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  Maryllis Wolfgang October 3, 2011 at 5:05pm

  I did the name your own price with one of my customers.  The offer was right in the range I would have asked for anyhow.  Maybe even a little more.  The customer and I were both happy.  At one point I was selling book marks.  I decided it was not worth the work so the ones I had left I put out for sale with a price tag that said $.50 or free.  Everyone paid even when I said "Did you read the price tag?"  They laughed and handed me two quarters and refused to take the book marks for free.  Gotta love it.

   
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  Geoff Coe September 23, 2011 at 9:22pm

  This "name your own price" idea is really interesting.  I might try it this weekend!
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  Bill Coleman Entertainment September 23, 2011 at 7:43pm

  So, is there a list of all the different ways to price things?  Any Harvard Business grands or MBA's here?

   

  List price, discount price, auction,  (how many different kinds of auction are there?), name your own price, commit and then name your own price, throw darts at a price board, discount based on time of day happy hour, or date - last chance,  discount based on status (non profit customer, gender, or ?)  .  How many other pricing models are there?
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  Jim Parker September 22, 2011 at 5:28pm

  Sandhi, I love that technique! And Gary, glad that you "garage saled" some of your extra inventory.
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  Gary Haynes September 22, 2011 at 4:55pm

  Since I started this on the other thread I actually tried this at my last show of the year.  I filled an outside wall with my items that I won't do again. All good images on canvas.  If someone was interested I simply said, 'It's my last show of the year and for anything on this wall I'll let you make me an offer.'  If they asked I said that most of the images were originally $300.  People seemed shocked and couldn't comprehend that they REALLY could make an offer.  I sold 4 pieces this way.  Average was $150.  Don't have to haul them anymore.  Customer was happy, I was happy that I made 3x costs rather than 0.
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  sandhi schimmel gold September 21, 2011 at 2:25pm

  I occassionally institute a "Price-Line" marketing tool. When I am approached by a customer who begins a conversation with "how much do you really want for this piece" or the "you'll only get half this amount if you sold it in a gallery" or other bargaining verbiage, I have a technique that works. I will tell the customer they can "Name Their Own Price" just like Price Line.

  Now, I use Price Line to book hotels all the time. I use the Name Your Own Price tool all the time. I always get a bargain, but sometimes I get a luxury hotel, some times I get a not so great place, and not such a great savings...but - there is a trick. You have to put in your credit card # FIRST. Once you do, you can't back out.

  So - when I get a customer who wants to "bargain" I tell them they can name their own price. But, they have to LITERALLY hand over their credit card first.  Just like price line, if I accept their price, they HAVE to buy it. I can also refuse the price, and they can try again. I have sold items this way.
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  sandhi schimmel gold September 21, 2011 at 2:18pm

  marketers know about "perceived price points" - we all decide how much we are willing to pay for an item before we even check the price. Let's say you see a sweater on a rack. In your mind, you've already decided - you'll buy it if it is $39.99 or less. If it is more, you don't buy. If it is in your target range, or lower, you will. Everyone of our customers do the same things. With many of them hurting financially, or at least watching their spending - their price point is probably a lot lower - credit card or not.
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  Jim Parker September 21, 2011 at 12:48pm

  The way that Panera does it is interesting. Briefly, they list "suggested prices" on the menu board. The cashiers will take your money if you have credit card, but cash goes into a donation box. The "suggested price" is key.

  Slashdot had a similar discussion regarding gaming software. One notable point; being present to describe the benefits of the work and possible valuations is important. This model won't work well over the internet, for example, not easily. Although Propellerheads is testing those waters.

  Another key factor is size of audience. In order for this to be a viable model, there needs to be a sizable audience, and one that values what you are selling. 
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  geri a. wegner September 21, 2011 at 12:30pm

  I couldn't do it.  I am not educated enough in different processes to know what something is worth.  I already have enough difficulty trying to understand how you all price things.  I buy what I like that I think is worth the price being offered.  

   
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  Layl McDill September 21, 2011 at 12:14pm

  Interesting concept.  If you went this way I wonder if you would loose the perceived value that is added to art work when the price tag is there.  I'm no psychologist but there is something about how some art patrons WANT to spend a lot on a piece of art.  Why this is I don't know but I have seen it happen.  If the art buyer set the price themselves I wonder if they would loose something either a feeling of "I got a great deal" or "This piece is expensive and I now own it".   Certain markets might really be great for this... maybe it would depend on the personality of the clientele.