Black Friday is here, and many indie artists are slashing prices on their books, prints, and other merchandise. This, in my view, is a big mistake. Here’s why.
Companies like Walmart can afford to slash 20% – 40% off their merchandise because they order products in mass quantities. They can discount that “door buster” toaster 40% off because they’ve negotiated that with the vendor.
The independent artist generally does not have that luxury. We incur expenses and generally have much smaller margins to work with. I feel that charging a lower price devalues an artist’s work. If one can purchase it for 30% less than the normal price, the consumer’s mentality is that it is only worth the discounted price.
Here’s a thought, my fellow artist friends. Instead of offering massive discounts (and potentially taking a loss), why not keep your price as is and build value in your work? Personalize it. Give your fans something extra for supporting you – whether it be a custom sketch, a sticker, or even a personalized letter saying thank you. (Better yet, do all three.)
-Krishna
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