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PrintShop Tip: How To Price Your Products

Henna Ray by Henna Ray Tweet - in Printshop Basics - [wtr-time]

price your products

Last updated on November 18th, 2019

You may be a freelance graphic designer with excellent skills and the one who produces inspirational artworks. But that does not necessarily make you an efficient seller as well. In fact, most creative people are not successful marketers. Since you create your masterpieces for earning money, you must also learn the art of selling and to price your products adequately.

When it comes to pricing an artwork, many designers face challenges due to the lack of selling skills. If they learn the basics of at least putting the right price tag on their design and illustration works, they can make lucrative earnings. On the contrary, a majority of freelance graphic designers end up selling their works at throwaway prices. This leaves them as a disappointed and disillusioned professional, which, in turn, impacts their creativity in the long run.

Do not forget that graphic designing and illustration etc. is a creative work that involves the artist’s significant time, money, and energy. So, it is a hard job. Unfortunately, many designers do not consider their time and other factors as the basis for setting their artwork prices.

They just sell away a creative work at whichever price they get, fearing that others may not be interested in it. But that is not true in most cases. The fact is that if they know how to set the right prices, they can sell their artworks at their prices.

Right Pricing Essential For Freelancers As Well

Pricing a product, such as a graphic design, appropriately is a challenging task for most freelancers. But setting the right price is essential to earning a good amount of money from their masterpieces. If you can sell your work at the price you deserve, then only the freelancing is an appropriate option for you to pursue.

Freelancing is an emerging trend of doing a job as the number of people working from home has been increasing over the years. In the U.S, the number of freelance workers, in 2018 was 56.7 million people, which is expected to reach to 86.5 million people in 2027.

So, if you have made your mind clear to work from your own studio or home to create art pieces, then go ahead and build a career with confidence. But you need to adopt a careful approach to sell your work.

Here Are The Tips To Price Your Products Appropriately

01. Include Your Investment In Prices

A common mistake most designers make is pricing their artworks randomly. They just see around the prices tagged by other designers and pick any one of them. But such a grim mistake ultimately results in missing on the earning opportunities. That is not the right approach!

First, as a designer, make sure that the price for an art piece must include what you invested in creating it. The whole exercise of pricing any product is about earning a profit. You make a profit only when you price a product above the amount you invested in creating it.

price your product

Therefore, it is imperative to calculate how much money you spent on designing that particular art piece. After all, you might have bought some software, colors, and many other things that helped you create a design or illustration. Not only that, the investment includes your time as well.

You spent a lot of time, possibly many days, in creating your masterpiece. During those days, it could be that you focused so much on that work ignoring many other essential things of life. So, you should also include the time you invested in creating the work as a factor to determine the price. It should surely reflect money, time, and expertise as well.

02. Know The Difference Between Cost And Value

Before your set price for your product, another thing you must care about is the difference between cost and value. Know that the cost of any product is equivalent to the amount of money, time, etc. that you spent creating it. On the other hand, the price is your reward for creating the product. The value is the worth of a product for your customers.

So, you must work out as to what is the amount you invested and how much you would like to earn from it. Then, find out how important that product actually is for your customers.

difference between cost and value

You can calculate the amount of money and time you invested in creating an artwork. Then, find out how much money you would like to reward yourself, which is also not a hard job to do. The designer can always make a rough estimate of such a price and adjust it later on.

But knowing how much customers will value your creativity and the artwork is a little tricky. There are no set parameters to measure it. You can only guess it or know the importance of the work for customers going by your instinct. This is because customers are not talking directly to the designer in most cases. However, you must be intelligent enough to estimate the value of the works for them as a way to sell your art.

But the price should be profitable for you. Here, you should first know what your customers gain from buying your design works. You can find it out by identifying the parameters on which buyers judge the value of an artwork. For example, they might prefer buying from a dependable service that delivers a product immediately.

03. Build A Pricing Strategy

Next, you should come out with a convincing pricing strategy. You have two options to formulate the strategy. You can either choose a cost-plus approach or value-based pricing. A cost-plus approach will allow you to set a rigid price. But if the cost is too high, the price will naturally go further up as you want to earn profit as well. This is why this approach is not suitable for most new designers as customers may not be familiar with their work.

pricing a product

On the other hand, a value-based approach is always advisable for new designers to follow. This is because you are practical about what value your customers have for your artwork. If you are not a famous designer, the customer may not value your work higher. In that case, setting the artwork prices very high can be self-defeating. The right strategy is to price your product neither too high nor too low. This should be the right approach until you have made your name in the art market.

Another strategy you can adopt is to entice buyers with discounts on your piece of design works. Discounts are a powerful tool to drive potential buyers’ attention to your products. But avoid giving heavy discounts as it may send wrong signals about the quality of the work. It may also signal that you are desperate to sell. Additionally, you can also try the odd-value pricing approach, such as selling $9.99 instead of $10 to make the pricing attractive and beneficial.

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04. Check Out Competitors’ Prices

Do not forget that the art market has hundreds of designers and millions of buyers. You are selling your work in a highly competitive market. Therefore, compare the prices that fellow artists have set for their artworks. That is important since buyers have many low price options in the market. They can always switch from one piece of art to the other to settle for an affordable work of good quality.

Competitors’ Prices

So, you’re advised to visit many online platforms where artists sell their work and compare their product pricing. But when comparing the prices, also consider the artists’ style, medium, and other aspects. You should look for similar works on various online sites when comparing prices. Pay heed even to the experience, location, and production costs of those works.

If possible, visit art galleries in person and talk to the artists to find out how they set their prices. This will give you an idea of what prices of your work. So, as a professional graphic designer, you must research the market to know how to set a competitive price for a product.

05. Test Your Customers

When first setting out to price your products, understand that keeping the same price tag for always is not the right approach. Even big brands keep on changing their product prices when the need arises. Therefore, do not be adamant about sticking to the initial price for always.

The correct approach is first to test your customers with different pricing. Find out the response of your buyers to a particular price. Then, adjust the price label accordingly before you finally arrive at the appropriate label of price.

We suggest that you start by setting the prices low to drive the attention of your customers. You can generate some excitement with attractive buying offers. Then, keep those low prices for a long time until you have built a solid customer base. Later, you can think of raising the prices when you become a familiar name amongst the buyers.

Test your customers

When increasing or lowering your artwork prices, consider its impact on the volume of sales and your profit per sale. Note that your profitability will go up by increasing the prices. But the sales volume may drop.

Moreover, you should know how to hide the price rise. You should think of introducing new artworks that are of very high quality and priced higher. That makes the older artwork prices look cheaper. But hide the increase in price cleverly so that customers do not notice it.

When lowering the prices, keep in mind that it is a risky approach since customers may take your artwork as poor quality. Surely, you do not want to be branded as someone who produces inferior quality works.

06. Stand By Your Prices

Once you price your products after adopting a well-thought-out strategy and covering all the aspects, you should stand by your prices. This is an important tip to follow as you are valuing your work and giving it respect.

Stand By Your Prices

When you set prices carefully, keep them for a more extended period as it shows your confidence to the customers. But if you adjust your prices too often, buyers will not take that positively. Remember that, sometimes, buyers judge a product by its price as well.

It is, therefore, advisable to let the buyers respond to the final prices you have set for your artwork. Do not decrease the prices every now and then just when such a nagging thought strikes your mind. If buyers want you to lower the price, you should justify the pricing confidently. Tell the buyer that you deserve the price and that you value your graphic design services.

So, these are the useful tips you should follow to price your product accurately. Make sure that you do not sell the work at cheap prices as that will be discouraging and unrewarding to your career. Do not sell your artwork at too low prices even when you are starting new in the market.

To ensure that you get the price you deserve, you can choose to sell your graphic designs, illustrations, and other art pieces on PrintShop — a Designhill owned marketplace. The platform is an ideal place to sell your creative work at favorable prices. You can set up your online store at this site easily. Many artists benefit from selling their works at this site.

Wrapping Up

You are a creative person who produces impressive designs and illustrations. But getting the right prices is equally important when you make your creative powers a source of income. Therefore, you should pay attention to appropriately price your product after considering several factors. Include your investment of money and time as cost in the pricing. Compare the prices that the fellow artists have set. Test your customers by increasing or decreasing the prices to know the enticing price label. But once you have set the prices, stand by them.

Sell Your Art Online

Henna Ray

Hi! I am professional Logo designer and an aspiring blogger. An expert on various tools Like Adobe Photoshop, Illustrator and Coral Draw, I have successfully designed several application interfaces, android apps, logo designs, business card designs, letterhead designs, envelop designs, flyer designs, brochure designs and web banners. Twitter | Google+

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