Steven Yeates, who has a studio room next to our office, is a fantastic sculptor. Over the last few weeks, he has been working on a beautiful art piece made of Swarovski crystals. I was leaving one afternoon to get to a meeting in Kensington. As I walked through the corridor, Steve was thinking deeply while looking at his finished work.
“That looks brilliant Steve” I said.
“Thank you.” He replied while looking tormented.
“What’s wrong?” I asked.
“I need your advice”, he said. “How much do you think I should charge for this? This artist in America did similar work and sells it for £7,000 and this Italian artist sells something similar for £3,000. Should I be in between?”
“Steve, who cares how much they are selling it for” He looked surprised by my direct answer. “You can only decide the price value when you understand the value of what you created and the impact you’ll make.
- What’s the story behind this piece?
- How many of them are you planning to make?
- How long did it take to create the concept and make it? How many years have you been doing this work?
- Why is this special?
These are the questions you need to ask yourself and then you’ll know the value of this piece.” I said.
“Yes, you are right. You’re good. I should hire you”, he replied and we laughed.
A lot of businesses think like Steve. If you compete on price, you’ll kill your margin. Understand the unique value you offer and price your products/services accordingly. This is why branding is so important. Build your worth.
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Article written by Flavilla Fongang