Write an article based on this "Know your venue. Pay attention to the competition. Enhance the perceived value to increase the price."
Consider the venue you'll be selling at and the clientele you plan to sell to. The price of your items should reflect these factors accordingly. If you plan on selling your work at a craft fair, research the customers who usually attend the fair. Customers at a school or church craft fair usually have a lower budget than those attending boutique fairs or corporate fundraisers. If you only sell online or in a store, consider the type of items you embroider and the way you market them. Unique embroidered clothing sold in a boutique would sell for a higher price than clothing sold with a mass-produced embroidered logo via a small website. You can lower the price according to venue and clientele by either lowering your labor wage, lowering the profit margin percentage, or using cheaper materials. Prices can be raised by increasing your labor wage, increasing your profit, or using more expensive materials. The prices you sell your embroidery for should be within the same range as your competitors. Alter your prices accordingly if this is not the case. If your prices are too high, you will obviously lose business to your competitors. If your prices are too low, customers may perceive your product to be less valuable or of a lower quality, and you may still lose business to your competitors. If you want to convince customers to buy from you at a slightly higher price than a competitor will offer, you need to offer your customers something that makes them believe your product is more valuable. Design plays into this a lot. If your designs are more beautiful and more unique than the competition's, they can be viewed as more valuable. Customer service is another aspect to consider. If you put exceptional effort into making your customers happy or if you are willing to customize your work, customers may determine that shopping with you is a more valuable experience overall than shopping with someone else.