Pricing your crochet can feel like a dark art and causes more anxiety to crochet sellers than just about any other task within their business. We constantly second guess are prices compared to others as if buying crochet should be an everyday thing instead of being a payday treat.
When we look at our prices, the questions start running through our heads. Are my prices so high that they are stupidly ridiculous? Are my prices higher than Jenny Blogs on the other side of the country, so I fear losing business to her? But if you price low, you don’t see how you can make a profit that makes all this effort worth your while, never mind enough that you can make a living from your crochet.
Do you think that you will loose customers if you raise your prices?
The truth about pricing is that is all about perspective and perceived value.
How Do You Show The Value Of Your Crochet?
Let me tell you about a chat I had with my dog food bloke today that brought this home to me.
I feed my two fluffball huskies raw food, and I get the meat from a local seller. Now my area is not considered an affluent one, its an upper working class type place so no one is swimming in cash and most are affected by the cost of living crisis. No millionaires row around here!
When I got to my meat blokes place to pick up my floofs food for the week, he was just putting away his latest delivery, and I spotted some mince meats I hadn’t seen before. So I asked him about them – after all I might be able to add something new to my dogs diet, give them a bit of a treat.
He said these blocks that I’d spotted were from his premium range which cost £25 for 20lb of mince
I usually buy the cheaper range which are £28 for 30lb of mince. Nothing wrong with the cheaper range, it’s still great for my dogs and keeps them happy and healthy, but it’s made from cheaper types of meat like beef and chicken. The premium stuff was made with pork and goat – not your usual fare for sure.
I nodded, and squirreled that information away in my mind for another day – I might treat my 2 doggos to something a bit different next time now I know that options there
Now you’d think given the cost of living crisis that not many people would be buying the premium range, as it works out more expensive per pound of mince, and when you are feeding at least a lb of meat a day to each of your dogs (both of mine are classed as large breed), it quickly adds up.
Not what’s happening
My meat bloke said that a few months ago he was only buying 10 boxes a week of the premium meat, but now he’s buying 30 boxes a week.
AND ITS ALL SELLING OUT!
People will pay for luxury even in a cost of living crisis if they think the product is worth it. And let’s face it, we love out pets, and we love to treat them. I had thought about treating my dogs to these special food items as soon as I saw them, and after hearing the price I wasn’t thinking no way, I’ll never pay that its just too expensive. I was thinking, payday treats for my furballs, they would love to try something new.
I wanted to treat my pets even though the price was significantly higher than the everyday food I buy them.
Crochet Is A Treat
Luxury is a treat. Even when budgets are tight we like to think about treating ourselves and trying to save up some extra cash for that treat. Buying the cheaper version of an item in our weekly shop, so that we can stash some extra cash away to buy that special something at the end of the month.
I bet you do this yourself don’t you?
Crochet is not something that people buy as an everyday item. It’s bought as a treat. It’s something a bit special, a bit different that we buy as a treat to ourselves or our loved ones. So why would you slap an everyday price on it?
So what are you doing to prove your crochet is worth the cost? What are you doing to show why your customer should treat themselves to your amazing creations on payday?
It’s all about perception. It’s all about showing how your crochet is worth that extra money, why it’s special, why your audience should be drooling over it and making the effort to put some extra cash aside from that weeks budget and look forward to be able to own one of your precious crochet creations
If you are setting your prices low like Jenny Blogs, how do you convince your potential customers that you are worthy of being their payday treat? How can you be seen as a bit of a luxury buy, a special purchase if your prices are set to everyday cost levels?
It doesn’t work
Low prices are nor treat worthy
But you now won’t get the everyday cost sales either because crochet costs more than the same item that has been made with fabric, and way more than what can be bought in the shops
You won’t make the profit you need to make selling your crochet worth your while, and you stand no chance of making a living from your crochet if you price low like Jenny Blogs.
So why are you pricing like you are?
Setting Prices Should Not Be Done With Fear
Are you setting your prices as you are out of fear of not making sales? Out of fear of losing sales to someone who prices lower?
Living in fear does not make for a successful business. You will not make the profit you need by making decisions based on fear.
So ask yourself what you want to achieve from your crochet, then bite the bullet, raise your prices and start making the profit that you’re worthy of.
If you want to dive deeper into how people perceive price and how you can tap into this to boost your profits, then I have a Masterclass on Pricing Your Crochet For Profit that you can access right now here
When you are ready there are 3 other ways that I can help you:
- Come and join my crochet pattern writing membership The Hookers Academy
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- Check out my free Facebook group for daily tips, resources and support