Always a good ever evolving conversation. Sometimes difficult.
We have surveyed our Circulate vendors & We have asked certain customers about their experience at the markets – sometimes we get very interesting feedback. More often we don’t have to seek out any feedback, people generally offer it quite openly and honestly. One of the things are always paying attention to is feedback about pricing. Now there’s checks and balances in the consumer experience and expectancy at mutually any exchange of money and goods for that matter. Entrepreneurs have to calculate many factors in preparation for the marketplace.
Don’t overprice or undersell yourself.
Some people are surprised when they encounter vendor’s prices are more than reasonable or we have heard the opposite and shoppers are confused and disappointed because something nice seems way overpriced….
There is a lot to consider when it comes to pricing hand made or custom made items, art work, craft work and even services. Keep in mind the love that customers can develop with a business when they feel like they are getting their money’s worth and also a great personalized experience. You can make your customers feel like their getting a deal everytime!
Makers and vendors who put in countless hours perfecting their creative processes and products are often lowering their profit margins and sliding prices simply due to what/how people are trained to (not) spend outside of big box stores and shopping malls. There is an opportunity to educate yourself as well as your customers.
For us, It’s simple math, we have to keep adding value to our entire Circulate Market network in order to multiply more economic trade, exchange and cooperation. The perceptions are already shifting and you can see that by the sheer number of community based market spaces popping up. It’s always a good things when our collective dollars are circulating!
Yes, stay tuned for more info about pricing and best marketplace practices!