for the very top of your customer range; most people will probably be somewhere in the middle.
Do you have a “$200 Dreamcatcher”? If not, do you think you’ll create one?