Tuesday, June 1, 2010

7 tips for Pricing your Printmaking Products and Services: The 7 Ps of Marketing

Hello, thank you for joining me in my second post revealing the secrets to the 7 P's of Marketing.

Today you will discover 7 easy tips for pricing your prints and services,

First of all what do your products or services currently cost? Write your costs down to give yourself a clear break down of what you are spending and need to recoup in the effort to making a profit from your printmaking.

Every printmaking artists is faced with the challenge of pricing their work either for exhibition, website, eBay or the local market, to mention just a few. All of these environmental factors need to be considered as each location will be priced differently, you will need to adapt your product range accordingly. For e.g you would not take the same work from the gallery to the market with the price reflecting the galleries commission. You should think about creating works that are suitable to the market audience and price it accordingly as your costs to present the work will be considerably different.

The limited edition print when sold out has an overall figure so the individual print prices should reflect this in comparison to a painting which is priced indicative of only one painting of its kind ever made.

Consider the following 7 tips when pricing your work
  • What is the current circumstances and economic environment?
    • Consider how strong the economic environment is when pricing your work as the current situation may demand lower prices due to the current economic state. Your prices can be higher to reflect a stronger economy when things pick up.
  • How much are your current market costs?
    • What does it cost you to produce, display, and market your printmaking products?
  • What are the lawful recommended artist fees in your state to cost out your services for workshops, artist talks etc.?
    • Check with your local or national government arts organisation for the award recommendations.
  • Where is the margin for you, the nebulous between your production costs and your profit margin?
    • Sometimes we need to look at what we consider to be our hourly rate and what is a reasonable price for the sale of our art work. 
  • Location, e.g gallery, art & craft market, retail outlet, eBay, website, art fair
    • Your prices should reflect the location of your audience. 
  • Who is your audience?
    • Determining who your audience is will help you price your work. The audience who goes to a art & craft market will most likely be different to that of a gallery.
  • What are your production costs
    • Factor into your price what it has cost you to produce your work to ensure you recoup this money when a sale occurs. 
During my time as an arts industry worker I was often asked by artists how to price their work. I always encouraged them to consider the 7 tips which I just gave you and in particular asked them to consider what the work cost to produce, the gallery commission and what amount of money they want after the sale. Ultimately you have to be happy with the amount of money you get in the hand at the end of the day.

Happy Printmaking!
Jo Lankester

P.S Go to www.howtogetstartedinprintmaking.com  to get your free report on building a sustainable printmaking business
P.P.S Self-pity gets you nowhere. One must have the adventurous daring to accept oneself as a bundle of possibilities and undertake the most interesting game in the world--making the most of one's best.
Harry Emerson Fosdick
Pricing Your Artwork with Confidence: An Extensive Step-By-Step Guide to Pricing Artwork and Fine Craftwork

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