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This time I would like to expand on the topic of the pricing policy related to the topics discussed earlier – estimating the price of the product og setting free shipping. I have noticed that some people charge prices on different channels. I understand the explanation that a given platform charges around 25% commission or currency conversion is included if you operate in different currencies. However, from the customer’s point of view, the signal is clear – “I want you to buy here, not here.” And not only. Because if the prices are significantly different, the customer will ask himself questions. At best, he will understand that you have included, for example, the shipping price – although then it’s better to separate it and be clear about these costs. What if he doesn’t think about it? Maybe he will just say that in the euro market you think that you can sell more expensive, so you increase the price for him because of his origin?
So I would like to come back to the calculation of the product price in the context of a consistent pricing policy at this point. Yes, it is extremely important to be just authentic and credible. Every shadow of doubt about your calculations affects the image of your brand, which may not be visible in the short term, but if you think about it in the long term, it does. And of course, I would not call it as a factor that determines your being or not ? It’s about building a coherent and complete brand image, which also includes the pricing policy.
Marketing/sales commission
One of the reasons why I did not want to make high commissions on HANDIEU was that you could apply such a consistent policy – then the additional 5-10% for marketing activities is also included in your margin. After all, you also carry out some activities, you spend time on it – these are all costs of doing business. What I mentioned when estimating the price of your products. And this margin will either be taken by the platform on which you sell (after all, promoting you) or you, as the customer came to you from your organic activities. You should also value your work here!
Clear information about the shipping costs
What about shipping costs? If you assume you include them in your products, then do it consistently. Although I must admit that more and more often customers prefer to have clear information about how much such a shipping costs. This is especially important when the price of the product itself is not high (in proportion). And thinking about free shipping above a certain amount, they will most likely decide to buy something. On your part, it will be a form of appreciating the customer who ordered more – because from such one order you can have many other recommendations, so it is worth looking at it in the long term ? Similarly with coupons for subsequent purchases or just above a certain amount.
Promotions vs. coupons and free delivery
You are probably wondering how this relates to the subject of promotion? I understand that this may be misunderstood, because in the end we are also lowering the price of the entire order. However, promotions are there to attract the customer’s attention and encourage him to buy. In this case, you do not encourage to buy with them (at least, I do not think so, because he came to you and read about the coupon while being interested already). We treat him giving a coupon or free shipping for a larger order as a form of appreciating the customer for his appreciation of your work ? I believe that these two forms of promotion should be separated and clearly communicated, although they will be officially in one bag with promotions. When publishing a coupon or offering a free delivery on your website, you can even write openly, e.g. “in thanks for appreciating my works and work, I would like to take over the shipping costs” etc.
So if you operate in different markets and these shipping differences are significant – separate them from the product price and offer free shipping on larger orders. The most important thing is consistency.
Prices rounding
If you aim to make your brand premium you will probably no achieve it by giving the prices with x,99 or x,98. I mean, you will sell but probably not to the customers that are actually your target audience. Everybody knows this is a trick and when you sell as a premium you don’t fool your customers this way. It is similar to the case with promotions that should encourage a customer to buy – this simply should not be the reason for him to buy from you.
Remember that your prices don’t need to be 100% round as well. They may have differenet digits in the end, e.g. 34 euros. That would also suggest that you have more precise prices calculation and don’t make them out of nowhere – at least that is how I see it :).
“Nobody will buy from me for this price on my market”
I also heard the answer: “But in my country, no one will buy me for this price! I need a lower one here to sell something. ” Eh, then there is nothing left for me to do other than send you back to my articles or arrange a meeting together ? You don’t just sell “something”, you don’t sell it to “everyone”. At this stage, you should already have a defined target customer, their values, status, places they like to visit, etc. Does your work cost less in a given market (these are the words of Zuza from Xuxa håndlavet that seem to fit me perfectly here)?… If the market price (note: among other craftsmen) is lower and it’s hard for you to break through, then communicate your unique value from the rest of the offer. And if you can’t see them or don’t have them, create them! ? Combine, how to find a niche, what else your client may need when buying this product, take care of a unique service or packaging, etc. There can be many inspirations, I have already written many, so I encourage you to return to other articles or to talk to other people! ? Believe me, the most ideas come to me when I talk about something not related to work – I recommend it!
Have a nice day!
Aga
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