Creating Premium Pricing From Small Change

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Why do you want to even venture into premium pricing?

Let’s face it. Heading into the world of high-end work is going to require change. And a lot of it in most cases.

The five areas of necessary change, from my experience, have been:

1. You
2. Your People
3. Your Position
4. Your Purpose
5. Your Product
6. Your Promotion*

*I include a sixth area, but in reality it encompasses a few of these at the same time.

In order to make the necessary changes in all of these areas and successfully establish yourself in high-end work, then you need to be able to answer one simple question: “Why?”

Why do you want to head into a premium pricing model?
Why do you believe your work deserves to be considered high-end?
Why do you believe you can thrive in the upper echelons of your market?
Why do you think you can be a leader in that arena?

Etc., etc., etc.

I know that’s a lot of “why” questions, but they all stem from the simple awareness of why you desire to do what you do and succeed at it.

Without this knowledge, then change in these six vital areas will either be excruciatingly slow, or worse, nonexistent.

So, let’s get clear today. Tell me your “why” for desiring to offer and create high-end work and sell it at the premium pricing level.

What’s your why for driving the “change train?”

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Comments

  1. Lori says:

    I think my work is considered to be “premium” priced in relation to other artwork on Etsy but I think my prices are a fantastic value for the quality of work I do. My sales are minimal on Etsy and I’ve often wondered the best way to get in front of the people who can afford my work.
    I don’t fit in the traditional gallery system but I think maybe Etsy may not have the buyers I need. I deserve the prices I have set. : )

    • Pam Consear says:

      @Lori, I’ve struggled with the same thing. And yes, I agree that you deserve the prices you’ve set, and more! (I just checked out your shop.) I love the education I’ve gotten from Etsy, and the way it works as my “portfolio” for local sales opportunities, but it’s pretty hard to get noticed in the crowd…

  2. Adam King says:

    Hey Lori,

    Etsy is crowded. So is the internet, but setting up in a giant bustling virtual flea market is tough for getting noticed. You still have to do your own promotion, and if that’s the case, why not send folks to your own space online where you can further demonstrate you’re belonging in the premium world?

    • Lori says:

      That’s a good point and I’ve often thought that I should do that. Etsy does have an easy platform to use and the traffic is better than most sites. Would you advise putting prices and “buy now” buttons on a fine arts site or does that take away from that high-end feel? Should I create a site that requires people to enquire about prices first? Thoughts?

      • Adam King says:

        That’s a 50/50 question. I’m in favor of putting pricing and buy buttons on sites with high end work. The easier you make it for people to get what they want, the better off everyone is.

        The real key is you taking time to learn the buying experience your high end audience wants and give it to them.

  3. You ask “why?”
    Because I am an artist and my work is art. It is beautiful, unusual, well made – it is valuable to those who value art. Artists deserve respect and we deserve to be paid fairly for our work.

  4. Sapna says:

    This has really got me thinking! For me, I think high-end means creating my best work, pulling out all the stops and imagining with no boundaries. I think the challenge is for me to then bridge that vision with the real constraints that I have to manage. I loved watching this video! Thanks!!

  5. Laura Simms says:

    Adam, love your video style. I want to jump up because I want more at stake for me and my clients. I love my current clients, but I want to ensure that I always work with deeply committed people. I think asking for a bigger financial commitment will make both of us step up even more.

    • Adam King says:

      Laura,

      You’re on it. That’s a big part of wealth – committing both parties to step up their game and their stakes. It means greater returns on everyone’s investments as well as higher quality work distributed and received.

      Those who don’t go along for the ride, when you move higher, just aren’t needing served at that level. So it’s a win/win.