What’s up gorgeous?
A friend was telling me about an indirect competitor charging prices far exceeding her own.
What she does is find exotic insects and stage them, frame them, or turn them into jewelry. They’re quite lovely!
The competitor was in another marketplace, yet it was the same concept. I asked her, ‘Why don’t you increase your prices to match the competitor?”
She gave me 2 reasons:
1) The marketplace couldn’t bear it!
She felt there was an expectation for what her product was worth. She couldn’t charge above it.
Fair enough. If you’re selling apples to apples, all things being equal (which they seldom are in my opinion), the lower price wins. The marketplace has an expectation for what an item should cost.
2) She would be taking advantage of people.
To me this is silly. Consider Maslow’s hierarchy of needs.
The foundation is sleep, food, shelter, water, and safety. Art is at the very top!
Art is not a necessity from a survival perspective. While I agree it contributes to a rich and fulfilling existence, it’s not what humans need immediately.
That’s why I’d never get hung up on price!
Suppose a patron didn’t do their research and paid above market value. An artist might feel they got ripped off. (i.e. “This piece is very similar”, or, “This artist is only worth __.”)
But it’s subjective! Art isn’t a physiological need!
If the patron feels they’ve gotten ___ amount of value out of the piece, maybe it’s given them a story to tell, then it’s worth that much!
Don’t get hung up on price.
There are things you wouldn’t pay a cent for that others would pay thousands.
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You can watch the original video on YouTube: Price Objections Are In Your Head