One of the most difficult areas for many business owners is how to price their products or services. Many times a prospect or client say, “Well I would buy it if it were in my price range.” That idea then sticks with a business owner and they are tempted to lower the price–just to sell more products.

Many times lowering the price can create more challenges than one had to start with. Here are a few things that happen when you choose to lower your price: Price reductions decrease net profits, require more sales to hit the income or profit target, likely increase demands to drop price even more, raises the number of products you need to create, and, in the end, as John Jantsch (author of Duct Tape Marketing) says, “There will always be someone willing to go out of business faster than you.”??

So, in selling your work remember, price is not a benefit. Most generally a sale is not determined by the cost of your product. If you truly “sell” your customers and prospects, they will purchase your products/services no matter what price you determine.?

When a prospect or client chooses not to buy…and they claim the cost had something to do with it…they probably wouldn’t have purchased anyway.??

As an artist, or other small business entrepreneur, we have two primary jobs. Create passionate art (insert your business or service) and, marketer. Our job is to produce and sell our products or services, even if you use an agent. The art of selling has nothing to do with the price of the product.

If done properly price should not be an issue, when your contacts find out about the price, they should be determined to purchase no matter what the cost.??

So, find “real” benefits (value) to sell to your customers and prospects. Focus on emotion. Help them to see how great their life will be with your creation in their home and you’ve got a customer. Find pain points, help them recognize them, provide the solution and you will have a new client. Set your prices and hold fast. If you’ve marketed correctly, you will still have customers anxious to do business with you!?

See also these other articles from the blog

http://www.artmarketingbuzz.com/marketing/the-art-of-pricing-for-profit/