🚨NEW FREE WORKSHOP FOR 2022🚨 Learn how to create a PROFITABLE handmade business online without keeping up with social media 🔽 Watch the free workshop here: bit.ly/3OlHdwu
@MariW7363 жыл бұрын
Side note, I LOVE the teal hair color 😍😍
@CreativeHiveCo3 жыл бұрын
Thank you, Mari! I'm having fun with it!
@margeebarth31963 жыл бұрын
I love psychology especially related to marketing.... I changed my prices to .99 after a discussion with my web developer. It was hard to measure but when I did a virtual market of the American Craft Show, I tried this .99. They ran stats and out of the 250 Artists online the average sales was 900.00 to 1300.00...I grossed $1500.00 as a new vendor and many of the prices ended with .99 Now I think it's time to add a few products priced at 70.99 or 77.99. Perhaps even changed the 34.99 to 37.99 and 54.99 to 57.99, etc. Not to change the subject , I love your teal strands...keep rocking Creative Hive!
@CreativeHiveCo3 жыл бұрын
Thank you, Margee! I love that you tested this out and saw good results! The way people see and view products based on their pricing is SO interesting.
@Snippets-of-Mendi3 жыл бұрын
Great pricing tips. I've really tried to follow Nordstrom's lead when it comes to promotions and only have a sale on my entire store once a year and never more than 20%. I have quarterly flash sales on select overstocked items, but as a customer I've found that when shopping at my favorite stores that have frequent discounts, it's trained me to wait for a sale and not buy at full price. I've been thinking a lot about this with Michael's and Joann's and how they had 40% off coupons, then 50% became common and then 60% prior to the pandemic. As a result they continued to raise their prices crazy high to compensate, but then the pandemic gave them an opportunity to reset and now they rarely have coupons over 25% off and their sales have soared (but as a result their retail prices now set way too high). I was shocked to realize once when stocking up for my daughter's school project that the same items were cheaper at Walmart without a sale as they were at Michael's with a 40 or 50% coupon. It's a dance for sure.
@CreativeHiveCo3 жыл бұрын
I like that strategy of only having one big sale a year - that's very smart. Do you see good results from it? And yes, the use of constant coupons and sales really skews our view of pricing, doesn't it??
@Snippets-of-Mendi3 жыл бұрын
@@CreativeHiveCo Yes, it's been very successful. I run it the first weekend of November while people still have a lot of money from that month's paycheck and before they are broke or distracted from the Black Friday Sales which has worked great for me. :)
@ChezVies2 жыл бұрын
That’s great strategy! I must try next year. For me, Black friday sales never worked. Even when I put 25% off, but the moment the sales period ends, I am getting more sales.
@hitotsuworldllc53523 жыл бұрын
I love marketing psychology, so this is a great video! My favorite strategy is using different colors to provoke certain feelings and emotions. Out of the strategies you mentioned, my favorite is making things $0.99 instead of the whole dollar.
@CreativeHiveCo3 жыл бұрын
Oooo I never thought about the colors - that's very interesting as well.
@CreateLoveRepeat3 жыл бұрын
Thank you for this! Even people who have been selling a while like myself need to be reminded to check in on pricing from time to time. It’s an ever changing market out there.
@CreativeHiveCo3 жыл бұрын
Yes! It's always good to do a quick review and change things up if need be.
@mandylaplante14733 жыл бұрын
When the product is something that gives the client emotions, for example hand made creations, you should'nt finish your pricing with 99 or 95 or 97. Charmed pricing should rather be used for logical products. When you use a charm price on a product that gives out emotion your brain isnt able to process it. If you do hand made things that are technical such as templates, school planners etc, then finishing with 99, 95 or 97 is great. Thanks for your video.
@verykimberly3 жыл бұрын
I feel like there’s something to this… I make macrame and botanical dyed goods and just can’t imagine the aesthetic of putting a change amount on my products - they are whole dollar amounts currently.
@CreativeHiveCo3 жыл бұрын
That's very interesting, Mandy! I appreciate you sharing that - that's something I think I'm going to do some research into! 😊
@donnabashline49333 жыл бұрын
Excellent advice once again. I love all your videos, but this one really stands out. Thank you so much, Mei.
@CreativeHiveCo3 жыл бұрын
Thank you so much, Donna! I really appreciate that!
@donnabashline49333 жыл бұрын
@@CreativeHiveCo You're welcome! I'm one of your biggest fans. I refer a lot of people to your channel. Maybe one day I will have the budget for your sale a day training.
@CreativeHiveCo3 жыл бұрын
Thank you for the referrals, Donna - that means so much to me. And I would love to work with you one day!!
@donnabashline49333 жыл бұрын
@@CreativeHiveCo You are welcome Mei. It's on my radar.
@MrHerks3 жыл бұрын
Great info as always! Thank you! My soaps are priced at $8.00 and they are doing good at that price, but I think they could a lot better. Do you think lowering the price to 7.99, or even $7.50 is a smart move after only a month? Thanks :)
@melanie_meanders3 жыл бұрын
This is super convenient, I think you should! It puts the .99 and also the 7!
@Snippets-of-Mendi3 жыл бұрын
I think $7.99 sounds like a magic number. I have a feeling it could really increase business.
@CreativeHiveCo3 жыл бұрын
You can make pricing changes at any point and test them out. $7.99 could work, and so could $7.97.
@AmyLouiseArt3 жыл бұрын
I hate pricing products! Still find it difficult pricing products after running a business for 4 years! It's difficult to price your products when so many other artists are selling similar things but there is a huge variation in pricing. I have to do a lot of research on pricing strategies before I decide on a set price but I generally try and come somewhere in the middle of other artists and that seems to work for me 😊
@CreativeHiveCo3 жыл бұрын
That definitely follows the price anchoring strategy. But if you're looking for pricing advice, this might help: kzbin.info/www/bejne/fmTVaoBphs2hhLM
@BohoJouelSandraMBelz2 жыл бұрын
I love your videos- always so helpful! And I have to digress and mention that I love the blue!
@CreativeHiveCo2 жыл бұрын
Awww, thank you! That was so fun while it lasted. 😊
@elkgroveclay87163 жыл бұрын
Super glad I found your channel, I’m moving into the wholesale biz and watched your wholesale video loved it thanks ! Keep up the great informative vids!
@CreativeHiveCo3 жыл бұрын
Awesome!! Thank you so much for watching!
@HomemadeAC3 жыл бұрын
Excellent video amen. Very interesting nuggets of wisdom. I never knew about the left digit western pricing before. I knew that web page design concentrates on left to right and book covers and newspapers using the "Z" layout etc but that left digit thing just blew right by me hmm... Thanks for sharing, James, Rescue Kitty😺 & Snowvan!
@CreativeHiveCo3 жыл бұрын
Glad it was helpful! Thank you so much for watching!
@jonnyrox1162 жыл бұрын
That $.99 strategy does work for most items that are not an emotional buy, for items that are somewhat of an expensive "statement" piece a flat price of say $85 is more appealing to buyers than $84.99 as the .99cents seems to cheapen the items quality.
@CreativeHiveCo2 жыл бұрын
Thank you for weighing in!
@kristycargile69173 жыл бұрын
I just love your videos... you break it down so efficiently! 🌹
@CreativeHiveCo3 жыл бұрын
Thank you so much, Kristy! I really appreciate that! I'm going to be doing a live workshop here on Wednesday! If you're subscribed, hit the bell to be notified when it starts!
@evamansk3 жыл бұрын
I love these tips… very applicable and I’m sure they will work 🥰
@CreativeHiveCo3 жыл бұрын
Thank you, Eva! I hope they work for you!
@swatikadam14493 жыл бұрын
Such an informative and useful video. Thank you so much!!!!
@CreativeHiveCo3 жыл бұрын
I'm so happy to hear that! Thank you for watching, Swati!
@donnasilva37122 жыл бұрын
LOVE your hair!!
@CreativeHiveCo2 жыл бұрын
Thank you so much Donna!! ❤️❤️
@amberdrozda80073 жыл бұрын
Great Video! Thank you! 💕
@CreativeHiveCo3 жыл бұрын
Thank you so much for watching, Amber!
@AMERICAN.MADE.GOODS20203 жыл бұрын
Awesome, makes sense and super helpful. I had priced my tote bag at 25 even. I had priced at 55 and they haven't been selling so I dropped to 35 then 25 to sell out, and advertised as such "sale" selling out of this batch of tote bags so if I make same again, and same design I can get better bulk materials and price better especially if that's the real issue. But I already changed price recently to 25.. I feel its too late to go back and change again. To like 24.99. Wish I could tho.
@Snippets-of-Mendi3 жыл бұрын
I don't think customers are going to complain about a single penny price change in their favor. I think you should try it. It's not something you have to advertise, but it might really help your sales in the end. ❤️
@AMERICAN.MADE.GOODS20203 жыл бұрын
@@Snippets-of-Mendi OK thanks, I will. I got plenty to more tags on me to make the price changes. 😊
@CreativeHiveCo3 жыл бұрын
I agree - I don't think making that slight change would even be that noticeable. It's definitely worth a try.
@brandonestelle63183 жыл бұрын
Great content as always, Mei! Thanks!
@CreativeHiveCo3 жыл бұрын
Thanks, Brandon! I appreciate your continued support!
@brandonestelle63183 жыл бұрын
@@CreativeHiveCo You're very welcome!
@christinehoffman18253 жыл бұрын
I love your content and I love your hair!
@CreativeHiveCo3 жыл бұрын
Thank you so much, Christine! I'm definitely having fun with the blue. I'd love for you to subscribe if you haven't yet! 💗
@shondablanks65293 жыл бұрын
Interesting methods
@CreativeHiveCo3 жыл бұрын
Thank you for watching, Shonda!
@lingdumtare13463 жыл бұрын
Really useful
@CreativeHiveCo3 жыл бұрын
Glad you think so! Thank you for watching, Lingdum!
@feliciagrande1283 жыл бұрын
If my dollar amount are cents, should I still go for the highest number? Let’s say I sell a digital product for $2.37, should I offer a 15% discount of a $0.36 off? (36 is higher than 15, but it’s a decimal so I’m not sure!)
@avasimoneferguson3 жыл бұрын
You should stick with 15% off because the number isn’t actually 36 the number is 0.36 meaning that it’s less than one. It’s much less of an incentive to know that you’re getting less than $.50 off but if you know that you’re getting to 15% off it sounds much more impressive in this case 😊
@CreativeHiveCo3 жыл бұрын
If you're discounting a product, go for a percent off. It's easier because everyone understands what that means. But $2.37 for a digital download sounds low! Are you making a profit?
@nandykats14323 жыл бұрын
First comment! Keeping this ready to watch after my study time!
@CreativeHiveCo3 жыл бұрын
Yay! I hope you found it helpful!
@nandykats14323 жыл бұрын
@@CreativeHiveCo yes of course!
@parisbreakfast3 жыл бұрын
I tried it and all sales stopped.i had to go back to original price.
@CreativeHiveCo3 жыл бұрын
That is really frustrating! How are your prices compared to others in your niche?
@Flux_One Жыл бұрын
So in the same vain, I should price a fine art painting at £1499 rather than £1500? Interesting. I'll try it 👍
@CreativeHiveCo Жыл бұрын
For original high-value fine art paintings, you can check how most successful artists price their artworks. Do they use the 99 pricing psychology? You can test it out if you want and see how your audience will respond.
@hand4letters8513 жыл бұрын
Price low as you get a handful of good reviews slowly bump your prices up