It can be a struggle determining how to price your products/services.
Knowing your target market plays a huge role in pricing your products.
There’s also a ton of psychological factors that go into pricing. For example, studies have shown that prices that end in “9” tend to sell better. So, $39 is more appealing that $40 or even $35!
It’s also proven that one of the main reasons for abandoned carts is shipping costs. So, upping your prices and including free shipping on all orders might be something to consider.
Then, of course, there is the value you place on your product/brand. Don’t exclude your time/effort/passion from your product when you setting your prices.
You also need to take in consideration the fact that you might want to have sales. You should still be able to profit from your product when offering a discount. I strongly encourage you to strategically plan out your sales so that you aren’t just giving out a discount code when you’re having a slow sales day/week. Make sure to bust out a calendar and take a look at holidays that you will most likely want to offer a sale. If you bring in seasonal items, you might want to plan clearance sales to clear out old inventory before bringing in new inventory. If you constantly offer sales you will find that your customers will only purchase from you when they get a discount code. Some companies offer sales almost DAILY, and that is part of their pricing strategy. (Example: Old Navy.)
Other things to take into consideration:
TAXES (ugh!)
Domain/website fees
PayPal fees
Shipping supplies
Marketing supplies (ex: business cards)
With all that said, here is a simple formula for determining a base price for your product.
In the end, the price is up to YOU! Just make sure you are making money at the end of the day!
My Favorite Apps/Websites For Business Owners & Bloggers
Apps for apps. Because it never ends!
I wish that I had known about some of these apps/tools a long time ago, but it’s always better late than never!
Of course I have your basic apps/social media platforms, such as Facebook, Instagram, and Pinterest. I also have the Facebook Business page app, along with my e-commerce apps for Shopify & Etsy.
Here are a list of other apps/websites/tools I utilize to help run my businesses.
Scheduling/Planning
• Tailwind [App & Website] for Pinterest & IG scheduling: A scheduling website/app that allows you to schedule out Pinterest posts and Instagram posts. This is literally a must-have for any blogger/business owner. I think that Pinterest is a very important platform that needs to be taken advantage of, and Tailwind allows you to schedule out your Pins which is a great way to maintain an active account. Tailwind also helps keep track of your website traffic from your pins.
• Planoly [App & Website] for IG scheduling/visual planning: I actually don’t use Planoly to schedule my posts, but I DO use it to visually plan my posts. This is a great way to make sure your feed is cohesive and flows well. It really has helped me make my feed more visually appealing. I also really like to use the analytics feature, which shows stats and top posts for the week/month/year.
• Trello [Website & App] for project management: I actually didn’t even realize this was available as an app until JUST now. Ha! I use it online on the website. Anyways! Trello is AMAZING. It’s basically like virtual sticky notes that are very easy to organize. The great thing about Trello is the fact that you can invite people to join your “boards” and they can see/add to your notes. You can even upload photos, videos, and files. This is perfect for making lists for yourself or working on projects with clients, employees, collaborators, co-workers, etc.
Editing:
• GetVela [Website] for Etsy (Bulk Editing): I just recently used this website for the first time while editing listings for a client. It makes editing listings so easy. The website is very user-friendly and there is a live-chat option available for if you have questions.
Collaborating:
• Collabor8 [App]: Collabor8 is a great way for influencers to find businesses to work with, and vise-versa. I have used it a few times and have had great experiences.
Outsourcing:
• Fiverr [Website]: Fiverr is basically a one-stop shop for freelance services. From logos, to graphics, to copywriting and more, you will find it all on Fiverr.
• UpWork [Website]: I feel like UpWork is a higher-quality version of Fiverr. Basically offers all the same stuff for a little bit higher prices, so remember; you usually get what you pay for.
Graphic Apps
• WordSwag [App]: WordSwag is perfect for making graphics for sales, giveaways, deals, quotes, etc. There are a lot of backgrounds to choose from, or you can use your own photo, then add pretty text over them.
• Bazaart [App]: Bazaart is really fun to use, it has a ton of different fonts/backgrounds/images to choose from, along with some cool editing tools. I really like using this app to create images for things like sales and giveaways or for making collages of new products.
E-Mail:
• MailChimp [Website]: MailChimp is my favorite E-Mail marketing platform. It’s very user-friendly, which makes it easy to send out e-mail campaigns to your e-mail subscribers. MailChimp also allows you to create Facebook & Instagram campaigns directly from their site.
• WiseStamp signature [Website]: I use this to make my signature for my e-mails that I send out from my business e-mail address. This makes your signature look professional and allows you to add a photo and links to your website(s).
Bookeeping:
• GoDaddy Bookeeping [Website]: My personal favorite way to keep track of my books. This website makes my life so much easier, and it also makes taxes not as scary! My accountant loves me for using this website. It’s SUPER easy to use, all you have to do is link your bank accounts and it automatically separates all your purchases and expenses. (There are some that you have to manually.)
Instagram Tools:
• DisplayPurposes.com [Website]: OMG you guys! I wish I had found this website sooner. I have been using it for about a week now and I am obsessed. This makes my life so much easier when it comes to adding hashtags on IG. All you have to do is type in a hashtag relevant to your post, example: #girlboss, and it pulls up 30 or less similar hashtags for you to copy and paste to your post! (AND it has the little dots to make it look pretty.) I am obviously way too excited about this.
• LinkTree [Website]: LinkTree allows you to link tour different sites all on one page. For example, on my LinkTree I have links to my blog, YouTube, Facebook group, and Virtual Assistant page.
FACEBOOK GROUPS:
Facebook groups are such an amazing recourse for business owners/bloggers/influencers. I have probably joined 100 in the last year. (Not even kidding.) Go into the Facebook search bar and type in anything, from: Photography, Etsy, Shopify, Business Owners, Bloggers, Collaborations, WAHM, Social Media Marketing, Facebook Marketing, Instagram Marketing, etc. etc. etc., and make sure to click “Groups” and you will find a ton to choose from. I try to join the ones with a good amount of active members. Groups are a great place to learn, collaborate, and ask questions. I definitely recommend joining a few that relate to your business!
Okay, so this list was pretty short, but I wanted to make sure to be authentic and only include apps/websites that I truly love and use often.
I am always open to new recommendations, so if there is an app/website that you can’t live without, please let me know!!
I plan on doing a separate blog post about my favorite Shopify Apps. I will link it here once it’s finished! 🙂
xx