Hi all!
I am getting ready for a couple fairs and have been pondering the psychology of pricing. Any opinions on whether it makes sense to price (ie. something at 395. vs 400. )?
Not a biggie, but curious to see what others think.
Thanks!
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Thanks all! It probably seemed like a dumb question. I have always used the $5 increment and just recently had someone tell me they thought it was silly to do so with artwork. I do like the idea of trying out the "375. vs 395." To see if I can measure any affect on sales. Thanks again for your thoughtful responses!
I'd suggest $375 rather than $400. That's enough of a difference that people feel much better spending $375. There's no difference between $395 and $400, at least not to anyone smart enough to understanding that it's just marketing words.
I tend to do the $395 rather than $400. We KNOW its only $5 difference, but the fact that its in the $300's rather than the $400's makes it more palatable.
For those of us where material costs are important (i.e. leather), rounding up is important. A tannery sent out a letter for a 6% surcharge on orders effective June 1 and I have started updating job costs. I am rounding up to nearest $5. This usually covers you for a couple years of material cost increases. Price of copper going up has increased prices of brass buckles and hardware significantly. The leather cost increase is due to Chinese buying raw US hides to be tanned in China for shoe leather. Their standard of living increase is leading to more people wearing leather shoes. Copper price increase is due to more power lines in India, China, and third world countries. Amazing how this stuff affects art.
Replies
It does make a difference - go with $375 - $395 rather than $400.
I'd suggest $375 rather than $400. That's enough of a difference that people feel much better spending $375. There's no difference between $395 and $400, at least not to anyone smart enough to understanding that it's just marketing words.
Larry Berman
http://BermanGraphics.com
412-401-8100
I tend to do the $395 rather than $400. We KNOW its only $5 difference, but the fact that its in the $300's rather than the $400's makes it more palatable.