You know you need to raise your prices, or you think you need to raise your prices, but you’re not sure exactly how? Do you just put your prices up? Do you announce it to your past customers or followers?
How do you increase your handmade product prices? Let’s dive in! And if you’re not sure if you even need to raise your prices (hint: you probably do!) then make sure to use the FREE pricing calculator here.
Pricing is a topic that I am very passionate about. In fact, I have done a few other videos to help you calculate your prices correctly, get past the fear of putting your prices up and also a video all about WHY you should put your prices up and what to do if you think “no one will ever pay that much”.
I’m assuming that if you’re here it’s because you are ready to increase your prices, but you’re just not sure how to actually do it. Maybe it still feels a little scary and you don’t want to lose customers because of it?
I’m also assuming that you are confident in the quality and the value of your product and that you can back this price increase up with your carefully crafted brand and the shopping experience that you offer your customers (perceived value). If that sounds about right, let’s dive in with strategy number one!
Grab this free handmade pricing calculator!
use this “done for you” handmade pricing calculator to know exactly how much you should charge for your products.
Strategy number one is to simply put your prices up. Just bloody do it!
Step 1: put prices up.
Step 2: make more money.
This is something we laughed about with my friends Mikaela and Jess on our podcast, The Business of Making – but seriously, that’s pretty much the gist of it.
You do not OWE anyone an explanation as to why your prices are going up, you don’t even owe anyone a heads up. It might feel like you do, but you don’t. The right customers will stay with you despite the higher prices, and anyone that leaves or can’t afford your products anymore wasn’t your ideal customer in the first place.
I know this may feel a bit brutal so let’s talk about the alternative: announcing the price increase. I do recommend you announce the price increase not only because it’s fair to past customers and shows you care about your followers and subscribers, but also because it gives you an opportunity to actually make some sales from it. Let’s see how:
Strategy number two is announcing the price increase.
Step 1: Announce with specific date – make sure that you don’t announce that last minute. You want to make sure that you announce that maybe even a month in advance.
Step 2: Wait – put a date in your calendar, on which you say, “okay, this is when my price goes up” and then announce it, but don’t announce it and then put the price up the next day because there’s simply not enough time for people to even get the information and read your email or however you’re going to let them know about it.
Step 3: Put prices up.
The real stress factor here is announcing it. You might think: how do I do that?
Here are a few tips:
“we will be increasing some prices/our prices on {DATE}”.
“{BUSINESS NAME} only uses the highest quality material and we know you wouldn’t have it any other way. This increase allows us/me to keep offering you the highest {MATERIAL or PRODUCT} quality, while ensuring our materials are sourced responsibility, eco-friendly, etc.”
“Theses changes won’t be applied until {DATE}, so you can shop our products at the current prices until then.”
A bonus little strategy that you can use with either strategy is to have a sale with higher price as new price and discounted prices as your current price, as a way to ease into the increase (yes, this rhymes!).
Let’s say that you have a product that’s going to be $50 and that’s currently $45. You may want to put it up to $50 right now but run a sale for the next month so that it is still $45. It’s great because the new customers that you’re going to get during that period are aware of the new prices. They know when they purchase at $45 that this is a sale and that the real price moving forward is going to be $50 so you don’t have to keep announcing that the price is going to go up.
I hope this was helpful to you. When it comes to increasing your prices, there is only one thing you can do, and it’s to put your prices up. Let me know: are you going to do it?
you might also like…
If you want to be found in search results on Etsy, you need to optimize your product listing for SEO. And if you want to
There has been a lot of talk in the Etsy community — and I mean A LOT of talk — about Etsy’s payment account reserve
Anyone who knows me knows that I am a HUGE advocate for using email marketing to grow and scale your handmade business. But you may
Sign up below and get instant access to a collection of FREE practical guides, workbooks, and checklists that will help you start, grow and profit from your handmade shop. (without pulling your hair out!).
4-step Maker’s Roadmap System
Library of In-Depth Courses and Training
Live Monthly Coaching Sessions
A Supportive Online Community
close
We hate spam too. Unsubscribe at any time.
close
We hate spam too. Unsubscribe at any time.
close
We hate spam too. Unsubscribe at any time.
Get Instant Access to The pricing calculator
