How to price technical products and market them?

 It can be difficult for artists to set a reasonable price for their unique creations made of epoxy resin or jesmonite, wax, and other materials. Some factors to consider are the price of materials, the amount of time and effort required to create the piece, market demand, the quality and beauty of the final product, and the overall demand for handmade items.

In this article, we will take a direct look at these factors and offer some advice on how to price your artistic creations fairly for customers and profitably for your business.

Profit margin

Keep in mind that you should achieve at least 250% of the material cost in order to make a fair profit for your art business. This means that to make a profit, you need to sell your final product for at least 250 shekels when you spend 100 shekels on materials. Especially if you are just starting out and have a limited number of orders and sales, this can be a challenging task. However, you need to ensure 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 cost of each piece when making it, a very simple equation that calculates the costs of resin or jesmonite and other materials.

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

To calculate how much this piece cost us, we divide the price per kilo of resin (assuming we used the Ultra Clear epoxy resin product) when purchased 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 the coaster only using resin, and do not include any additions such as colors, Flowers, gold leaf, etc..

Additional material costs are added approximately according to their price and the quantity added to the piece, and the time and effort required to make the piece are also calculated (give your products the value they deserve and do not underestimate your effort and time or omit them in raising the product's value).

How is the piece priced? (Illustrative example)

Continuing the above example and to clarify how pieces are priced..

We calculated above that the coaster cost us 6 shekels, and with the addition of gold leaf, colors, Flowers, and work 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 practically:

10 * 2.5 = 25 shekels selling price for the ready coaster piece

And this is the lowest profit margin you can achieve for this example, and you can always achieve a higher profit margin depending on the quality of the materials used, the beauty of the final piece, and how it is marketed. 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 the beauty and authenticity of your work at its best. Social media platforms like Instagram, which is the most popular for handicraft fields, allow you to promote your work, connect with potential customers, and also expand your audience.

Photography

In Palestine, we see many pages working in the field of jesmonite, epoxy resin, and wax, and there are thousands of creators in these artistic fields making beautiful and stunning pieces.. However, the beauty of the pieces and creativity is hidden in photos with unsuitable backgrounds, poor lighting, or many shadows. Therefore, one of the most important tips in this field is to learn how to photograph your products professionally and display them with the highest quality.

Advertising and promotion

You made a stunning piece with a new idea, took professional and beautiful photos of your piece, what now?

Create beautiful and elegant content on your Instagram page, using posts and stories that can reach a large number of your current followers. But let's remember, not everyone who follows you may be interested in your field of work or the pieces you display; it is possible that half of your current followers are your friends and relatives encouraging you in this field.

And here comes the role of using the Instagram platform to the fullest, through:

• Paid advertising, you will not get customers without advertising and funding for your posts and pieces, so you must allocate a monthly amount to fund your posts, which will return to you with a multiplied benefit from new followers interested in your work and art, and potential permanent customers.
• Reels, the best unpaid method to gain new followers and customers through which you can showcase your products with short and beautiful videos. Remember, videos should be short and not boring, showing a specific product or an idea you can apply. Don't forget to use hashtags related to your field.
• Posts and stories, through which you can also showcase all your products with attractive photos. We also advise you to coordinate your Instagram page by arranging photos and post colors, which encourages users to follow you.
• Celebrities and influencers, you can contact them or send a gift of your products and request that your page and works be reviewed and advertised.

Pricing

When pricing your handmade pieces, several additional factors should be considered besides social media. These factors include the duration of work and labor required to make the product, design complexity, and consumer demand level.

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 are also very important when pricing your artworks. Customers are often willing to pay more for high-quality, expertly and tastefully made products that also possess beauty, distinction, and uniqueness.

Producing artworks of the highest standards requires using premium raw materials and paying great attention to detail. Using high-quality resin materials, colors, and molds, in addition to using non-toxic and environmentally friendly products, can help you market to your customers.

In our company, we care about importing and selling only human and environmentally friendly products. This means that all raw materials available to us are non-toxic and contain no volatile substances. This includes all resin systems and their derivatives, and we have also obtained the distribution agency for jesmonite company materials (the environmentally friendly resin) throughout Palestine.

Consider adding distinctive elements to your artworks that add aesthetic value and distinguish your works, such as glitter, crystal stones, dried Flowers, and color coordination of the piece.

Summary

The aesthetic appearance of your products is as important as craftsmanship and material quality. It also refers to the overall design, color, and texture of the piece. Use a harmonious and visually attractive color scheme to produce unique and eye-catching pieces. There are different methods, such as layering casting, free pour and marble, and terrazzo technique with jesmonite.

By focusing on new ideas, quality, and the aesthetic appeal of your handmade pieces, you can distinguish yourself from other artists and earn more for your creations. It is essential to balance offering high-quality products while maintaining competitiveness in the market.

Search for selling prices of similar works by other artists and adjust your prices accordingly, making sure you still make good profits and cover your expenses.

Thank you for reading the article, we are happy to hear your opinions or suggestions for writing new educational articles below.