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Topic: Price Increase  (Read 159 times)
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shadojake
« on: June 18, 2014 06:33:44 AM »

Hello Everyone,

I am considering a price increase for my coasters.  They have been at the same price for over a year.  Currently I am selling them for $20/set of 4.  I back the tax out of that price so the actual price is $18.35 (9% tax between state and local).  The coasters are tumbled travertine and I apply all the designs myself.  My cost of supplies is about 1/4 of my retail price.  That cost does not include my time.

When I wholesale to a local retail store, up to 3 stores now, I wholesale them for $12.  I feel that is my absolute minimum wholesale price.  Local stores around here usually keystone or keystone + 10%.  So there are retail stores in my town who are selling my coasters for $24-25 per set.  One store has been selling my coasters for well over a year & has made multiple reorders.  This is the design they carry ... http://www.customcoastersbycindy.com/Classic-Monogram-1005.htm.  Of course, I have the whole alphabet available, this is just a sample from my website.  The other two stores are recent additions to my wholesale accounts and   have not had sufficient time to reorder yet.

I would like to increase my retail price either to $22 or $24 per set of 4.  Dh seems to think that if I do a price increase I should go ahead price them at $24.  How do I go about deciding how much of an increase is too much?  Even at $20, a $4 increase is a 20% increase.  Is 20% too much?  I feel at $24 that I could comfortable leave my price alone for at least another year.  At $22, I am not so sure.  I would still back out my tax.  Using even dollar amounts makes it easier at craft shows, no need for coinage to make change.

Please give feedback on how to decide is a fair increase.
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God Bless,
Cindy

Given enough coffee, I could rule the world!
Chris in VT
« Reply #1 on: June 19, 2014 03:33:42 AM »

Hi Cindy,

We struggled with the exact same problem before our 2014 show season started. The price of steel has gone up dramatically and we were not making as much profit.

So we bit the bullet and raised the prices an average of 20%. It didn't hurt sales at all.

Chris
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There's NOTHING at a craft show, or on Etsy, anybody NEEDS. NOTHING.
www.shadypinestudios.com
shadojake
« Reply #2 on: June 19, 2014 06:04:08 AM »

Hi Cindy,

We struggled with the exact same problem before our 2014 show season started. The price of steel has gone up dramatically and we were not making as much profit.

So we bit the bullet and raised the prices an average of 20%. It didn't hurt sales at all.

Chris

I am glad to hear your percentage increase is what I was considering and you did not see a dent in your sales.

I usually look at etsy and pinterest for inspiration and part of viewing what others are doing is seeing their prices.  I felt for a long time that I was high compared to those sites.  I have read that crafts people tend to undersell their products there, so I take their prices with a grain of salt.  However, it is hard to find similar products to what I sell on other sites.  Though I scour the internet, it is hard to find truly similar products on other independent websites, thus is it hard to do accurate price comparisons.  It is not that I am wanting to be like everyone else in what I do, because I do want to offer something different.  Otherwise, why do it, right?

I am leaning toward going to $24.  Barring a severe jump in tile prices, I will be able to leave my prices there for a while.
THIS ROCKS   Logged

God Bless,
Cindy

Given enough coffee, I could rule the world!
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