One of the questions I get asked most is ” How do I make more money as an artist”.
My first response is always, to “ASK for more money.”
It may appear on the surface to be an obvious or wise-ass answer. But it’s not.
I regularly urge my coaching clients to double even triple their current prices. And when they do, they find very little significant resistance and end up earning more money with that one simple change.
The reason is many artist greatly undervalue their work to begin with and are practically giving it away. Because we are operating under a knee-jerk reaction to compete on price first because we don’t know how else to position what we offer to our ideal clients.
There are many considerations that your potential client factors
into their buying decisions. Pricing is just one. Let’s look at a
few others in no particular order…
– Quickness (able to turn job around quickly)
– Knowledge (of subject matter or industry)
– Celebrity status
You get the idea. Find ways to differentiate your work in ways that are important to your preferred potential clients that they would be willing to pay more for.
Let me make something clear in case it got lost in my rambling. I think competing on price alone is always a losing proposition. You need to discover the value of your time and your work. You need to cultivate and identify the right audience that values what you have to offer.
NOTE: Many artist resist this advice initially (you might too) because of a whole laundry list of self-imposed limitations and fears that we all deal with and is just to deep a topic to cover here. We’ll discuss further in a follow-up post.
So here’s my challenge to you. The next project that come into your studio, figure out what you would normally charge, double that number and offer it up as your quote.
Afraid to double it? Increase it by 50%.
If it helps, here are two interviews you may want to listen to with artists who have discussed tripling their rates. Not over a three year period. not gradually. But in one fell swoop:
Interview with illustrator George Coghill
Interview with artist Velicia Waymer
Agree? Disagree? Share your thoughts in the comments below. I want to know what you think about the pricing issue.