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The Right Price II

Barron Ryan

Check Writing by David Goehring

Check Writing by David Goehring

A couple months I ago I wrote a post called The Right Price, in which I argued that the good pricing has nothing to do with how much work went into your art and everything to do with how much your target audience values it. I still think that's true, but I also wrote about how to determine what value your target audience might place on your art. My advice was decent, but I've since learned a little more. Allow me to explain.

To determine the right price, ask the right person what it should be. Who's the right person? I think it's someone whose business serves the same target audience as yours without competing (that's what we call a conflict of interest). Ask somebody who doesn't know your target market and they'll give an uninformed answer. Ask somebody in your target market and they may not speak freely (this happened to me early on). Instead, ask someone you trust and who has knowledge of your ideal client.

Even after you've sought wise counsel about pricing, continue to be aware of how people react to it, and of who those people are. If a college student thinks your sculptures cost too much, that's fine (unless you're making sculptures for college students). But if an art collector thinks they cost too little, that's probably an indication that you're undervaluing your art.

So there's a little more help if you're having difficulty. If reading is your thing, I recommend Breaking the Time Barrier (free ebook) and Pricing on Purpose (not free regular book). Thanks to Eric Hinson of Explainify, Kent Stroman of Stroman & associates, and David Leifeste for helping me find my footing on this issue.

That's all I know right now. I'll probably be back in a couple months to tell you what more I've learned.