Lowering Prices
 

For all intents and purposes, I have heard a million times--DO NOT LOWER YOUR PRICES after you have raised them. But I am considering doing just that for three reasons:

1) I have taken a year off painting due to major medical emergencies with my daughter
2) I am no longer paying for advertising (therefore my overheads are down)
3) I no longer have a backlog of clients for wiggle room when cheaper clients refuse the higher prices.

Would it be fair (or necessary) to contact all the clients who paid more and offer some sort of equivalent credit toward a future art purchase? I thought it'd be a good way to establish--at a minimum--a sense of integrity. But I'm not sure if it's necessary and may result in doing several paintings for 30-50 cents on the dollar.

Instead of lower the prices of your current services, which indeed can damage your image, you could offer new services that fit the low budgets as fast sketches or small studios (as dayly painters do).

I just offer a line of minatures. I would not be eating without them. When money flows, go back to the same pricing and stop offering the affordable pricing.
dj*

Include a coupon with all your promotions and on your website, giving a discount for new clients. That way you can offer lower prices and save face with previous clients. It's all in the perception and it keeps things simple. For whatever it's worth I found that people were leery of prices that are too low. I lost a number of commissions that way.

Please, don't even think of it! And I think you have received great tips here.

And by the way, have you considered doing pastel paintings?

What about your daughter? Is she OK now?

Thanks for your concern, Bonfim. My daughter (born weighing only 1 lb 4 oz) is doing better. She's definitely delayed, but we fully expect that she will grow out of most of her difficulties and lead a "normal" life--as far as "normal" can be defined, anyway. :) We are happy with her progress.

Hi Natalie,

I would suggest you offer a time-limited discount to new clients as well as a discount for repeat cients. Got to give people a reason to act.

Glad to hear your baby is doing well - having worked 17 yrs at a children's hospital , then watching the amazing neonatal progress since, these little cuties just need some time to catch up:)

On that topic, I just sent out thank you's to a list of old clients saying I was extending a miniature holiday portrait offering as a "Hang Over" Special. I also added a note of thanks for their former patronage and (I do the small ones, remember) a set value coupon.
I had one of the charity people get back to me about buying a demo piece and rounding up a few more for the minis and another send a photo of her newest show dog... no instructions, but she already had three of my pieces.
"Thank you" is a very strong selling tool!
dj*

Thank you so much, everyone for your insightful comments!

Although I've also heard it is equally bad to offer coupons or discounts as it is to lower your prices (sales advice from non-artists), I must say that with so many people who I admire and respect telling me to go ahead with it, I definitely will!

Marvin and Chris--do you find that a lot of people take you up on your portrait vignettes and monochromes, respectively? Have you noticed an increase sale of these (in proportion to your finished formal portraits) as the economy has been slower?