Perceived Value of Handcrafted Items
There are a couple of Etsy threads going on right now that are addressing the concept of low prices equally the perception of low value. Does something priced low give the impression that the item is not as worth owning?
I have to say, “yes”. I have only made a few Etsy sales – a lot of my sales are done offline – but I have noticed that is is my more expensive items that sell. Anything marked “SALE” just sits there.
Would lowering the price make a difference? I don’t think so. For one thing, I think this bracelet is worth $110, given the time and the materials. Second, I don’t think that a buyer is suddenly going to jump on it because it is less. In fact, their perception of this bracelet’s value will probably go down. So, I will not lower the price but, instead, wait for the right buyer who recognizes the true value of this piece.
(Originally posted on 6/30/10 on Blogger.)