Every artist would like to make more money for their artwork. The reality is that there is a way to increase your prices without slowing down your sales. In this article discover when to increase art selling prices.
“Without continual growth and progress, such words as improvement, achievement, and success have no meaning.”
~ Benjamin Franklin
Increase Art Selling Prices
One of the benefits of being an artist is that you have the control of how much you would like to sell your work for. The other side of the coin is, will people purchase your work at the price that you have it set at?
Know Your Market
If you are new to selling your art or have been selling your art for ten years, you need to have a good understanding of the market that you are in. There are many artists that are selling the same style of art that you create.
You could hurt your business if you are overpriced or hurt the market if you underprice.
The best way to stay in the game and be successful is to let the marketplace determine your prices. I know that I said earlier that a benefit of being an artist is that you can charge as much as you wish for your art. There is truth to that, but you also need to be smart if you are planning to sell your art or even make a living off of your art.
Ask yourself these questions:
- How long have you been creating art?
- How long have you been selling art?
- What medium do you use?
- What sizes do you offer?
- How does the quality of your work compare to the similar competition?
- What prices do your competitors have?
- How large is your following?
- How large is their following?
- Where do they sell their art?
- What are the prices in the same demographic area?
- What is the yearly income of your audience?
- What is the average age of your audience?
The answers to these questions will help you determine your starting prices.
Once a piece of art has been completed you will need focus on selling that piece of work. By having an understanding of the market, you will be able to plan a marketing plan that might have you sell it more quickly. If you would like to have a rapid turnaround you might decide to have your prices a little lower that your competition. This you make your work more attractive to some buyers.
The lower your prices are the faster your art will sell. The higher your prices are the slower your work will sell. Through time, you will discover what will be the sweet spot for you to make a larger profit margin.
You will need to decide what is best for you. If you need to make a quick turnaround you might decide to lower your prices. If you do not need a quick turnaround maybe you will decide to increase your prices.
When to Increase Art Selling Prices
Everyone gets excited when they receive a raise or a bonus. You will be able to increase your prices when you build your brand and audience. You will notice that your turnaround is quicker. You might even be lucky enough to have a waiting list of people interested in purchasing your work.
There will be an appropriate time to increase prices. There will also be a time when you might need to lower your prices.
When you might want to think about increasing prices:
You can increase your prices when you are selling more of your art in a shorter time. Keep a log of your sales. Assess the trends every three months. If you notice that you are selling twice as much every three months you might decide to increase your prices.
You might decide to increase your prices if you have a waiting list for your artwork.
You might decide to increase your prices when the marketplace increases.
There is no one answer for when to increase art selling prices. Everyone will have a different situation. The most important factor is how much profit you are bringing in.
You will need to keep a detailed log on the marketplace and your sale. This will give you the tools to decide when the best time is for you to give yourself a raise.
If something is not working the way that you have planned, change it. Some people will increase their prices and not make a change if it is not working. The selling mindset is to sell. The decisions that you make should only have one goal- to sell.
Other ways you can increase your net income:
- Sell smaller pieces of art that will attract a different audience
- Sell prints of your art
- Sell greeting cards with your artwork
What is the most difficult part of marketing for you?
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