In this week’s episode of “Inside the Mind“, we’re going to talk about how to raise prices and stop misunderstanding your market.
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Hey What’s up guys, welcome to Inside The Mind where we talk about online marketing strategy, what it is, why it’s important, and why you should care.
In last week’s episode we talked about the importance of keeping up with your competitors and in this weeks episode (drumroll) We’re answering another subscriber question!
Darlene of Do Bats Eat Cats @Etsy says:
My main challenge is getting more sales. I feel like the demographic who really likes my work and gives me great feedback on it is not also the demographic with the means to pay for my work. I make goth chainmaille jewelry. People who like goth jewelry tend to be starving creatives and are perpetually broke.
She then goes on to talk about how she started making more mainstream jewelery, which did bring in more sales, but also ate into her profit margin, and stripped away what made her unique.
Then says, “ I worry that I’ve spent a lot of time niching my products down to appeal to an audience that, it turns out, can’t afford my work”
Well Darlene, don’t worry, you are not alone.
One of the common things many solo and small business owners do is try to appeal to the largest segment of their market,
(Poof NEGA TOMMY) which sadly also means they’re going after the people who AIN’T GOT NO MONEY!.
Really though, there are two types of s, people who’ve got money, and people who don’t.
(show two different types of goths http://cdn.images.2.ranker.com/user_node_img/6402/1000196282/full/fat-guys-photo-u13.jpg and
Most businesses cater to those who don’t have money, because they’re seemingly the easiest to reach.
(Nega Tommy) But when your s are broke, you’ve got to cut your prices, and good luck raising em after that, because if I can get it for less, I’m gonna.
Based on your designs, my guess is you’d like your target market to the one that has money. .
My suggestion, get friendly with local bands, tattoo artists, and live action role players, because these are all potential s you know are willing to spend good money on their outward appearance.
Getting your work in front of these people who could more easily afford it will not only give you a better chance of improving your sales, but also give you the ability to sell at the price you deserve.
Try to find a local band that you could create an exclusive line for, then take orders at their merch table.
Next time one of your friends gets a tattoo, have them wear one of your pieces in the shot that will be on display in the artists portfolio, then network with the artist and see if they’d be willing to sell your stuff at their shop.
You can take a similar approach by networking with photographers who specialize in “Goth” photography. Sell them a few pieces at cost to let their models “try on” while they shoot, then give them a boat load of business cards, post cards, stickers or other goodies to hand out to their models if they express an interest in your jewelery.
Also, be sure to ask for a credit link if they publish a photograph with one of your pieces in it. Similar to what they do in fashion magazinesOf course, you want to make it worth their while, and give them a commission for doing the selling for you.
Which means when you increase your rates, you start with the base cost of your raw materials, add on what you’d like to make to make the labor worth your time, then add on their commission.
The more people you network with in this way, the less work you’re going to have to do “selling” and the bigger your product’s reach will be.
And if you’re thinking, “What about when I have too many people selling my stuff? How will I track it all? Simple.
Start managing all of your sales through an affiliate program like E-junkie or Shareasale.com
Doing this will allows you to track your top sellers, and communicate with your online buyers all of from one location.
With your buyers, be sure to always throw in something a little extra too, like a percentage off their next order, or a mixed cd of the local bands in your network. It doesn’t have to be anything huge, just something to give them the warm fuzzies when they order from you. Because now that they’ve already bought from you, it’ll be much easier to get them to buy from you again and again.
Alright, that’s all I’ve got for this week’s episode of Inside The Mind, thanks so much for watching.
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