When start your eyelash business, price setting could be a headache. Setting your price too high or too low could both harm your business. What is the best price stragedy for your eyelash store? The blow 7 pricing stragedy may give you some ideas that help your business success from the beginning.
1. Non-integer pricing method
The non-integer pricing method will give buyers an impression of “accurate pricing”. Since every penny counts, one gets the impression that the seller is pricing seriously and accurately, and thus believes in the reasonableness of that price.
For example, you go to the market to buy vegetables , the store owner weighs it and says ($20), and you mutter in your mind, how is it so coincidental that it happens to be a whole number? Will there be a shortfall? Or did you miscalculate the price?
But if the stall owner says to you, “$20.80, no more 80 cents, just give me 20! You’ll be happy to think that this owner owner sell fair and you took an 80-cent cut.
Even with similar prices, non-integers tend to be more likely to gain buyer approval than integers.
A study of 27,000 property sales shows that the more specific the number, the easier it is for buyers to shell out, for example 362987 is more popular than the number 350,000.
2. The magic number 9
Why is it best to have a tail number of 8 or 9 when pricing?
The answer is, because such pricing will give the buyer a sense of saving money.39 and 41 are only $2 apart, but in the buyer’s mind, one is 30+ and one is 40+.
Conversely, if you don’t want to sell a product, you can tail it with number 1.
You can use strategy for your eyelash line without any limit. Acturally, if you shop a lot, you will find this strategy everywhere.
3. Price split
No matter how much you like a product, it’s a bit concerned to pay for it, especially when the amount you have to pay is high.
So what is the trick to make a buyer feel like he’s only paying a small amount of money, not a big one?
The answer is: price splitting.
First, we can quote in smaller units.
I have a friend in Beijing who sells individually wrapped cookies , she price her cookies based on individual unit, with unit prices ranging from 2 yuan to 5 yuan, this pricing method got his shop off to a fast growing.
It is easy for anyone who does e-commerce to understand that there are two very obvious benefits to doing so.
First, the intuitive impression to the buyer is that the product is not expensive, and he will even feel that his price is cheap without careful comparison.
Secondly, buyers can’t just buy one cookie, they generally order in bulk of 10, 20 or even 50 pieces, which makes her sales grow very fast.
When it is come to eyelash products, it is a very good approach to adopt this price strategy.
4.Convert the prices into days
Some products with high prices but long life cycles, such as mobile phones, computers, book keeping services, etc., sometimes seems too high to afford.
But if we cut the price into months or even days, it instantly gives buyers a sense of “great value”.
For example, just 50 cents per day for the newspaper home delivery service, sounds like a bargain than a subscription price of $188 per year; $1 per day, 100,000 boutique templates free to use, just intuitively easier to achieve conversion than the gold member $360 per year.
Products such as mobile phones and computers can be launched in installments, and after 3 or 6 interest-free installments, the conversion rate will often increase significantly.
This price strategy will be working if you run a beauty salon. Get a eyelash extension could be very expensive. An eyelash training class could cost thousands dollars.If you use this strategy well, you shall see a great sale increasing
5. Equivalent price strategy
If you have a large number of products, but the categories are similar and there is no significant cost difference, set them at the same price.
Why do stores like Dollar Tree, Dollar General always attract large numbers of people into their store? The answer is: the buyer thought to himself: with so many products at the same price, I’m sure I can get a very good deal.
Also, when all products are priced the same, buyers focus more on the product itself than price, and therefore more likely to pay and buy more.
When it comes to eyelashes, this price setting also worth a try. Most people even experts may not able to find to difference of lashes. The bottom line is, always make sure you only sell good products even at low price. Because bad products will never get your cusomer back.
6. Stealth price increases
Everyone has a loss aversion, people become very sensitive when faced with loss.
Because of this, price increases have also become a frequent tangle of sellers. There will be no profit if remain the original price. But price increases will drive buyers directly to the competition.
So, can a stealth price increase be achieved?
Of course you can.
First, upselling and cross-selling are mutually beneficial when done properly, providing maximum value to customers and increasing revenue without the recurring cost of many marketing channels.
Second, introduce upgraded item, sometimes a product just needs to be updated with a few details to raise the price in all honesty. For buyers, it’s easier to accept that the upgraded model is more expensive than the original product.
7.Limited time offer
Why everyone crazy on Black Friday?
It’s very unpleasant to throw money. No one wants to spending more money on the same product.
So, the best way to retain a buyer and get him to order as soon as possible is to give him a big limited time coupon that gives him a feeling that it is a big loss if she doen’t use it.
Setting price for your eyelash business is not a easy task. There are too many things to consider. Hope this article can give you some idea to set your price right.