Pricing to Your Market vs the Right Market For Your Price

“I did lower my prices somewhat. Not much, but still.

“People in Spain just don’t pay as much for art as the people in Denmark do”.

Fair play, I think as I look at her paintings.

But fair or not, her paintings aren’t selling as much as possible, at this exhibition.

Which makes sense: It’s a whole different economy here in the South of Spain.

And yet…

There’s extremely affluent people in this area, and not just the odd one out.

Spanish or foreign, the coast is riddled with pockets of well-to-do folk, many of whom would be eager art buyers.

Except at this venue, they don’t seem to show up.

Which begs the question:

Should you adjust your prices to the market…

Or should you adjust your market to your prices?

See, you’ll never be able to influence, much less control, how much someone will pay for your work.

Even if you lower your prices, that’s no guarantee that you’ll sell.

Which you may have experienced for yourself.

What you can control however, is who you show your work to.

In other words: don’t adjust your prices, but adjust your market instead.

If you paint something and know it’s worth, say, $2000, the worst thing you could possibly do is start slashing your prices until you reach such a low point it’ll sell.

Terrible idea.

For one thing, it’s murderous for your self-esteem.

Not only that, it’s terrible for your economy, which is likely to cause stress and frustration.

Worst of all, it reduces your market (in your head) down to a small puddle of bargain-hunters.

When in fact, there’s a huge pool of very keen, well-paying art buyers out there, and you too can get yourself in front of them.

And you know what?

That kind of person, those who don’t notice the difference between a $1000 purchase or a $1500 purchase, they’ll be more keen when they see a higher price.

For people who can afford luxurious things, something that’s cheap is unattractive, not more attractive.

Simple psychology, really.

But, it does take guts to price your work high.

Then again, if you didn’t have courage you would have a dayjob instead of building your own business.

Believe me: the right kind of buyer, for your art and your prices, is out there.

Your task is to identify them and find ways to show up, confidently.

Easy?

Not really, no.

Fantastically exciting adventure of discovery and relationship building?

Yep, definitely.

Once you find your own path, all this marketing stuff can become extremely enjoyable.

How to find that path?

Depends.

You can study and implement and experiment, and given enough grit you’ll get there.

Or you can talk to me and I’ll help you figure out what methods a) will work for you and b) will be fun enough to keep doing until your business is a success.

Either way, your perfect buyer is out there.

Are you on the hunt to find them yet, or are you still looking for ways to please the wrong kind of person…?

Cheers,

Martin

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