RE: [artshow_photo] Re: Can I get a review of my proposed prices for the upcoming year?

I'm going to agree with a few people saying that the prices are a little low. Here's what we do.

Matted Prints
4x6 - $5 5x7 - $10
8x10 - $20 11x14 - $40
16x20 - $60

Framed
5x7 -$35 (we're going to stop 5x7s once they sell out)
8x10 - $40 11x14 - $75 16x20 - $100

These prices all came from walking around at other shows and see what everyone else is charging.

Michael, I like your idea of inculding a discount with multiple purchases. We've done it before, but one when people ask for one. I'll try advertising it at the next show and see how it goes.

________________________________
From: artshow_photo@yahoogroups.com [artshow_photo@yahoogroups.com] On Behalf Of michael cothran [michaelhcothran@comcast.net]
Sent: Wednesday, February 16, 2011 9:55 AM
To: artshow_photo@yahoogroups.com
Subject: [artshow_photo] Re: Can I get a review of my proposed prices for the upcoming year?

--- In artshow_photo@yahoogroups.com<mailto:artshow_photo%40yahoogroups.com>, "Benjamin DeHaven" <benjamindehaven@...> wrote:
>
> After doing research on here regarding prices I started a spreadsheet of expenses and how that should translate into prices. Here is what I came up with for prices:
>
> Matted 8x10: $15
> Matted 12x16: $25
> Matted 16x20: $40
> Matted 8x16 Pano: $25

Often times you'll find that your best profit margin (percentage wise) comes from smaller items, while your best profit margin (dollar wise) comes from your more expensive ready-to-hang items.
Personally, I think you have too many sizes too close to each other. Not knowing the spread of your actual sales per item, my instinct would be to eliminate the 12x16 altogether, and keep the 8x10 & 16x20. Your prices are fine in my opinion, and inexpensive enough not to scare off too many customers.
FWIW - I always display 3 prices per item, regardless of what it is. Meaning that besides my initial price per item, I also have a displayed 2-fer and 3-fer price. I find that offering a discount for multiple sales to be very beneficial on many levels. For example, if a single item sells for $20, I sell 2 for $35 ($17.50 ea), and 3 for $45 ($15 ea). I've even honed this to where if the customer buys a variety of sizes and derivations, I still offer a specific discount. It has been my experience that customers are more eager to make multiple purchases when they know there is a discount in place.

Michael H. Cothran

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