Episode 005: Price and Value aren’t as Related as you Think

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episode 005: Price and Value aren't as Related as you Think | the merriweather council podcast

Price is one thing, value is another.

We often associate price and value, but they are two totally different things. Price is a fixed, factual amount. Value on the other hand is more fluid – we all have different values and considerations on what is important to us. Value is a variable and you can’t decide the value of something to someone else – don’t let this influence your pricing.

In this episode:

  • It will suck, probably, but do the math.
  • What to consider in pricing beyond time and materials.
  • The factors that warrant and justify price increases.
  • Thoughts on the reality of how long things take.
  • What to do if the price your formula turns out seems exorbitant.
  • An example of a time when price is low and value is high to prove that the two are not related as closely as we think.
  • A reminder that you aren’t your customer *wink*.
  • Helping you understand what your buyer might find value in beyond the result your product provides.
  • Two things about your customers that are NONE of your business
  • More more more!

Related reading:

Thoughts on Pricing and Value in Handmade

6 Reasons You Need to Start Charging What Your Worth Now, Not Later

A formula for determining price: Cost Price (Labor + Materials Cost) x 2 = Your Wholesale Price, 2x wholesale price = retail price

Annnnd another article on the topic.

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Oh, hi! Welcome to The Merriweather Council. I’m Danielle and I am a maker in business and mentor to other makers in business. I teach you how to turn your crafty tendencies into profits!

Oh, I’m also really into crafts, boy bands + iced coffee. Email me anytime to say hello or send cute Backstreet Boy videos or dog pictures .. or whatever! danielle (at) merriweathercouncil.com Thanks for stopping by.

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