Pitch Perfect Pricing

Pricing your product or service is always tough. I have struggled with this all my professional life. When I started exhibiting my work back in 1998 in Switzerland and London, I often asked Fran, my husband, to price my paintings and drawings. I found it embarrassing to put a financial value on what was an extension of my soul.

I was torn - half of me delighted in earning money. The other half was ecstatic when someone else loved and wanted to own what I had spent time and passion creating. I could have given it away for free; I had found a kindred spirit.

In many ways, I still feel like that. When a client buys a chair or I deliver a painting they commissioned from me, I have butterflies in my stomach. And the soaring feeling of joy when I see my client's delight is hugely addictive. I truly live for those moments.

New - pastel chair frames with our Cupcakes and Chandelier fabrics

But I've become more business minded and now have things called profit margins and costings sheets!

As you know, I read and learn every day. I follow the blogs of business leaders I admire. I subscribe to their newsletters, go to their seminars and have taken an online business course. Pricing your value is a hot topic. And there are differing points of view.

"You deserve to charge what ever you want."
"Don't court bargain shoppers - they're not loyal."
"Price yourself high to get quality customers."
"Undercut your competition."
"Be aggressive in your pricing strategy."

My attitude to pricing is "The perfect chair at the perfect price for the perfect client."

Recently I have been revisiting my competition. There aren't many custom chair e-tailers but there are plenty of people selling chairs. I have always offered handcrafted, custom chairs at high-street showroom prices. Many chairs sold in mid-to-high end showrooms and online, are made in China, manufactured in the 1000s, bought in bulk and sold relatively cheaply. Some are still quite expensive because you're paying for the brand, despite being mass produced.

This week I lowered the prices on all chairs. Why and how?

I know my clients appreciate unique home-wares and furniture at great prices. What's more unique than a chair you had a hand in designing. Made specifically for you. But traditionally anything bespoke or customised has come with a hefty price tag. Luckily, technology and the internet have created a space for bespoke products at normal prices.

To do this, I had to negotiate with all my suppliers; they understand my vision of creating beautiful, bespoke chairs at comfortable prices. More sales for My Bespoke Chair = more business for them. And the savings I created with my suppliers are now passed onto my clients. It's a win-win-win situation.

Some people may criticise my decision, saying that I'm devaluing my brand or not taking out as much profit as I can. But I don't see it that way. I'm not taking anything away from my brand, or reducing my profits; I'm actually adding value to my client's purchase. The same Aussie craftsmen, the same chairs, the same fabrics, the same gorgeousness...just at a better price.

Free design service + free delivery + 100% returns + lower prices = pitch perfect pricing!


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