Price based on quality, not comparison
Geeji Williams, Sprinkledbz
"Pricing and packaging are something that always confused me when I first started my business. I never knew if I was too pricey, and I was constantly checking the prices of fellow bakers in my area to ensure I was sitting around the same range. I know market research is important, but the day I stopped doing that was the day everything changed for the better. I learned to price based on my output and the quality of service I was providing, rather than based on what similar service providers were pricing.
Even though it might not always seem like it, there are enough customers to go around! Everyone has their ideal set of customers, and I price based on the customer base I have. Custom sugar cookies are so very delicate and so much work goes into it. One easy way to get burnt out and feel undervalued is by underpricing.
Ensuring that your packaging also reflects your prices is also very important! The packaging of a product is the first thing a customer sees, and we all know first impressions are everything!
For me, this simply means sourcing the best quality packaging materials I can afford for my business while still being able to charge customers a fair price. Your packaging can be simple and still make a statement. For me, this can be as simple as ensuring the ribbon I tie on my cookie boxes matches the cookies inside. Thinking about it, you might say, ‘Oh, well that’s such a small detail,’ but I promise you, I’ve gotten so many comments about that little touch making my customer's day that it just brings me joy!"
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