My process to mitigate over/under pricing is to do due dilligence.
- Check Other Businesses Who Sell Like Items /Services.
- Compare Locations (east coast versus west coast, etc.).
- Check Composition of Materials Used to Allow for Variables.
- What Are the Possible Differences in Overhead.
- Use a Formula to Calculate In Order to be Consistent.
- Marketing Research (use survey groups)
At one point late in the show after a slow day I told my wife we were going to pack it up in an hour. Less than 10 minutes later I did over $100 in sales and on items that heretofore were hardly even looked at by anyone. Funny thing is that these were not impulse buy priced items and were up there in price.
What caused this anomaly? Or was it an Anomaly at all?
The thing I think caused the rush was one person looking and then another then others wanted to see what was so interesting and then 1 person bought and the other and a third, all in rapid succession.
This is the same thing that happens at a retail store with an empty parking lot. Not much! But when two or three cars are in the lot another joins, then another and then others see people are there and postulate that they are there because they are getting a good deal or some other event that is exciting is going on and they want to be part of it.
Do not keep adjusting your price down until you get a sale - be patient, do something to attract people to come see what is going on - add color and motion to your booth/tent, sound and whatever you can do without being obnoxious.
I am going to learn some magic tricks in the future and see if I can attract people that way.
What do you think?
Doug
"Inquiring Minds Want to Know"
www.JDKellyJewelry.com
