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What It's About
Today's caller wonders if they should let customers set their own price. Is this a good idea?.
Notes from Chris
Episode 1908
This listener is thinking of letting her customers set their own prices. Is the pay-what-you-will pricing model revolutionary or risky? I tried this once myself—or I should say I was going to try it—and then a good friend of mine, Brian Clark, talked me out of it. I’ll tell you a little about that and also why I now believe this isn’t the right answer for most projects. Of course, there are always exceptions, so I’ll mention what those might be as well."I've been selling a calligraphy set and several add-ons for years. It makes a small amount of money, usually $400 a month on average, but up to $3,000 a month during the holidays. I've always struggled with pricing, and lately I've been thinking: why not let my customers decide? I like the pay-what-you-will model and I don't think my customers will choose a price that's so low that I don't cover my costs. If nothing else, I could test it, right? I guess what I'm asking is: is there any reason __not__ to let customers choose their price?"Listen to today's episode to learn more...
SEE ALSO:
- Event Planner Writes Her Way Into Custom Calligraphy Shop: Her friends encourage her to open her own Etsy shop, but this event planner ends up going further by quitting her job and publishing a book.
- Instagram Calligraphy Project Earns $9,000 in Year One: A corporate employee in Texas enters the online world of calligraphy and hand-lettering, then changes along the way to suit her strengths.
- Hand Lettering Artist Upgrades Cheesy Photo Booth Props: An illustrator gives boring wedding photo booth props a much-needed upgrade, creating an alternative to greeting cards at the same time.
