Pricing Your Products for a Profit │ Ep: 301 Miriam Schulman

Small Business Answer Man

Miriam Schulman is an artist and founder of The Inspiration Place, where she helps other artists learn how to profit from their passion or become better artists. She’s helped thousands of artists around the world develop their skill sets and create more time and freedom to do what they love.

What problem do you solve?

Miriam is going to talk with us about pricing.

Show Notes:

• Miriam believes email marketing is better than social media marketing.
• Instagram engagement was 1% several years ago and now it has dropped to 0.6%.
• The engagement rate of influencers is 1.2%
• Open rate on email averages 24%. This means you have to have 4000 people on Instagram compared to 100 on email.
• Romance your buyers. Don’t just hand out your business cards. You need to gather their contact information and then stay in touch.
• When someone asks for your card, it is your opportunity to ask for their contact information to send them your freebie or lead magnet.
• Prestige pricing vs. charm pricing. Prestige pricing is usually used more with higher dollar, higher quality items or services.
• Passion to profit framework:
  • Every business is producing something. Does what your producing make sense. If people aren’t valuing the product you may need to package it or present it differently.
  • You also need to look at your pricing to make sure you are charging appropriately.
  • People also enjoy spending money on something that is exclusive. It gives them a dopamine release.
• Miriam’s book is Artpreneur: How to Build a Creative Business

Miriam Schulman’s Best Small Business Tip:

Keep taking action. Keep putting one foot in front of the other.

Connect with Miriam Schulman:

Website: schulmanart.com

Free chapter of Miriam’s book: SchulmanArt.com/believe

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