Please share "How to price my pens" threads

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thewishman

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Okay, we see them at least once a week. I propose that this thread be a collection of links to good, meaningful and substantial threads that explain:

"HOW DO I PRICE MY PENS"
"WHAT SHOULD I CHARGE FOR MY PENS"
"HOW MUCH SHOULD I ASK FOR MY PENS"


Rather than someone getting mad and telling the member to do a search, let's make this thread a repository for the best, most helpful and comprehensive answers to those dreaded questions.

Here's a recent example with some good info:

http://www.penturners.org/forum/f14/pricing-pens-147651/

We all sought out this same info ourselves. So please share your favorite pricing threads and maybe we can put this thread in a starter pack for new members.
 
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This is a tough one to answer. I'll just say don't forget to add the cost of your overhead into the mix. ie. electric, gas, consumables. AND NEVER forget profit is not a dirty word
 

studioseven

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I know that the experienced craftsman on this site understand the reality of what is involved in turning pen making into a profitable business. I just did a quick search on Ebay for "hand crafted pen" and received over 1800 hits. I would be very surprised if even 100 of them actually sell. Then taking into consideration more competition from private web sites, Etsy, craft shows, overseas vendors, selling that one-of-a-kind hand crafted masterpiece is facing daunting odds. I have been crafting pens for over ten years and I am still learning. I am afraid that some new members make a few pens and then decide this is easy. They plan on selling a few pens, retire early and move to Bermuda. The reality is that it takes time (years) to perfect your techniques and then more time to build a reputation. There are not a lot of people willing to shell out $50 or more for a pen when they can run down to Walmart and purchase a package of Bics for a few dollars. My advice is just maintain this journey as a hobby. Maybe down the road you will build the reputation and craftsmanship required to move up to another level. There are many extremely talented craftsmen on this site who make beautiful pens. There are no shortcuts in reaching this status. Someday I hope members will consider me one of them but I know I am not there yet. I'm not trying to ruin anyone's parade. Quite the opposite....just a little reality check.

Seven
 

larryc

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Mableton, GA (Near Atlanta)
This discussion reminds me of when I was selling real estate in California in the 1970s. At that time and no doubt still, it was illegal to discuss real estate commission between different Realtors. It was a violation of the anti price fixing law. I don't know if that law extends to the selling of handcrafted pens, but even if it doesn't, the same method of using the present media to determine what other people are charging for their pens and deciding if one can realistically sell a pen for that price should answer each individual's question regarding the price to charge for their product.
 

thewishman

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I want to get some more people involved in contributing links to threads.

Starting a new thread in the Marketing forum.

Remember, the focus is on gathering good information to share with new (and existing) members. I'm hoping that arming people with information up front will help them get up to speed.
 

Rifleman1776

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Mountain Home, Arkansas, USA.
This is an impossible subject on which to give a defiitive answer.
Part of the equation must include ones personal objectives.
I prefer to make quality pens that will last for many years. Accordingly, my kits, woods, finishes and time add up to higher price points.
OTOH, I have a friend who sells many more pens than I do and he makes more money in the process. But, his pens are about 90% low end slimlines with platings that wear off quickly. He uses Mylands wipe on finish that wears of quickly. He sells cheap.
The best profit-wise success I have had was when I displayed at an art store (in a locked display case). Most of my pens were in the $55.00 to $85.00 range. My highest price pen was a Gentleman fountain made with a faux ivory (not the material usually sold for pens). I made it to add some class to the display. It sold for $300.00.
My area is unique. We have a lot of retirees who can afford anything they want. But you would think we are asking for blood if a pen is offered for more than $2.00. I don't sell too many locally.
 

Gin N' Tonic

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Waterbury Ct. USA
Learn your market

This is an impossible subject on which to give a defiitive answer.


I can't believe I'm going to say this but I agree with Frank 100% in the statement that I highlighted above. One thing you need to do is to LEARN your market. Look around and get a feel for what others are getting for their pens and what their quality is like. When I first started selling pens I sold them cheap and I was not getting many sales at the craft fairs and markets that I was selling at. I spoke to a couple of other guys who were more successful than me and they thought that I was not asking enough for the quality of my work and suggested that on the next show that I go up on prices 50-100%. Their philosophy was that many customers think that cheap prices equals inferior quality. They also said that people love a bargain and if they show interest in a particular item I could always say "If you really want it I will knock off 10%". I was surprised at how often that worked. At the next show I doubled all of my prices and gave some folks 10-15% off. My sales tripled and my customers seemed much happier. If you want to sell a cheap pen Take a blank and drill it for a bic pen insert, throw some wipe on finish on it and put them out for $5.00 or so. I found that people who want a hand made pen but don't want to spend more than a few bucks really go for them and I've sold hundreds of them.

Unfortunately, due to medical issues I have not been able to turn much in the last 4 years but I did manage to sell off almost my entire inventory of pens and I hope that I will be able to begin turning again in the near future.

P.S. I don't know if it has already been done but I'll bet that Ed4copies could put on one heck of a course about sales and marketing because he is a master of it. If there was a doctorate degree in sales and marketing I would bet that he has two of them. He is undoubtedly the best salesperson that I have ever spoken to and I'm not just saying that because it's his birthday.
 
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mbroberg

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To me, pen turning is a hobby, not a business. I sell pens because I can't afford to give them all away, nor can I keep them all. My goal is to break even. My pricing is very simple. Cost of materials plus $X. I'm not going to say what $X is, but it is the exact same amount for each and every pen. If it is a $35 slimline or a $200 Imperial, I am just adding my fixed amount to the cost of materials. I don't worry about putting a value on my time because I'd be turning pens anyway. It's what I like to do. I'm very content leaving all of the elaborate formulas and spreadsheets to others. I'm not trying to support myself through pen sales, I'm just trying to support pen turning through pen sales. I've found this works well for me. YMMV.
 
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