As in all things, you produce and sell (or give) to your market.
I was lucky enough to do a 3 year college course at Cordawainers in London, and was taught by some of the very best crafts, and trades people in the industry (including the Queen's side-saddle maker and the man that made the cricket balls for test matches).
I choose to only make goods to give as gifts at the moment, as I am in full time employment in another industry, so I choose to use my skills to the fullest, and am my harshest critic.
I have also been a designer / pattern maker for leathergoods and luggage companies, and understand making to a cost and to a market.
If you are happy, the customer is happy and they come back for more, you are making it good enough for your market.
If you want to join the Guild of Master Craftsmen, or the Worshipful Company of Saddlers etc, maybe the technique, quality of materials and finish will matter more.
Personally I want to enjoy what I do, not get bored of the making the same thing over and over and learn from the great ideas that others are having -in all material design, to see if it can be done in leather. Personally I was blown away by the work on a mallet and a maul by one member - because they look great and I would never have thought of it. There are hundreds of other craftsmen examples as well, but they stick in my mind.
Have fun (and make money if you can)
Harry