Saturday, May 7, 2011

Have something worth paying for

The best advice I can give to anyone who wants to succeed in art, and business in general, is to always think about what is your value proposition. The art world is specifically conflicting on this issue since artists seems to compare themselves to each other and form their pricing based on what they have seen someone else price a pice of work.

Just as there are different prices in cars, furniture, housing, restaurants and all other kinds of services, there have to be different prices in art. The difficulty comes when the cost of time and materials exceeds the amount market is willing to pay for.

The solution is twofold: find a way to reduce your product expense and produce same quality at the lower price, or, get better at your product or service, provide more value, unique product to your customer and ultimately win over your competition.

The question is this: would you pay the stated amount for this product? If the answer is yes, then go ahead price it like that and market will support you. If the answer is no, then either work on making a better product or reduce your price where others will pay for it.

I am uncertain if this rambling makes sense, but ultimately if you want to sell anything it has to compete in the marketplace. This includes art and all kinds of fine, high-end functional and non-functional items, as well as services. Have something worth paying for and you'll succeed!

No comments: