7 Pricing Psychology Tricks for Craft Shows

First and foremost, you must price your crafts to cover all your costs and wages and leave you with a profit.

But once you get a proper price, you have some wiggle room to increase or decrease that price to encourage buying.

Shoppers often buy on emotion, not logic. And your prices can affect those emotions.

This article outlines a few tricks you can use to make your prices more appealing to craft show shoppers.

1 – First Impressions

It’s important to set the tone for business/brand. If a craft show shopper walks up and sees a $5 item first, they may feel like the higher-priced products on your table are too expensive.

Although you can’t control which products craft show shoppers gravitate towards first, you can create a Zone 1 in your booth/on your table that is more attractive to shoppers and draws them in.

Highlight your hero product(s) at the front of your booth/side of your table that shoppers will encounter first.

Your hero product should be a standout, bestselling, or unique item that’s a higher price point.

Be careful that you don’t choose a product that’s too expensive. You don’t want it to have the opposite effect and make shoppers think all your products are going to be out of their price range.

But it’s easy for shoppers to realize that a higher-end/bigger/more unique product will be more expensive than smaller items on your table.

You’ll also be interested in: 10 Ways to Make Craft Show Shoppers Think your Prices Should be Higher

 

2 – Anchoring Effect

This is a cognitive bias where people will use the first piece of information more heavily when making a decision.

For example, if a shopper sees my higher-priced bag first, my lower-priced bags will seem like a deal when they compare them to the first price they saw.

To apply this at a craft show, you again want to ensure one of your higher-priced products is in your Zone 1.

When grouping products in clusters (e.g. all of your necklaces in one grouping), bring the more expensive product to the forefront.

For example, if I have a row of cosmetic bags and some are vinyl (more expensive) and others are cotton (less expensive), I would put the vinyl bags at the front of the row, or facing forward in the product composition.

Wherever I think shoppers might notice/grab first is where I would place the more expensive item for an anchoring effect.

 

3 – Charm Pricing vs. Prestige Pricing

There are some subtle changes you can make to your prices to make your items feel cheaper and encourage impulse buys, versus feel higher quality and luxury.

Prices ending in .95, .97, or .99 can seem like a good deal or more affordable.

Prices that are a round number can make products seem like they’re better quality, more luxurious, and more exclusive.

For example, I may want to price my bag at $24 if I’m selling high-end bags and building a luxury brand.

On the other hand, if I want to encourage more sales with “bargain” shoppers, I might price them at $24.99, which can make it seem like they’re on sale.

You can also use a mix of prices in your booth.

For example, I may use prestige pricing for my newest product collection pieces or my higher-priced products and use charm pricing for last season’s stock or products I want to sell higher volumes in (e.g. stocking stuffers during holiday craft shows).

 

4 – Odd vs. Round Numbers

In the same line of thinking, rounding your prices up or down to a round number ($20, $40) can make your prices feel more premium and your products seem more gift-worth.

Setting prices at an odd number ($7, $17, $27) can give the perception of your prices being more honest and accurate (as though you didn’t just pull a number out of a hat).

 

5 – Pricing Sections

This one can be a great strategy for craft shows close to gift-giving holidays, as many people are shopping within certain budgets.

Creating groupings of products based on price ranges (e.g. under $10, under $30, etc.) can encourage shoppers to browse within a section to find products within their budget/desired price range.

 

6 – Signage & Price Tags

The wording and icons you use can create some urgency, draw attention to a product, and encourage sales.

For example, if you want to push sales for a particular product, you might use signage to draw attention to its great price.

Instead of a price sign that reads:

“Kindle Sleeves – $20/each”

I might state:

“Kindle Sleeves – Only $20!”

On a price tag or sign, you can also show the original price with the strikethrough icon to signify a deal and encourage purchasing.

For example:

Kindle Sleeves

$20 

$14.99

(This one also uses the pricing psychology trick of “charm pricing”)

Try using words such as:

• Now
• Only
• Deal
• Etc.

Or icons such as

• A strikethrough
• Slash
• Down arrow

These will help create urgency and/or signify a good deal.

Although it’s not related to price, you can also encourage sale by using signage to point out:

• A popular product (e.g. “Best Seller!”)
• Limited availability (e.g. “Only 2 left!”)
• A clear buying purpose (e.g. “Great Valentine’s Day Gift)

 

7 – Color Psychology

The colors you use in signage can also indicate your pricing.

Use red in your signage to indicate a sale and create urgency – this is great for your out-of-season stock you want to move at a craft shows.

Green used in pricing signage can help indicate savings.

Black used for price signs and tags can signify “luxury”.