During this Holiday Season, it seemed to me that online shops were all but giving their product away. There were sales deals of buy 1 get one 1/2 off, Black Friday sales of up to 50% off, buy 2 get one free, and the list goes on. As Christmas week approached, some discounts were even greater. If 50% off didn’t work, maybe 70% off would entice buyers. The end of year sales frenzy is definitely a way to reduce inventory and recoup capital and add new product to their shops. So why do we feel the pressure to sell our products below cost during the holidays? It’s the same product sold in our shops throughout the year so why cheapen it’s value for a few weeks?
After the rush was over, I decided to revisit a few of my favorite shops. These are shops, among other reasons, that I respect for their sales approach. This includes advertising methods, pricing structure, and special discount events. One shop primarily sells pre-made items, that are ready to ship while the other shop sells a combination of pre-made and made-to-order items. These well established online shops offered some holiday discounts but they didn’t give away the farm, so to speak. They consistently offer quality products, great service, and customers are willing to pay the price. My business motto has always been “quality over quantity” and ideally should be reflected in product pricing.
Each handmade artisan knows what it takes to design, create, and produce a quality item. Production of a handmade item requires design time (which can be hours or days), the expense of shopping for fabric/yarn/art supplies, and perhaps making a proto-type. These happens before one takes into account marketing the finished product, time creating the product, and shipping costs. So what is your product truly worth to you? Maybe it’s time to reevaluate product value and re-price accordingly.
I recently saw a statement on Facebook or Pinterest and felt I needed to re-post it. I have to say, it hit me square in the forehead. It was a reaffirmation of our Lady Like business statement.
I expected the usual 25-30 people on Facebook who saw the post. Surprise! As of writing this blog, 920 people have seen it and are re-posting it. I’ve never had that many see any of my posts. What great encouragement! And I hope this means that many of you are inspired and finding their worth and not making concessions. This statement can be your business motto but also can apply to your personal life: Yes, You Are Worth It!