Monday, November 19, 2012

How to Price Vintage on Etsy or Online Scientifically Pricing Collectibles

Vintage Cat Eye Glasses
Vintage Cat Eye Glasses are a steal at $44 from Jossells

This guest post by:  Joselin Landry of Jossells

Scientifically Pricing your Vintage Items 

You scientifically research pieces similar to your vintage items on Etsy. Vintage item prices chart a scatter plot with postage following the same trend. Note, the vintage items' conditions run around the ‘condition wheel’.   Most of us are not professional marketers much less have a research and development staff. We are mighty hunters who have collected vintage materials, overflowing our homes and need to get a little Zen in our lives and begin the de-cluttering pro-cess.

I’m going to try to help make pricing your vintage items a little less stressful – because as a fellow vintage seller – I am smelling what you’re stepping in! You’ve researched and see how others have priced their articles. How do you know if other sellers have ‘right’ priced their items? Would you pay that much for it? Where does your article land on the wheel of pricing?

bakelite vintage razors
CovetedCastOffs offer these great Bakelite razors, but if you don't deal in such items, how would you price them?

Example of Scientifically Pricing Your Vintage Wares

There are several of these cool bakelite razors you can find on Etsy (as shown above) with a large range of pricing.  First, let’s consider what you paid for it. Do you want to make a profit or just move the item? Maybe you price it at what you paid for it and re-coup your investment. Done and gone.

vintage adding machine
Calculate it on this retro adding machine, only $19.99 at   BetterDaysShop

Incorporate Your Business Plan Into Your Calculations

If you want to make a profit, how much profit do you want? What have you written in your (imaginary) business plan? A friend with a brick and mortar shop says he wants to make at least three to four times what he paid for an item. Can you mark up your item that much? Is three to four times enough of a markup? Follow your (imaginary) pricing business plan or decide what satisfies your goals and stick with it.

etsy vintage dress
Gorgeous dress $88 at HeartMyCloset on Etsy , who uses models and professional photos to sell their vintage clothes.

Staging and Miscellany Expense Costs Should Be Factored In 

Think about how long it takes you to list an item. Do you set up a stage for pictures? Do you pay a model? Any other costs involved with the listing – camera? Backdrop? Special lights? Drive to the post office? Packaging materials? Can you price your vintage item to recover all these costs and your profit margin? Zip it and lock in that price.

vintage magnets
KastConcreteDecor upcycled concrete. How can they be at an $8 price point for most items when making them is so much work? 

What Do You Think Is A Fair Net Profit? 

If you were working outside the home before you started your online business, or if you are working now, how much do you make per hour? Could that hourly wage be the price of your item? Mark your item at a minimum wage value and move on. You have other work to do.

rhinestone vintage earrings
Lovely earrings from TheDandyLab on Etsy, who specialize in Vintage Jewelry.

Scientific Options

When options for pricing an item fail – I begin to think about what can I afford to pay for this? Who (old, young, wealthy, median income, boy, girl, gift giver, or diva ) do I want to buy this item?

On top of this discussion, I add the most scientific of all options – what does it feel like this item wants to be priced at? After a brief discussion, the item tells me where it wants to be priced, however, I have the last word. I add or take away $5.00. Just because I can type and the item cannot.

Bon Chance mes amis!

This guest post by:  Joselin Landry of Jossells on Etsy
Connect with her on Facebook at Jossells

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