Selling Art Online: 3 New Pricing Strategies to Maximize Your Profits

Are you an artist, writer, photographer, or designer struggling to price your work online?

You’re not alone.

The quoting of prices can feel like walking a tightrope as a new freelancer. Too high and you’ve lost a new client. Too low and you end up hating the work, the client, and yourself …

But here’s the good news: with the right pricing strategies, you can not only justify higher prices but also make your buyers feel like they’re getting an incredible deal.

In this article, I’m going to dive deep into three powerful pricing strategies that can transform how you sell your art (and freelance services) online.

These techniques will help you increase your perceived value, attract more clients, and ultimately boost your profits. Whether you’re just starting or you’re an established creator looking to level up your business, these strategies will give you the tools you need to price your work with confidence.

Pricing Strategy #1: Discounting

When it comes to pricing, discounting is often the first strategy that comes to mind. We’ve all seen those flashy “25% OFF EVERYTHING!” or “30% OFF THIS WEEKEND ONLY!” promotions. They’re ubiquitous in retail, and many online sellers try to replicate this approach with digital products and services.

However, when it comes to selling art online, discounting can be a dangerous game. Here are 4 DOWNSIDES of constant discounting:

1. Artificial Value Reduction: Digital products and services have no per-unit cost. When you discount them, you’re essentially telling your audience that your original price was inflated. This can erode trust and make customers question the true value of your work.
2. Training Your Audience: Constant discounts train your audience to wait for sales. They’ll hesitate to buy at full price, knowing that a discount is likely just around the corner. This can lead to feast-or-famine cycles in your business, where you only make sales during promotional periods.
3. Devaluing Your Work: Over time, discounting can cheapen the perception of your brand. If you’re always on sale, customers might start to wonder why your prices were so high to begin with.
4. Race to the Bottom: In a competitive market, discounting can lead to a price war where everyone loses. You don’t want to compete on price alone – that’s a race to the bottom that no artist can win.

While discounting might provide a short-term boost in sales, it’s rarely a sustainable long-term strategy for creative professionals.

Let’s look at two alternative strategies that can help you increase your perceived value and profits without slashing your prices.

Pricing Strategy #2: Buying Your Own Time

This strategy is perfect for new artists and creative freelancers building their portfolios OR established creators entering a new market. It’s a powerful psychological technique that allows you to maintain your high-value pricing while still offering an attractive deal to potential clients.

Here’s how it works:

1. Set your ideal hourly rate. Let’s say you’re a creative consultant charging $300 per hour.
2. Approach a potential client with this offer: “I’m willing to buy $300 of my consulting time to spend on you.”

At first glance, this might sound similar to discounting, but the psychology behind it is entirely different. Here’s why this approach is so effective:

• Value Affirmation: By stating your full rate, you’re affirming the value of your time and expertise. This sets an anchor point in the client’s mind for your worth.
• Positioning as a Favor: Instead of discounting, you’re positioning this as an investment in the client. You’re not reducing your value; you’re choosing to invest in this particular project.
• Perceived Value: The client feels they’re getting $300 worth of value for free. This creates a sense of reciprocity and goodwill.

This technique is versatile and can be applied to various creative services:

• Logo Design: “I’m buying $2,700 of my $3,000 branding package for you.”
• Writing Services: “I’m investing $450 of my $500 copywriting fee in your project.”
• Photography: “I’m covering $800 of my $1,000 photoshoot cost for you.”

Notice how in these examples, only part of the rate is “bought by you.” It’s flexible. If you’re brand new to an industry, then it makes sense to cover 100% of your fee.

You’ll be able to ramp up to your ideal rate MUCH MORE QUICKLY than if you started with a low-fee “beginner’s rate.”

By using this approach, you can build your portfolio, gain valuable testimonials, and establish your high-value pricing – all without devaluing your work in the long run. It’s a win-win situation where you get to showcase your skills and the client gets high-value work at a reduced cost.

Pricing Strategy #3: The Bonus Stack

Now, let’s dive into a strategy that’s particularly effective for digital products: the bonus stack. This approach is all about increasing the perceived value of your offer without lowering your price point. It’s a powerful way to make your potential buyers feel like they’re getting an incredible deal.

Here’s how the bonus stack works:

1. Start with your core product. For example, let’s say you’ve created a 20-page e-book on character design, and you’ve priced it at $20.
2. Instead of discounting, add additional bonuses each with a monetary value. For example, let’s say the e-book purchase will include:
   • A video walkthrough of your design process ($50 value)
   • A mindset training to overcome creative blocks ($30 value)
   • A 15-minute one-on-one critique call ($75 value)

Now, instead of just offering a $20 e-book, you’re offering $175 worth of value for the same $20 price point.

This dramatically increases the perceived value of your offer without you having to lower your price.

The beauty of this strategy is its scalability. As you create more products over time, you can use your older products as bonuses for new ones. This creates an ever-growing stack of value that makes your offers more and more attractive.

Here are 5 reasons why the bonus stack is so effective:

1. Increased Perceived Value: By stacking on bonuses, you’re dramatically increasing the total value of your offer in the eyes of your potential buyers.
2. Differentiation: In a crowded marketplace, a robust bonus stack can help your offer stand out from the competition.
3. Addressing Multiple Needs: With a variety of bonuses, you can address different aspects of your audience’s needs, making your offer more appealing to a wider range of potential buyers.
4. Overcoming Objections: Strategically chosen bonuses can help overcome common objections. For example, if people often hesitate because they’re not sure they can implement your teaching, a one-on-one call bonus can address that concern.
5. Future-Proofing Your Offers: As you create new products, you can continually refresh your bonus stacks, keeping your offers exciting and relevant.

Remember, the key to an effective bonus stack is to offer genuine value. Your bonuses should complement your core offer and provide real, actionable benefits to your buyers. When done right, a bonus stack allows you to charge premium prices while still making your customers feel like they’re getting an incredible deal.

Implementing These Strategies in Your Art Business

Now that we’ve explored these three pricing strategies, you might be wondering how to best implement them in your own creative business. Here are a few tips:

1. Know Your Value: Before employing any of these strategies, it’s crucial to have a clear understanding of the value you provide. Take time to reflect on your skills, experience, and the results you deliver for clients.
2. Understand Your Market: Research what others in your niche are charging. This will help you set a baseline for your own pricing.
3. Start Small: If you’re new to these strategies, start with a small test. Try the “buying your own time” approach with a few select clients, or create a bonus stack for one of your existing products.
4. Gather Feedback: Ask your clients or customers for feedback on your new pricing structures. Their insights can help you refine your approach.
5. Be Consistent: Whatever strategy you choose, be consistent in its application. This helps build trust with your audience and establishes clear expectations.
6. Focus on Value Communication: Regardless of your strategy, always clearly communicate the value you’re providing. Help your potential buyers understand not just what they’re getting, but how it will benefit them.

Remember, pricing is as much an art as it is a science. It may take some experimentation to find the right approach for your unique situation. The key is to stay flexible, keep learning, and always focus on providing value to your clients and customers.

Conclusion: Transforming Your Art Business

Pricing your creative work doesn’t have to be a guessing game. By implementing these strategies – avoiding unnecessary discounts, strategically “buying your own time,” and creating valuable bonus stacks – you can price your work with confidence and attract clients who truly value what you offer.

Remember, people don’t just buy products or services; they buy transformations. Your job as a creative entrepreneur is to show them the massive value you’re providing and how it can positively impact their lives or businesses.

If you’re ready to take your creative business to the next level, I’ve created a resource that dives even deeper into these strategies and many more. My new e-book is packed with actionable marketing advice specifically tailored for creative professionals. It comes with:

• A comprehensive 40-page guide on marketing strategies for artists and creators
• A personalized 15-minute strategy call to address your specific business challenges
• An artist archetype assessment to help you leverage your unique strengths

To get instant access to this game-changing resource, go to: creativesuccessacademy.com/7mistakes

Don’t let another day go by undervaluing your work. It’s time to price your art with confidence and watch your online sales soar. Your creative talents deserve to be valued – and with these strategies, you’ll be well on your way to building a thriving, profitable creative business.