Lee Foreman
Member
New to pen turning and not sure how the best way to price my pens. Any guide lines I go by, just not sure how to set the prices.
Lee
Lee
How to price my pens?
- Thread starter Lee Foreman
- Start date
Signed-In Members Don't See This Ad
Signed-In Members Don't See This Ad
nsfr1206
Member
Some info on this in marketing. Try taking your pen kit price, add 5 dollars for your blank, and tripling it. So a jr. gent black titanium with a brooks acrylic on it would be around $57.00. Of course this depends on your market and some blanks will need to be charged more for. This won't work for a gator jaw bone blank!
JimB
Member
Pricing is like doing a ca finish - you will get as many answers as there are members. Some use a formula like the one stated above while others will strongly disagree with this approach. When I first started the 3X formula above worked well for me but as I improved my skills, made different style pens and different materials I stopped using the formula as I did not believe it represented a fair price for my pens. Also, the demand for different styles can/will influence price. There are also a lot of other expenses involved in making a pen other than just the kit and blank.
If you go through the Marketing forum you will find many threads on pricing. I think that is the best way to get started.
If you go through the Marketing forum you will find many threads on pricing. I think that is the best way to get started.
GoodTurns
Member
+1
the one thing I always try to do is make sure that there is some noticeable progression in your pricing. If you stick to a straight formula, your entire pricing schedule might not make sense. Your buyer should be able to SEE the difference between a $50 and $100 pen. (or $100 and $200....)
Rangertrek
Member
Lee, I have had many pricing strategies over the last two years. My first rule of thumb is the 3x materials cost. This is generally my starter price for a pen. This formula does not well for low end pens (slimline) unless you are willing to sell one for under $20.
I have a set cost overhead cost for my shop, consumable materials, etc. Then I add the kit, parts and the blank. Then evaluate my labor to make it. I have sold pens up to $200 based on just a great looking pen or something special about the blank.
After you sell a few you will learn what works and what does not for your area.
I also do craft shows and generally do not even take a pen less than $30 to the show. I have some other turners willing to sell a slim or sierra for under $25. I let them have that market. My product looks better and I try to offer the better platings.
Good luck with whatever approach you take.
I have a set cost overhead cost for my shop, consumable materials, etc. Then I add the kit, parts and the blank. Then evaluate my labor to make it. I have sold pens up to $200 based on just a great looking pen or something special about the blank.
After you sell a few you will learn what works and what does not for your area.
I also do craft shows and generally do not even take a pen less than $30 to the show. I have some other turners willing to sell a slim or sierra for under $25. I let them have that market. My product looks better and I try to offer the better platings.
Good luck with whatever approach you take.
broitblat
Member
It also depends on who/what you are pricing them for. You may price differently if you sell direct, over the web, on consignment, or wholesale, for example (although I advise against selling the same product through different channels at dramatically different prices).
I tend to start with the cost of materials, add a multiplier for margin, then add an additional amount representing the labor that went into the pen. YMMV.
-Barry
I tend to start with the cost of materials, add a multiplier for margin, then add an additional amount representing the labor that went into the pen. YMMV.
-Barry
jbswearingen
Member
I would add that if you're selling them online to look at other sites to see what your competing prices are. Price accordingly. I was amazed recently to see a woman selling cigars for $180 when I price them at $35. I know I'm a bit on the low side, but I didn't think I was THAT low.
Last edited:
caution
I would caution that offering for sale is not necessarily selling....I sell Component Sets I could offer slimline kits for $10.00 each - that doesn't mean I'd sell any at that price.
I would caution that offering for sale is not necessarily selling....I sell Component Sets I could offer slimline kits for $10.00 each - that doesn't mean I'd sell any at that price.
tim self
Member
#1 I would NEVER well a Jr Gent for $57. I'd give it away first. (No offence David)
#2 Using this formula exclusively will have you pricing an Elegant Beauty Sierra for the same price as a Jr Gent.
#3 Whatever your market will bear. I did an art show 2 wks ago and have adjusted my prices SLIGHTLY for a show next week. Differnt market.
Last edited:
jbswearingen
Member
You would never sell one at $57...that's too high or too low? I'm assuming too low a price.
Oh, I know. Seeing all the work on her site, I'm assuming she does sell at that price. She's showing a a craft fair here soon, and may well be a member here.
Frank Nemke sr
Member
Its real easy to drop your price, but almost impossible to raise prices if your dealing with the same customer base unless you upgrade your product line. With a higher margin you can wheel and deal. Lets say you sell slims for $20 If some one wants a deal on 3, and you give them for $50, your down to just over $16.50. Your profit margin just went to hell. But! if your priced at $25 and sell the same 3 at $60.
If someone comes to you and wants to by a display of say 12 you could sell a$25 pen at $15 and let him sell them for whatever he wants if theres no return
If someone comes to you and wants to by a display of say 12 you could sell a$25 pen at $15 and let him sell them for whatever he wants if theres no return
OKLAHOMAN
Member
OK! I've said this here before.
#1 before you can determine what to price YOUR pens you need to take a good hard look at them. Is the fit perfect, does the finish not only look good but when you run your fingers from top to bottom are there ridges between the final and the nib
#2 what venues are you going to sell at, I don't care if your pen is an Emperor with a $50 blank and is perfect your not going sell it for big bucks at your local farmers market or most small town craft shows. On the other hand the same pen priced to low at a venue that caters to folks that are looking to purchase merchandise that will make a statement like a sculpture, or a high end piece of jewelry you won't sell it.
#3 formulas are good if you want to sell slim lines for $20 and Jr. Gents for $50.
#4 Every product ever made has a perceived value and so do our pens if it looks like a $10 pen then thats what it's perceived value is, if it looks like a $500 pen then thats what its value is.
#5 The moral of the story is only you know how ,where and what(slim lines or Emperors) your going to sell, how well made they are and what is the perceived value at the venues your going to sell at. We can't tell you its up to you. Everyone here has an opinion of what they can sell a pen for but we have no idea what you can.
#1 before you can determine what to price YOUR pens you need to take a good hard look at them. Is the fit perfect, does the finish not only look good but when you run your fingers from top to bottom are there ridges between the final and the nib
#2 what venues are you going to sell at, I don't care if your pen is an Emperor with a $50 blank and is perfect your not going sell it for big bucks at your local farmers market or most small town craft shows. On the other hand the same pen priced to low at a venue that caters to folks that are looking to purchase merchandise that will make a statement like a sculpture, or a high end piece of jewelry you won't sell it.
#3 formulas are good if you want to sell slim lines for $20 and Jr. Gents for $50.
#4 Every product ever made has a perceived value and so do our pens if it looks like a $10 pen then thats what it's perceived value is, if it looks like a $500 pen then thats what its value is.
#5 The moral of the story is only you know how ,where and what(slim lines or Emperors) your going to sell, how well made they are and what is the perceived value at the venues your going to sell at. We can't tell you its up to you. Everyone here has an opinion of what they can sell a pen for but we have no idea what you can.
ed4copies
Local Chapter Manager
You have to ASK what YOU believe the pen is worth.
IF you are trying to sell, you need to believe your product is worth what you are asking for it.
Do a few small shows and use different prices for the same pen, until you find YOUR comfort zone. Then, when you do bigger shows, remember your overhead goes up--small shows can be $25 per day, bigger shows generally run $200 ish per day. You better price that in.
Good luck and the best teacher is experience. Do a few shows and you may decide you'd rather give away your pens than have to tell people WHY they are worth your asking price.
Not everybody was meant to be a salesman.
IF you are trying to sell, you need to believe your product is worth what you are asking for it.
Do a few small shows and use different prices for the same pen, until you find YOUR comfort zone. Then, when you do bigger shows, remember your overhead goes up--small shows can be $25 per day, bigger shows generally run $200 ish per day. You better price that in.
Good luck and the best teacher is experience. Do a few shows and you may decide you'd rather give away your pens than have to tell people WHY they are worth your asking price.
Not everybody was meant to be a salesman.
Might well be
I certainly don't pretend know for sure, but my guess would be that for every website successfully selling in that range there are a half dozen or more that are not.
The point is not whether a specific person is actually selling pens at that price. Some makers are, but most are not.
I certainly don't pretend know for sure, but my guess would be that for every website successfully selling in that range there are a half dozen or more that are not.
SCR0LL3R
Member
It's hard to look at the prices some people charge. I personally will not make a pen under $30 ... It's just not worth my time... I'll give it as a gift before that. I see people making slims for $15 and euro's for $20.. that's not for me.
Also, when it comes to rollerballs and fountains, I bump the price up a little more than ballpoints, even for basic ones like Jr. Gent 2's. I feel they are a little more prestigious than any ballpoints and price them accordingly.
Also, when it comes to rollerballs and fountains, I bump the price up a little more than ballpoints, even for basic ones like Jr. Gent 2's. I feel they are a little more prestigious than any ballpoints and price them accordingly.
IPD_Mr
Member
Jon pretty well nailed it. One thing that will help sell your mid-priced pen is to have some really nice high end pens. They can make your mid-priced pens look like a bargain. You should also learn your market. If you have pens in a custom jewelry store in Naples, the price would be much different than in a bookstore in Gainesville.
There really is no set rule just some common sense guidelines that you have to adapt to yourself. The other thing that you have to learn, is if you don't think the pen is worth the price you are asking, then you probably will not sell it. Value yourself and your work. Pay yourself for your time creating your product.
SCR0LL3R
Member
SO many things to factor...
I have a store(gallery) that is considering buying a bunch for next summer season. They advertise that they sell at the same price as the artist's own gallery. The owner tells me he puts 100% markup...
So he expects me to charge double my wholesale price to everybody else just because he buys a dozen pens at once? If he does decide to buy them, I will see what I can do to work something out but I can't/won't do that.
I can offer him an exclusive style of kits or blanks that I won't sell elsewhere or take prices off my website since it's really just a gallery of my work, but that's about all I can do for him.
I have a store(gallery) that is considering buying a bunch for next summer season. They advertise that they sell at the same price as the artist's own gallery. The owner tells me he puts 100% markup...
So he expects me to charge double my wholesale price to everybody else just because he buys a dozen pens at once? If he does decide to buy them, I will see what I can do to work something out but I can't/won't do that.
I can offer him an exclusive style of kits or blanks that I won't sell elsewhere or take prices off my website since it's really just a gallery of my work, but that's about all I can do for him.
tim self
Member
One more thing, as Roy told me a few yrs ago, you will never sell a pen for $300 unless you ask for it. That changed my whole attitude towards this hobby and set my goals higher.
IPD_Mr
Member
Tim the easiest way to do that is to make a pen that you do not want to give up. Sure you can always make another in most cases, but it will not be the exact same. That is when it is easiest to ask the higher prices, because you really don't care if you sell it or not. The sad part is I have sold too darn many pens that I wish I hadn't. I think we are running into that same problem with the vintage pens we are playing with now.
Haynie
Member
Having dealt with Galleries on the photo side of my life I decided that Gallery is another word for scam.
JimB
Member
Just because he told you this doesn't mean that is actually what he does. More likely he is just setting the tone to get the best price from you that he can. On the other hand, in retail, doubling the wholesale price (or more) is common. That is how they make money.
nsfr1206
Member
No offense taken. We live in a rather poor county and I have only sold one pen over $50 iirc.
David M
Member
price them alittle on the high side . you can lower the price , but try to raise the price when someone is looking at it . the only time that happens is when your getting gas '
TexasTaxi
Member
I've never done a show and I most certainly don't have the talent that many forum members have ... so take this as you will.
I started selling my pens on a hunting forum, I frequent. Hunters love antlers and love wood. Pretty easy to pick a winning material, for them. I started selling slimlines for $25. I slowly bought more bits and bushings until I was making a few different styles. I sold Sierras for $35 and Cigars for $45. Recently, I got into the nicer rollerball kits and frequently sell Majestic Jr.s and Gentleman's Jr.s for $100. My most expensive pen to date, was sold in a silent auction, on that same forum. It was a Jr. Gent that went for $600.
I don't consider myself a "pro", or anywhere near it. When I got into pen making, I thought it would be a cool way to use up some of the scraps, in my shop. The prices I came up with, were basically pulled out of my butt, since I mainly do this for fun.
That probably didn't help you, did it? :biggrin:
I started selling my pens on a hunting forum, I frequent. Hunters love antlers and love wood. Pretty easy to pick a winning material, for them. I started selling slimlines for $25. I slowly bought more bits and bushings until I was making a few different styles. I sold Sierras for $35 and Cigars for $45. Recently, I got into the nicer rollerball kits and frequently sell Majestic Jr.s and Gentleman's Jr.s for $100. My most expensive pen to date, was sold in a silent auction, on that same forum. It was a Jr. Gent that went for $600.
I don't consider myself a "pro", or anywhere near it. When I got into pen making, I thought it would be a cool way to use up some of the scraps, in my shop. The prices I came up with, were basically pulled out of my butt, since I mainly do this for fun.
That probably didn't help you, did it? :biggrin:
tim self
Member
As soon as I priced one at $300, I sold ita Irish Bog Oak on Jr State FP!! Like David, I live in a depressed area so I must travel some to sell anything over $100. I just got lucky with the high priced one.
Lee Foreman
Member
Want to thank everyone for all the Great information. Iam going to set up next month at an craft show and just see how my pens sale.
Thanks Again
Lee
Thanks Again
Lee
intillzah
Member
I sell my pens as follows:
Slimlines: $20.00
Carbaras: $30.00
Sierras: $40.00
The area that I am at, the people complain liked sticked pigs when it comes to the price. But if I drive 50 miles to where my daughter is going to school. They sell like hotcakes.
Go figure....
Slimlines: $20.00
Carbaras: $30.00
Sierras: $40.00
The area that I am at, the people complain liked sticked pigs when it comes to the price. But if I drive 50 miles to where my daughter is going to school. They sell like hotcakes.
Go figure....
Hmmmm
I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
Last edited:
Lee Foreman
Member
I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
Smitty, Where do I get the bow tie labels?
Lee
ttpenman
Member
Lee,
Watch the classifieds for the bow tie lables. I got some a couple months ago.
Jeff in northern Wisconsin
Watch the classifieds for the bow tie lables. I got some a couple months ago.
Jeff in northern Wisconsin
SCR0LL3R
Member
I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
That sounds like an awesome way to do it! This would mean I wouldn't have to ever swap price tags depending on where I'm selling.
watch classified
Someone on here frequently has an ad for them - if you don't see something is a few days I have a couple of hundred around here someplace I could send you some to tide you over.I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
Smitty, Where do I get the bow tie labels?
Lee
Lee Foreman
Member
Jeff, How big are these lables? Can I get them at an office supply? I googled did it but they looked to big.
Lee
Yep
You can just make a little poster sign for each venue and put it on your table - or you can keep it behind the counter where you can tell everyone who asks. Works just fine.
I price mine with those little bow tie labels - put a letter on the label and have a list connecting the letter to a price. I've only gotten as far as G so far.
That sounds like an awesome way to do it! This would mean I wouldn't have to ever swap price tags depending on where I'm selling.
You can just make a little poster sign for each venue and put it on your table - or you can keep it behind the counter where you can tell everyone who asks. Works just fine.
size
They are about 2 inches long and 1/2 inch wide at the widest point. They fold in half when you use them making them 1 inch long and 1/2 inch wide. they don't seem too big to me.
They are about 2 inches long and 1/2 inch wide at the widest point. They fold in half when you use them making them 1 inch long and 1/2 inch wide. they don't seem too big to me.
Richard Van Hulle
Member
I suspect that those low priced pens are of a lesser. They don't use fully stablized wood, quality acrylics, the better pen kits and they do not posess the necessary skills to make a quality pen with a quality finish that will last for an extended period of time. Maybe they do not have the confidance in their work and do small local craft shows or flea markets where their customers don't look for the quality since they can buy a pen for under ten cents at the dollar stores. Maybe they don't know or understand how to display or good business principals since they only count what their pen cost is. I would be cautious around those folks and read the threads of "Good Turns" above that is giving you good advice. Study the good guys not the cheapos.
Drstrangefart
Member
I typically charge roughly $35/hour. It seems to cover the bases nicely. I am rarely disappointed with the returns. All I do is Slimlines right now, so it is liable to be revised as my shop gets better.
Lee Foreman
Member
Pricing..
I have gotten a lot of great information....all of it has given me a better understanding of how to set my prices. I appreciate all the help.
Thanks
Lee
I have gotten a lot of great information....all of it has given me a better understanding of how to set my prices. I appreciate all the help.
Thanks
Lee
sbell111
Member
Honestly, I would just quote him your wholesale price and let him sell it for whatever he wants to. If he doesn't buy because he can't add a 100% markup and still sell for your retail price, then so be it. It's no different than any person who fails to buy because the price is higher than they want to pay. It's not reasonable to expect you to lower your price to the point at which this customer is comfortable.
Signed-In Members Don't See This Ad
sbell111
Member
Regarding pricing, I firmly believe that pricing based on some multiplier of costs is an error. We calculate costs only to find a floor at which prices cannot fall below. This floor is cost plus our minimal acceptable profit.
Our pricing model consists of several 'steps'. At each of these steps, we offer styles of pens that have general appeal with both men and women. We then add a price 'bump' based on material used.
Pricing in this manner allows a customer to easily understand how the price increases throughout our range and within each style of pen. Further, it rewards us for cost savings and efficient processes, rather than to pass these savings to the customer. This is important since the customer need not be aware of when you improve your methods to eliminate waste or find savings in the sourcing of materials. All they need care about is the quality of the resulting product and it's final price.
Our pricing model consists of several 'steps'. At each of these steps, we offer styles of pens that have general appeal with both men and women. We then add a price 'bump' based on material used.
Pricing in this manner allows a customer to easily understand how the price increases throughout our range and within each style of pen. Further, it rewards us for cost savings and efficient processes, rather than to pass these savings to the customer. This is important since the customer need not be aware of when you improve your methods to eliminate waste or find savings in the sourcing of materials. All they need care about is the quality of the resulting product and it's final price.