Pricing your handcrafted creations online can be a delicate balancing act. You don’t want to undervalue your work. You also want to give customers an occasional incentive to buy your products. Sales or discounts, when used wisely, can help move products and develop a loyal customer base! Keep reading using discounts effectively to discover how to use discounts.
Timing is Everything
There’s nothing more suspicious than a retailer that’s always having a sale. When you see the same “limited time” deal being offered for months on end, you become suspicious about it. Not only because of the quality of the product but also the trustworthiness of the vendor. Instead, make sale periods short and well-defined, so that buyers know that they will have only a brief opportunity to take advantage of the discount.
Discounts are a good way to keep previous purchasers happy and coming back to your online shop! Reach out to your customer base with exclusive deals just for them. Send them a special coupon code that they can apply to a future purchase. Especially if it’s a limited-time offer, this will get them to quickly return to your site to check out what you’ve got- and probably buy something! Use your Facebook page followers list and newsletter sign-ups as a way to make the discounts even more meaningful- someone who shares your posts on social media is an even more valuable asset for your shop, and should be rewarded with a more meaningful discount!
Find Ways to Add Value Without Cutting Prices
Not all offers have to involve a sale price. You can give purchasers of an item an opportunity to get an extra that costs you little or nothing. That’s one of the joys of internet selling- a digital product need only be created once and then can be sent to as many customers as possible! For instance, if you craft handmade charcuterie boards, what could be more natural than to include a short e-book of recipes that could be served on that board? Once you’ve put it together and formatted it once, it costs you nothing.
Don’t Cut Prices Too Far!
Resist the temptation to cut your prices too far, even for a short-term sale. If your customers see a deep discount offered for your products, they will come to believe that your regular price is too high. 20% is probably as far as you should cut a price, and only for a limited time.
Looking for the right place to find customers looking for quality products? Set up a shop on Artisan Born to reach the right market! Also, take a look at our blog for more tips, ideas, and inspiration!