Today starts the 2021 TeachersPayTeacher conference. I was hesitant to join at first. Looking back, I have no idea what the hesitance was based on, so I'm glad I changed my mind last minute and signed up for it.
I went through the schedule of speakers for the week and chose my top 4 each day that I wanted to make sure to watch sometime over the next 4 weeks.
Oh, my gosh. For me, pricing is difficult. That's why I chose this session first. In her session, Chynell talked about some pricing faux pas. Yeah, I'm guilty. I think I counted 4+ of the faux pas I'm guilty of doing or thinking.
The biggest one for me is thinking I'm taking advantage of other people. Or, rather, I feel bad charging other teachers something that if I knew them personally I would just give them without charge. This is why my store is pretty much 1/3 freebies, lol.
This mindset causes me to set my prices lower than perhaps they should be and allows me to justify my lower prices with another pricing faux pas... Well, maybe having low prices will bring more customers, because I know when I shop for products on TeachersPayTeachers, I have a limit to how much I'm willing to spend on a product. I see where this can go wrong. Sometimes people see lower priced things as lower quality things, instead of just a good deal.
Chynell focused on value-based pricing. You know, doing a comparative market analysis, in the same way you would if you were house-shopping... Or house-selling. Find a product that is comparable to yours. That's the base price to use. Then, adjust that price based on how your product is different from theirs.
I learned that the average conversion rate for online sales is 2-6%. What?! I was shocked. I expected the percentage to be SO much higher. Immediately, I needed to check my product statistics... I currently have 111 products for sale in my store. I was glad to see that 89 of them have a 2% conversion rate or higher. In fact, 33 of my products have a conversion rate higher than 7%.
Maybe I'm doing better at pricing than I realize. 😉
👍 Maybe I need to focus on improving the 22 products that have a less than 2% conversion rate to see how to make them better. (10 of which are brand new products that I have yet to see the selling impact they will make this next school year)
Maybe I need to keep on keeping on, give myself more grace, and just enjoy the part-time TPT journey that I'm on... 👏