Yeah. Iphones are overpriced. But fools line up.

Yet you didn’t try $89.99? Try it!

Im happy for all the artists making all this money for their work, but $50 dollars for a necklace is crazy 😂

$10.00 super low. I got puzzled there. I would consider this to be something found on a kids vending machine for a roughly a dollar accompinied by bubble gum.

The price of a product is similar to the plating of a dish at a restaurant. It's an invisible wrapper around a product that signifies to our subconscious how much we should value what we're consuming. You're more likely to listen to the advice of a personal trainer that charger $200/hr than $50. It's been scientifically proven that presentation effects how we perceive the taste of food. Similar, you will value a product you paid $50 for more than one priced at half that, and it will elicit more joy from you because of its increased value.

Hi! thanks so much for this video. Wondering if you have an updated version for 2024-25 or any new recommendations? Also, would love to hear more about how you hire programmers to build resources and what the results are like in terms of interface. Thanks again!

I think this works for a differentiated product, like you said here

Okay... get control over my life, start a creative business, got it. One year out from this lmao but this is now my life goal, would love to make jewelry of some kind. Heck yeah. Wtf it's really that simple, it isn't easy but I think your advice really speaks volumes.

I love that you get excited about packaging the way I do 😂😂💝. Great video, love that you love jewelry because I HATE making it 😂🙌 Thank you for the tips.

Having a high price signals to the customer that you believe in your product and that indicates a high quality. Products that are commonly gifted like a necklace also benefit from having a higher price since most people want to gift something valuable. Gifting something that cost $40 feels better than $20 even if the thing gifted is identical.

One question though, once you start getting a bunch of orders what do you do? Since its handmade I'd think it'd be really hard to make so many of them

I've been a maker and selling my own products for years, and I've also been in retail for 30 years. To this day, I'm amazed how the .99 price works on people. When I see something $9.99, I automatically just say it's $10. But, if you sign a product as $10 vs. $9.99, it will sell better at the 9.99. You are so right that the public at large doesn't think the same way we do, and we need to stop underselling our items and our time.

how much do your food items sell for and are they all individually made by hand? making that much money on that alone would exhaust every minute of each day!

veblen effect

New title idea: how to do market manipulation to make poor people stop buying your products

that not really a "strategy" its called offer and demand. Also its just playing with people mentality of making them think its feel more quality for something. I think like all sellers have to use this scheme to get "more" money from gullible people. Sadly, it is hard to not be scammed on stuff on etsy, when there a lot of people just re selling alie express stuff and claiming its "hand made" and also using a similar "strategy" Personally I think there is not reall strategy to have with hand made product, just put the HIGHEST you think people would pay, its doesnt matter, if someone see value in it, they will buy it. Although you have to be a bit more than just something that feels like something just hand made from alieexpress products.

I wanted not online

trying to explain this basic concept after I gifted my mother a watercolor painting I did of sunflowers. She wants me to paint a whole floral 'line' and sell them. Would mine be better than some out there? Yes, of course. Would they be successful amongst the thousands of generic sunflower water color paintings? Absolutely, not. She thinks I don't want to sell to the masses as some kind of 'fight against the man' and not because it's over saturated as a market and wouldn't actually make me money and even if it DID it would be absolutely unsatisfying.

Thank you. This was a perfect blend of both the logistics and emotions involved with this arduous process. You earn enough to not need KZbin views for income but still took the time to share, and it was so helpful for newbies, so I deeply appreciate it!

fascinating. thank you for sharing!

You should probably charge $500 for your free workshop 😂

With the presence of AI have you looked into using it? What are your thoughts? Would you be doing a video on using AI for creating descriptions?

I just did this with my prices (journal stickers). My sales completely disappeared. I don't think 4.39 w free shipping for a pack of stickers they can't find anywhere else is that expensive. I also offer buy 4 get 1 free. Should I make them more expensive?

I needed this. Thank you.

I wish we could see receipts for the reverse pricing working. I'm leery of scams nowadays and as a first time viewer of the channel this feels like a too-good-to-be-true story intended to funnel viewers to the masterclass.

Thank you so much for this tip! I definitely needed this one😅

How do you narrow down when you just start and want to do and try many things?

When you said your family didn’t support you and you didn’t make a sale at a craft show, I felt that. Same things happened to me.

I'd like to see what would happen to your sales at $65. Seeing it at $10 I felt like it might fall apart after a week or two.

Talking 10 Minutes about a 1 minute strategy, a true artist

Perfect, i learned something new today.

girl a day has 24 hrs, aint no way you are doing all that. I think the info is useful, but unrealistic

I think the economic term closest to describing this price action would be a Veblen good. Even though Im not sure if categorizing this jewelry as a luxury item is completely fitting, it really has the same action where by pricing it higher you better attribute the product to being of high quality. Lets be real, the people who are purchasing hand made snow cone necklaces are not poor by any stretch. They have disposable income and when they see the higher price they associate quality craftsmanship and then are more likely to make the purchase. I would also think its probably likely that by raising the price you slightly change the demographic to include more affluent shoppers who would have otherwise ignored the item at a lower price point.

Thanks to all your informative videos I was able to summon the courage and finally start my very own Mexican themed Shopify store! Looking forward to watching more of your videos!

Thx for the info and the real deal about things that others have glamorized!

LG

girl has been mewing

I know another good tactic, make a few products yourself, then produce the rest in taiwan! Most customers wont notice the difference in quality (since they are not artists) and its ethical because value is subjective! Plus, Taiwan doesnt sound as much as a sweatshop country like china does, so thats a win too. Doesn't make sense... but it works!

Do you need to have a strong record of sales before you can pitch to magazines and blogs? If not, how do you convince them to feature you, if you don’t have that many sales yet?

Thanks so much for creating this! Super helpful! I CNC machine some awesome intricate products and the feedback from actual buyers is fantastic. That being said, the #1 negative comment that's left on my FB ads from non customers is something along the lines of - "yeah it's cool, but not for that price!! way too expensive". funny enough, my margins aren't fantastic (reverse pricing strategy is in my future). How did you handle objections to your percieved too high pricing? I'd love to know how I should handle it. Thank you again!!

Where can I find your charms?❤

I have kinda noticed that straight up unwavering confidence can break any expectations, like way beyond what you´d expect. So this way of pricing does make sense with that idea, confidence in the predict and your time etc. I have also heard people say that sometimes a higher price can attract higher quality costumers because those who are willing to pay more obviously don't focus on affordability and are willing to pay more for the quality etc.

But how many of them bought because of mouth to mouth? As in at what point should you think about making the price higher? Because at the start it can make people not buy from you because you aren't as well known yet

This makes a lot of sense. Subscribed.

👍

And that explains why people complains about inflation 🙂

Now that I've watched your video I want one for $28

Ok but where do we go to buy charms??

59.99 we go

In the early 80's I put myself through college making and selling silver rings. There is a "sweet spot", no doubt. Too cheap, people think it must be cheap junk. Too high, and either people don't have the money or think it's too high priced. At that time and place $15 was the sweet spot for a simple silver ring. Today that $15 price would be around $45. It sounds like the sweet spot hasn't really changed. My market, mainly college aged women, could afford that price and it "felt right" as far as value. For a more complex piece you could go up to around $35 ($100 today) and still sell enough to make it worth your while. You always needed a few even fancier pieces to attract customers even though they hardly ever sold. Customers would look at the fancy ring - and then buy a $15 ring. But if you didn't have the fancy items they may not buy anything. I had one simple gold ring that probably sold 100 silver rings for me.