Should I announce that I am raising my art prices?

ace — Tue, 31 Jan 2012 14:07:38 +0000

A question on our forum:

“I want to raise my prices on my art. Should I announce this in my newsletter? “

This is one of those good questions that we have seen before and where there are as many opinionated answers as there are repliers! Since we pay every bill with the sales of our art, Steve and I think carefully about such changes and the possible repercussions in any decision concerning prices.

We DO have something to lose by following the wrong advice, well meant as it may be….but conjecture without facts can be foolish.

So, in our opinion and in practice with our art business, when we raise prices, we do so quietly, without advance notice.

Our increases are always small but certainly manageable so we see no reason, especially in challenging times, to possibly give our prospects one more reason to put off a decision

After all, art is a want, not a need. Remember that!

There are good, sound marketing reasons why manufacturers and distributors have not said a word about the shrinking of their product packaging while the prices increase (ie:consumables such as coffee, tea bags, 1 lb bags, etc.)

This is not new. As a kid I remember 36 birthday candles in a consumer box. Then watched it drop to 24, then 18 and now I think it’s 12? LOL-tampons used to be 12 in a small box now it’s down to 8, and the number of sticks in a package of gum has certainly dropped…etc. Unless you use a product regularly (coffee comes to mind) you do not notice some of the small changes.

And NO one announces these changes by the way…they usually come through some expose’ in an afternoon TV show

Having commented on the shrinking product, Steve did the identical thing when he kept his well known $100 price tag for one group of his popular oils by decreasing the size of what that amount purchased. Same quality, same price, smaller package.

There will always be that school of thought that says announcing an increase in prices will result in a flurry of sales “before the increase”. Our experience has proven that it is not quite that cut and dry.

If you study marketing and do your own due diligence, you will see that with “end of year” sales, inventory sales, etc, etc, there is a pattern that all the businesses use and imitate. You would do well to follow the patterns of successful businesses and see what the trends are (they all have invested big bucks into market analysis) before randomly deciding to increase or decrease something as complex as pricing.

If you go back through the newsletters you will see an article I wrote for our Art Career Experts and shared with other online magazines/blogs about pricing art. (Help me Sell my Art)

I repeat a key point here-it is NOT some magic number that will help you sell your art-it is your whole package. Having the “perfect price” will not sell your art. Perfecting your image and your art package will

Art Career Experts » increasing your art prices

Should I announce that I am raising my art prices?