If you’re just setting up your business, deciding on how much to price your products at can be a daunting decision. There are lots of different variables that can affect the cost of an item, so the Artovo team is here to help you break it down.
The Cost Of The Product
Depending on if you are making your products yourself, or if you’re using a POD company like Artovo, you’ll need to know the base price of your product.
On Artovo, this is the price of whichever item you’re ordering, such as a canvas or cushion. If you’re making it yourself, you’ll have to factor in the cost of all the materials you used to create it.
The Cost Of Your Time
Whether it’s a percentage of how long it took you to create the design you use on Artovo or the time for physically constructing the item yourself - your time is important! Make sure you factor in the time you spend creating into the cost of your product.
The Cost Of Shipping
With Artovo, calculating shipping costs is easy! Visit our delivery page (https://www.artovo.co.uk/pages/delivery-and-returns) to see how much your order will cost to ship. You can either include this in the pricing of your product or have your customer match this amount for shipping when they purchase the product.
Again, if you’re making and shipping products yourself, make sure to factor in how much it will cost to ship (especially if you offer overseas shipping) and packaging costs so you don’t get caught out by an unexpected expense!
How Much Profit You Want To Make
Deciding on your profit margin can be tricky, because you want to make some money back - but you don’t want to add so much that it puts customers off buying. Still, it important to price your products to match what they’re worth, so look around and see if there are any other similar products on the market and how much they are being sold for.
How Much Your Customers Will Pay
If someone likes your content, they will be willing to pay more than they normally would for a generic item from a chain supermarket - however, there are still limits to what a customer will pay for a product.
Unfortunately, this is very much on a customer-to-customer basis, and you will likely always get someone who thinks your prices are too high. Do a little research on how much others are selling similar products for - Check out what your competitors are priced at, or ask family and friends for honest feedback on the cost of your products to help you decide.
And remember, don’t let fear of pricing too high or too low hold you back. You can always raise or decrease your prices later on after testing it for a period. The decision is yours, however your customers are buying from you because they want a product with your artwork on it, which makes it unique! Don't sell yourself short!