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dAO

Pricing - trying to find older post

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I remember reading something about pricing that really caught my attention but I've lost track of it.  I THINK it was posted somewhere in this forum but can't track it down.  It talked about how certain  numbers seem to garner more buyers than other numbers - like maybe odd numbers over even or something like that?  I think it also talked about how the cents in the price affected potential buyers (like $.99 or $.49  or again, something like that).    Does this ring any bells?  Thank you for any help.  

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That exact description doesn't ring a bell. Here are some posts about pricing from the FAQ thread. Maybe it's in one of these?

 

The current issue of Pottery Making Illustrated (Nov/Dec 2017) contains an article on pricing, written by yours truly. If you don't subscribe to the magazine, you can find the complete article on my blog: http://www.goodelephant.com/blog/pricing-work-in-pottery-making-illustrated

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I would suggest staying away from putting cents in your handmade pottery pricing. I think the folks that buy your pottery are not responding to marketing jargon in the same way as manufactured items you might sell.

I do add tax so the final price usually has some cents in it though. 

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5 minutes ago, Stephen said:

I would suggest staying away from putting cents in your handmade pottery pricing. I think the folks that buy your pottery are not responding to marketing jargon in the same way as manufactured items you might sell.

I do add tax so the final price usually has some cents in it though. 

I also would keep your price at even numbers . You can add tax to that price during the sale. I have done this for over 40 years.

People these days really distain change.I actually round up or down  often to the nearest quarter most of the time when giving change.

The exception to this is grocery store pricing where they always end the price in 9.

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Agree with using even numbers.  Psychological pricing is more for bargains and groceries.  When a customer sees an item at $20, they think it's $20.   PLUS tax.   Where can you shop that does not include sales tax?   By not adding sales tax, you are effectively giving them at 7-9% discount (what ever the tax rate is in your area).  In Mississippi, it's 7%, so that's $1.40 ... too much to throw away.  You are going to pay the sales tax, so collect it.  In my busy show, I add a round number for sales tax, but I do add it on the marked price.    At the show room, we automatically add it, using the register. 

I did have a kid buy something a couple of months ago and handed me the marked price and tell me  "I'm a child, I don't pay sales tax".   I laughed and let it go.

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JosephF created that thread. He had done some research for an economics class.

this is a copy of it I had saved...

The Psychology of Pricing

When I was in school we studied this for a good half of the semester. There is a huge factor on the last digit of prices. For example: 97 and 99 are both the discount price numbers where people feel like they are getting a better deal, it is no surprise to me you both are selling better at 17 and 19 then 20. Both of those numbers end with 7 or 9. Which are usually used in discount pricing. So people infer deal. 

Almost all the research we did showed that if you wanted to have something be super expensive and people buy it. Never end it with a 7 or 9, always with a 0. If you price something way too high and end it with a 9, it wont sell as well. For example if you price a high dollar mug at 59 dollars. It will sell less well than priced at 60. It's absurd I know. But that's what all our research proved, and this was an entire class dedicated to pricing. I prefer the 8's. 28, 38, 48, 58. All the best prices. When I sold a few mugs on etsy. My prices started at 35. I lowered them to 30, sold only 1 mug. Lowered to 25. Sold no mugs. Raised to 28. Sold almost all my mugs I had listed. It was a small sample size, but I plan on testing it again in the coming months.

Edited by dhPotter
added text

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That is interesting.  Hadn't thought about that.  Just finished a two day show.  I had a friend recommend odd numbers.  So that is what I did.  $11, 13, 27, like that.  I really don't know if it made much difference.  I came close to selling out.  I have never had that happen.  But I like the 8's.

I had Mea's voice in my head talking about raising prices because things were selling so quickly.  But the shoppers came so fast I didn't have time.  However, I may need to think about that. in the future.  

Roberta

 

 

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Way to go @Roberta12! You had your priorities right. If there are customers in front of you, you need to be present for them, rather than doing something administrative like replacing all of your price tags. Just take all the information you received and use it to plan the next event. 

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