Well, wouldn’t you like to know?
In my time as a crochet business owner, I’ve had a lot of conversations with people about this. It feels like there should be a science to it.
So I’ve taken it upon myself to start making it scientific (I do have a PhD, you know). And for this, we need some data.
Over the past year that I’ve been doing markets, I’ve been carefully logging all my sales data and all the factors that I thought might have contributed to good (or bad) sales each day. I’ve been tracking which items sold, where they sold, and when they sold.
In my head, the formula for success looks like this:
the right display + the right item + the right customer + the right price = item sold
All these things need to be “right” to make the sale.
The right display
The right display draws your customer in. It catches their attention and makes them want to learn more about your product. Without it, your customer might walk on by. This is tough and just takes some time to get right. Signage, color palettes, and height/depth of where the products sit all matter. I’m actually running some experiments right now on which displays result in higher sales.
The right item
I’ve been trying out TONS of different items since I’ve started my business. Of course you can make whatever you want and test it out yourself! Or, if you want to make money now, here’s a cheat sheet for you.
The right customer
When I read The Pumpkin Plan by Mike Michalowicz, I learned that you have to really hone in on your customer “avatar.” What does your customer look like? Who exactly is willing to pay the right price for your product? Demographically, who are they? What are their interests? What are their values? I’m guessing they like handmade stuff. But where will you find them (i.e. which markets and what time of year?)? Once you “know” your customer, you can really tailor the rest of your business to them.
The right price
I think you should be pricing your items based on how long they take you to make. Because crocheting is a slow art, that means the price will be too high for some people because they are accustomed to Target prices. You just have to test it out. Try making one or two of something new and just see if anyone is willing to pay your price. It might be too high for some, but not others!
Jumpstart your crochet business with some real-world data
Do you want to know what items have already been successful, and when, and where? Lucky for you, the answer is here!
There’s more where that came from, love. Get all my FREE crochet business advice here!