Before we delve deeper, I want to clarify that in the following text, I\u2019ll only be discussing products. I view artworks as products too, and in my opinion, they generally follow similar market rules. While there are industry-specific differences, they mostly adhere to the same principles if you want to bring them to market and sell them successfully.<\/p>\n
Common marketing theories like the 4 Ps or marketing mix emphasize that pricing is one of the most vital aspects of a product. Many even say that pricing determines which market segment or customers you\u2019re targeting. At first glance, this seems true \u2014 you might assume higher prices attract wealthier customers, while lower prices cater to budget-conscious or financially limited buyers.<\/p>\n
But is it really like that? Not entirely. An entire industry, namely banks and their products, operates on the contrary. People often buy products they can\u2019t afford outright; they\u2019re willing to take out expensive loans or borrow money just to make the purchase.<\/p>\n
Considering this, you can see that more important than pricing is the desire or need for your product. We can reverse this conclusion and say that if people aren\u2019t buying your product, they simply don\u2019t want it \u2014 there isn\u2019t enough desire or need.<\/p>\n
Instead of solely focusing on pricing, my advice is to think about making your product or artwork more desirable. The key to the success of any product lies in the desire to have it.<\/p>\n
I understand if what I said sounds logical, and you might be wondering how to make the product more desirable.<\/p>\n
It\u2019s the million-dollar question that every entrepreneur must answer. If they can\u2019t, their business could fail.<\/p>\n
There are many ways to do it, and they depend on factors like the product itself, the customers you\u2019re aiming for, your market, and the environment.<\/p>\n
But I\u2019ll be covering this topic in one of my upcoming articles.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Before we delve deeper, I want to clarify that in the following text, I\u2019ll only be discussing products. I view artworks as products too, and in my opinion, they generally follow similar market rules. While there are industry-specific differences, they mostly adhere to the same principles if you want to bring them to market and… <\/p>\n