In the digital world of today, artists live with the option of selling their art online. This is called a Print On Demand (POD) marketplace. POD marketplaces have boomed in popularity in recent years because it allows the artists to have access to the global market and work freely without worrying about inventory and other logistical problems.
If you’re an artist you may already be on such online marketplaces or may be considering hopping on to one. There are two important things that will determine your sales online.
- The art itself
- The price
In this blog we will discuss multiple factors to consider and work on, to determine a fair, profitable and competitive price.
Analyse Your Costs
If you are selling your art, you are probably looking to make a profit off of it. To ensure this it is important that you identify and count your costs correctly. Costs for any business can be divided into 3 parts:
- Overhead costs
- Cost of production
- Labour costs
- Overhead costs will include any of your fixed costs that you will incur even if sales are zero. For example any premium subscription based platform that you use for drawing etc.
- Cost of production will include any raw material used like canvas, paints, printing and shipping costs. Also any other cost incurred on a specific order that is incurred to make the art ready for the customer to hang.
- Labour cost means, include your own hourly wage rate for all drawings that you make since if you do not incorporate your own wage you would be selling at cost and will never make a profit.
Research Market Trends
Researching market trends is crucial as it helps you avoid underestimating and overestimating the worth of your art. Take a look at paintings similar to yours, with similar art styles and material choices and then decide your pricing.
If you’re selling below the market level you have a chance to increase your margins without affecting sales much. And if you are overpricing you will now know what the normal rate is for something similar to your piece.
Identify Your Audience
Make sure you identify your audience in terms of their purchasing behaviours, income groups, and preferences in art styles. Identifying the niche you want to cater to will allow you to price your art accordingly. For example modern art for youngsters who are a bit price conscious or classic painting lovers who will pay hefty premiums for highly detailed works tanzohub.
Factor in Brand Value
As an artist your reputation in the market can have a big impact on the pricing of your works. If you are well known for a signature style or easily recognizable in your niche, you may be able to command higher prices. Catherine Grace Art journey, inspirations, and creative process can help enhance the perceived value of your artwork and justify higher price points.
Test And Adjust
Pricing is not a fixed, one time decision instead it’s an ongoing process which requires constant evaluation and adjustment. Monitor the performance of your artwork on the print-on-demand platform and be prepared to adjust your prices accordingly. Analyse sales data, customer feedback, and market trends to refine your pricing strategy over time.
Keep track of which price points generate the most sales and highest profits, and Don’t be afraid to experiment with different pricing strategies to find what works best for your unique situation.
Value Your Time and Expertise
It is important to factor your time and expertise as well under the labour costs mentioned before. Your creativity, talent, and expertise deserve fair compensation. Do not undervalue your work out of the fear of pricing yourself out of the market, instead Communicate the value of your artwork effectively to potential buyers to justify your pricing and build trust in your brand.
Do not Undercut Yourself
It is important to stay competitive with the market but do not undercut yourself to make more sales. Undervaluing your artwork can create a perception of cheap and low quality which could hurt your brand image in the long term. As mentioned before, make sure you cover your costs. Overheads can be distributed among many orders but all the production costs for each piece should be covered in the price of the piece itself. Also, emphasise the unique aspects of your artwork that set it apart from competitors and justify its price point.
Final Words
So just to give a quick recap, pricing for your print on demand art requires careful consideration of costs, market trends, brand value and audience preferences.
By adopting a strategic approach and continuously refining your pricing strategy based on feedback and data, you can maximise your earning potential while maintaining a competitive edge in the online art world. To get a better idea I would recommend online artwork painting for sale in Florida to just intricate abstracts at multiple different price points. Remember, pricing is not just about setting a number; it’s about valuing your creativity, expertise, and finding the right balance between profitability and customer satisfaction.
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