On things that are more rely more on “perception” like signed trading cards of icons, figurines/statues or art. How do people price this. Like of course they’d have to cover their manufacturing costs and all that. But how much extra should they add? (Is it like a 10-25% markup?) Any advice or resources?
(Of course the market self regulates like those Hermes bags, but assuming your a company creating something limited. You could justify your price with time, scarcity and quality. But it’s still up to the consumers if they would buy. So how do you price it right?)
You must log in or register to comment.
Pricing in the realm of collectibles, especially those dependent on perception, can be a nuanced process. While a percentage-based markup is a common approach, it often depends on various factors such as brand reputation, exclusivity, and perceived value. Here are some considerations:
Market Research: Investigate similar products in the market. See how they are priced, taking into account factors like material quality, limited editions, and artist reputation. This can help you gauge what customers are willing to pay.
Perceived Value: Consider what makes your product unique or premium. If there are elements like limited editions, artist collaborations, or unique features, these can justify a higher price point.
Cost Breakdown: Ensure you cover manufacturing costs, overhead, and other expenses. Factor in the time and effort invested in creating a limited or special edition product.
Brand Positioning: Establish how you want your brand to be perceived. If you aim for a luxury market, pricing can reflect exclusivity. On the other hand, if you target a broader audience, a more affordable range might be appropriate.
Customer Feedback: Engage with potential customers or your target audience. Understand their expectations and what they value in collectibles. This insight can guide your pricing strategy.
Scarcity and Demand: Limited editions or scarcity can drive up perceived value. If there’s high demand and low supply, you might be able to command a higher price.
Transparency: Be transparent about your pricing. If you can justify the costs and articulate the value, customers may be more willing to pay a premium.
Remember, it’s a delicate balance between pricing and perceived value. Regularly assess market trends, gather feedback, and be adaptable. Also, consider consulting pricing experts or utilizing resources like industry forums to gain insights specific to your niche. Best of luck with your pricing strategy! 🌟💰What happens if I got nothing to gauge it into, as I’m creating the first ever figurine for that series. While I could convey the fact that it’s limited, to promote exclusivity and the fact that it’s gonna look cool would I guess show it’s premium aspect. While I’ll add in the all expenses.
I feel like transparency nor customer feedback would ruin the mystique. My theory is that if you were to ask the customer, what would they want. They’d envision something or conjure out their “ideal” which you would most likely never replicate. Resulting into a partially dissatisfied customer, as for transparency I think you can state things like how much time you placed into it or the drafts as to how or why such elements are placed however someone (I’m forgetting who) once stated that people just want to buy. So adding transparency just clogs up the website design. What are your thoughts on this?
Overall I’m just scared to price too high
You should almost always price based on (perceived) value, not on cost.
The more unique, scarce, and offbeat the product, the higher you should price.
That’s true but how high? (I feel like if I price it too high people might not buy, do I just price it a bit lower than what I want. A more conservative price point?)