I had three different people at the last show I did what to talk me down on price. I just wondered what you do when you find yourself in this situation. One was a lady that wanted to know if I would take $10 off the marked price. I told her no, I had been selling them at that price all day. She gave me a look like I should have just said “sure let me wrap that up for you!”
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I give return customers free shipping on custom orders (dog leash hangers) and discount shipping if I receive a custom order from someone who saw my hangers at a show. At shows I've given discounts to kids who are spending their own money for a small priced item. I also gave a discount to a little elderly lady who so badly wanted to buy one of my products for a Christmas present, but didn't quite have enough, and recently a fellow bought four of my dog collar bow ties, gave him one free (I can make these quick and they take very little material). It's good PR!
Also, cash speaks louder than a card sale.
If someone walks in, has a quick look around, doesn't engage with me and out of the blue says, "can I have this for $x ?" I usually respond with a No, I'm sorry, the price is marked and I can't move on it". I may add (depending on if they're looking for more reasons) "it is handmade and quite a lot of work and time went into it". This usually works and they pay the full price.
If however I have been chatting with them and they want something (or more than one thing) that obviously puts them alot over budget I may offer a discounted price or throw in something they've liked for free.
I don't have sales and try not to discount, that way people know my prices are stable and will buy from me when they see rather than waiting for sales or being offered a discount. I also don't want people to "expect" a discount, although I have a few long-term customers who have spent a substantial amount of $ over the year, who receive about 10% off any purchase they make with me.
Annette, I also do the same thing with Customers. I have several repeat Customers that I give special discounts too.
I appreciate everyone’s comments on how they deal with this issue. I know how much work goes into creating the different things people make. I would never think of going into another artist booth and asking them to take less than the price marked on the piece.
Pamela, I'm glad you asked that question. I don't have the time to answer this is depth, but, I will write a blog about this after Ann Arbor. You're mixing up two separate costs. 1. The cost of production and the cost of selling. Keep track of them separately. Your cost of production is basically what it costs you to make the piece, including labor. That is your wholesale cost, or, what it would cost you if you bought your items. Your show expenses, booth fees, gas, etc. come out of your markup on the pieces you sold. When I mentioned that I would bargain but not less than what it costs me to make the piece, it doesn't include the cost of doing a show. I don't recommend selling pieces for less than wholesale. However, there are times when you would do that. You might do that if you have the piece for a long time and it doesn't sell. I once did a demonstration on paper to a gallery showing how they could make money by selling things for less than they paid for them. If you have a piece longer than 6 months, it may be beneficial to discount a piece rather than keep it in your inventory which frees up cash for fresh merchandise.
Jewelers obviously have their materials to cover, but that is considerably more (in my experience) than what I have in a painting. I can get a canvas and frame for $50, spend six hours painting it, and ask (and get) $300. Is that considered a $250 'profit' considering I paid a booth fee, gas to get to the show, my time at the show etc.? So if someone is obviously desperate for something, as opposed to someone raised to haggle, do I price my stuff at $400, give them a 10% discount, and still come out ahead while they think they got a good deal? I have a friend who offers payments rather than take a lower price. I was wondering this exact same thing. I am also curious as to how someone prices their paintings, since you don't crack open a new tube of paint for each piece, or start in on all new brushes. I'm dealing with "used" supplies. The jeweler I know goes all over and buys precious stones, and sells her things for $90 - $400. Her pearls and turquoise and whatever else she has (I don't know the names of the stuff) have a value that differ from what I have in a painting. THoughts?
In Econ 101 we learned that the price of an item is the point where the buyer and the seller meet. What we do is the ultimate in free market capitalism because we are the maker and can set the price to be anything we want it to be. So, I have no problem with bargaining. I can always make another one and I want the sale. This comes with a note that I will not sell the piece that is less than the cost of reproducing the one that takes its' place. This is most important to jewelers who will need to buy gold and precious stones, etc. You obviously can't sell it at less than the cost of production.
I had a guy ask me for an AARP discount. I said that since I was a member too, he should give me an AARP bonus. Luckily he laughed and bought the necklace anyway.
Robin Ragsdale
www.evenbetterimages.com
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