How to price and market artistic products?

 It can be difficult for artists to determine a reasonable price for their unique creations made from epoxy resin , gesmonite, wax, and other materials. Some factors to consider are the price of the materials, the amount of time and effort required to create the piece, market demand, the quality and beauty of the final product, and the general demand for handcrafted pieces.

In this article, we'll take a first-hand look at these factors and offer some tips on how to price your artistic creations in a way that is fair to customers and profitable for your business.

profit margin

Keep in mind that you must make at least 250% of the material cost in order to make a fair profit for your artwork. This means that in order to make a profit, you need to sell your finished product for at least 250 shekels when you spend 100 shekels worth of materials. Especially if you are starting out new and have a limited number of orders and sales, this can be a difficult task. However, you need to confirm that you cover your costs if you want to continue running your business over time.

How are material costs calculated? (illustrative example)

Before adding profit to your products, it is very important to calculate the costs of each piece when it is manufactured. A very simple equation will calculate the costs of resin, jesmonite, and other materials.

Suppose we made a coaster that consumed 50 grams of resin (the weight of the coaster)

To calculate how much this piece cost us, we divide the price per kilo of resin (let's assume we used Ultra Clear epoxy resin ) when we purchased it by the weight of the piece and multiply it by the weight of the coaster as in the example below:

• 180 ÷ 1500 * 50
• 180 shekels in this case is the price of the Ultra Clear epoxy resin product.
• 1500 ml is the weight of the Ultra Clear epoxy resin product 
• 50 grams is the weight of the coaster we made.
• 180 ÷ 1500 * 50 = 6 shekels (coaster costs)
• These are the costs of making a coaster using resin only, and do not include any additions such as colors, roses, gold leaf, etc.

The costs of additional materials are added estimated according to their price, and the quantity added to the piece as well. The time and effort required to manufacture the piece are also calculated (give your products the value they deserve and do not underestimate your effort and time and dispense with them in raising the value of the product).

How is the item priced? (Example)

In continuation of the example above and to illustrate how the pieces are priced..

We calculated above that the coaster cost us 6 shekels, and with the addition of gold leaf, colors, flowers, working time, etc., its cost reached 10 shekels.

We said earlier Keep in mind that you must achieve 250% of the cost of materials, and now we will apply this example in practice:

10 * 2.5 = 25 shekels, the selling price of a ready-made coaster

This is the smallest profit margin you can achieve for this example, and you can always achieve a greater profit margin depending on the quality of the materials used, the aesthetics of the final piece, and how you market it. This is what we will discuss together.

Social media platforms

One way to increase your chances of making money is to pay close attention to your online social media presence. This requires posting attractive photos of your products, interacting with followers, and developing marketing materials to promote them. Good photography is especially important to show off the beauty and originality of your work to its best advantage. Social media platforms like Instagram, which is popular for crafts, allow you to promote your work and connect with potential customers while also expanding your audience.

Photography

In Palestine we see many pages working in the field of gesmonite, resin and wax, and there are thousands of creative people in these artistic fields, who create beautiful and stunning pieces. However, the beauty of the pieces and creativity is hidden by pictures with an inappropriate background, poor lighting or too many shadows. Therefore, one of the most important tips in this field is to know how to photograph your products in a professional way and display them in the highest quality.

Advertising and publicity

You created a stunning piece with a new idea. You took beautiful, professional photos of your piece. What now?

Create beautiful and elegant content on your Instagram page, through the use of posts and stories that can reach a large number of your current followers. But let us remember, not everyone who follows you may be interested in your field of work or the pieces that you offer. It is possible that half of your followers at the present time are your friends and relatives who encourage you in this field.

Here comes the role of using the Instagram platform to its fullest extent, through:

• Paid advertising You will not get customers without advertising and financing for your publications and pieces, and therefore you must allocate a monthly amount to finance your publications, and this will bring you double benefit from new followers interested in your work and art, and permanent potential customers. .
• RelaysThe best unpaid means through which you can get new followers and customers and use them to display your products with short and beautiful videos, and remember...the videos must be short and not boring, showing a specific product or idea that you can To apply them, do not forget to use hashtags related to your field of work.
• Posts and stories, through which you can also display all your products in attractive images. We also advise you to coordinate your Instagram page by arranging the images and colors of the posts, which encourages users to follow you.
• Celebrities and influencers You can communicate with them or send a gift of your products and request that your page and work be evaluated and announced.

Set price

When determining the price of your handcrafted pieces, there are a number of additional factors to consider in addition to social media. These factors include the length of time and labor required to make the product, the complexity of the design, and the level of consumer demand.

If you are creating a custom piece for a wedding, you may be able to charge more because it will require more time, effort, and customization. On the other hand, if you are creating a simpler design that is easy to replicate, you may need to lower your prices to compete with the market.

Product and material quality

The quality and aesthetic appeal of the final product is also very important when determining the price of your artwork. Customers are often willing to pay more for high-quality products made with expertise and taste that are also beautiful, distinctive and non-repetitive.

Producing high-quality artwork requires premium materials and great attention to detail. Using high-quality resin , paints, and molds, as well as non-toxic, environmentally friendly products, can help you market to your customers.

In our company, we care about importing and selling only products that are friendly to humans and the environment. This means that all the raw materials available to us are non-toxic and do not contain volatile materials. This includes all resin systems and their accessories. We also obtained the distribution agency for jesmonite Company materials (environmentally friendly resin) in all of Palestine .

Consider adding distinctive elements to your pieces of art that will add beauty and distinguish your work, such as glitter, crystal stones, dried roses, and coordinating the colors of the piece.

Conclusion

The aesthetic appearance of your products is as important as the craftsmanship and quality of materials. It also refers to the overall design, color and texture of the piece. Use a harmonious and visually appealing color scheme to produce unique and attention-grabbing pieces. There are different methods, such as layer casting or free pouring, Marble, and the terrazzo technique with jesmonite.

By focusing on fresh ideas and the quality and aesthetic appeal of your handcrafted pieces, you can set yourself apart from other artists and earn more for your creations. It is necessary to achieve a balance between providing high-quality products and maintaining competitiveness in the market.

Research selling prices for similar works by other artists and adjust your prices accordingly, making sure you're still making a good profit and covering your expenses.

Thank you for reading the article. We would love to hear your opinions or suggestions for writing new educational articles below.