When you start selling your resin projects, price point can be one of the most difficult things for resin artists to set. Finding the right price for your work needn’t be stressful, there are a few things to consider that will help you set your price.
Before we begin, there isn’t actually a right or wrong, one price fits all way to price your resin projects. Every project is different, every artists creates in a different space, using different tools from different brands and takes varying amounts of time to create their work.
But saying this, at a bare minimum your price should cover your costs!
How much were your materials?
How much does your workspace cost to rent?
What is your time worth? Or are you happy to make a sale at any rate?
For a more in-depth ways to set your price point, please read on…
What are you selling?
Certain resin art forms fetch more money. For example you can usually set a higher price point for a Resin Geode Artwork than a normal Artwork covered in Resin. Resin Geodes use more expensive materials to be made, and they generally look more expensive and therefore you can set a higher price.
Larger resin projects can fetch a higher price too. Traditional art can be priced up by its square footing, and resin art is no different. The larger your resin piece, the more materials are used and therefore it costs more to make.
Tip: Offering a range os sizes can be beneficial when selling your work as clients can pick the size and price point that best suits them, increasing their likelihood of buying from you.
Supply and demand can affect the price. If the resin artwork you are creating is original and not many other artists are creating work like yours then you can usually charge a higher amount. However sometimes it is also more lucrative in the long run for you if you can sell a large number of less expensive reproductions.
Some experimenting by yourself may be needed so you know which your audience and customers would prefer.
If you’re marketing your work on Social Media your prices may change over time as your audience changes. What may start out as your friends and family following you might turn into different people you have never even met, who then have different set points for spending money.
There are people out there who will buy your work and will value it for what it is and how it’s been created and the time this has taken. Price higher at first then run offers if you have to rather than pricing too low and not making any profit.
Who are you selling?
Although you are selling your resin projects, you’re actually also selling yourself. You’re the artist behind the work, write a narrative for your bio and selling pages that tells the story of your skills. The better you sound on paper the more you can charge for your work.
Obviously don’t say it if it isn’t true, and at the start you might not be that experienced but this is why you should keep your profiles up to date. Add your experience as you get it, and then adjust your prices accordingly, letting people know why.
If you’re already an experienced artist, share your awards, the courses you’ve completed and the customer reviews you’ve got so far. Let people know you are the talent and authority in your field.
This is also where being an instructor on the Craft Resin Academy platform could raise your prices, if people know you teach the skills you have, this validates your worth even more.
Where do you sell your work?
To sell your work in most places whether virtually or in person, usually costs money. You must factor in the selling fees to your cost.
You might again need to start small, start selling via Instagram through Direct Messages, you might then move onto selling via Etsy, then have your own website built. You might then decide to sell in person in someones shop, or your own gallery!
If you do have a special pop up shop in a gallery, or in a boutique in town, how much do they charge for you to sell here, how much does it cost to get you and your work there to display?
It would also be beneficial to factor in the cost of where you create your work too. Do you create your work in a workshop that charges you rent? Do you create from home, but in the winter you need your heating on more?
If people are buying virtually from you then you also need to factor in the shipping costs. Not only the delivery costs but how much does your protective packaging cost so the items arrive to their new homes in great condition.
When are you selling?
Different times of year may mean that you can get away with charging slightly more than normal.
When it’s coming up to Christmas demand can increase and you might then be able to charge more for your work, or charge more for special themed gifts.
Other times of year you may want to offer special discounts. Black Friday has taken off in a big way around the world and you may want to offer a special discount at this time and sell off old stock that hasn’t been bought yet.
Black Friday is on the 25th November 2022, so not long away at all. Start thinking about any offers you might want to run for this now.
When considering offers, how much to discount and what to offer still consider your costs and the time it’s taken to create what you have. Don’t reduce your prices so much that over the time frame your offer runs you aren’t making a profit!
Another great idea to sell stock that you have had around for a while is to offer it to past customers at a special discounted rate at an exclusive event you host just for them. This can be in person or even a virtual event these days. This will value your past customers whilst also not devalue the work they bought from you in the past which they paid full price for.
Everyone values resin art differently, the price you sell your work for is ultimately up to you. But don’t sell yourself short because you think you’ll please others by doing so. Have the courage and confidence to know your own worth and the true cost of the work you put in!
Do your research, look around the market at other work that is similar to yours, by artists who are a similar level to you, and use this to guide you.
Speak to other resin artists to find out why they priced their work the level they did. But don’t ever let one person who knows nothing about what goes into resin art and how much it truly costs to make, put you off charging what you want for your work.
And remember - there are people out there who pay billions for artwork just because of the story behind it, the love that went into creating it and the way it makes them feel when they look at it!
When marketing your resin creations tell your story and your projects story too. What's behind the creation, what special feelings does it emote from you when you look at it, what benefit will having it add to someone's life?
All of these things factor heavily in your customers buying decisions, so no matter what price you charge if you’re telling a great enough story about your project then someone will buy it because of how having it will make them feel.
Topic Of The Week Giveaway:
We have attached a giveaway to these Topic Of The Week announcements on our Instagram platform, this is helping us to spread the knowledge of how to use epoxy resin further, but also enabling anyone who helps us share this information to win free resin and mica powders.
To enter the weekly giveaway please see the latest post #CRWEEK46 on our Instagram feed/highlights and follow the instructions to enter:
We hope you get lots of use out of your molds, and you get to create from them for many years to come.
Team Craft Resin