3X Your Sales With THIS Etsy Pricing Strategy

today we are going to talk about pricing it's a tricky little thing and I myself have tried numerous different pricing strategies including paid shipping and free shipping and in the beginning of my print on demand business when I had a listing that wasn't selling my first thought process was well it must be my pricing strategy it couldn't possibly be something like my design there are many keys to a successful listing on Etsy things like your SEO your thumbnail image your design and pricing can be an important part of that equation so in this video I'm going to share with you my number one pricing strategy that has more than tripled my sales in my print on demand business and share a breakdown of how I price the three most popular product types in the print on demand space if you are new to my channel my name is Taylor hello on this channel I focus on all things Etsy in print on demand so if those are two things that interest you I would love for you to just aoop that subscribe button down below so that you do not miss out on any future videos the number one pricing strategy that has literally literally changed my life is The Flash sale strategy what that is it's pretty simple it is just running 24 to 48h hour flash sales when I began implementing this I immediately saw an increase in the sales in my shop and it is no coincidence that a good portion of these sales that I began seeing happened to be within the last few hours of the day and really a lot of them in the last hour leading up to midnight the reason that this happened and why this happens for many others who implement this strategy is because a flash sale puts a little countdown timer on your listing on Etsy this countdown timer gives your potential customer a little bit of a kick or a sense of urgency if you will just letting them know that hey if you want to get this sale or this deal you do need to purchase and check out this item in the next X amount of hours leading up to the end of your sale the best way to execute this strategy would be to determine a discount percentage that you are going to offer in your shop I have personally tried multiple different percentages and I've always found that I like to stay somewhere between 15 and 30% but it is important that you are choosing just one for this strategy so for example say you are going to choose to run a 20% off flash sale in your shop because you chose that percentage that is what you are going to stick to so you are going to run 20% off flash sales daily what you're not going to do you're not going to raise it Higher One Day lower the next day you are going to keep it locked in at that percentage if you're changing up your percentage every other day that is going to drastically change your profit margin up every single day which I do not recommend when you've chosen the discount that you are going to offer say for the example 20% you are going to determine your pricing and your pricing strategy specifically for the products that you sell based off of consistently running that 20% off sale your discount should not lower your profit margin let me show you what I mean say for example I'm selling a Bella canvas 30001 in my shop prior to implementing any Ty type of sale strategy I came to the determination that I was going to sell a Bella canvas 30001 for $19.99 and charged the customer for shipping of $4.75 what you can see here in the bottom corner is that that would be pricing this shirt for a 32% profit margin and I would be making about $86 per shirt sale which is great we love that however if I were to implement that 20% off sale based off of this pricing structure I can actually do that right here with the discount and leave it on percentage when I add in that 20% off that just brought my profit down to $444 and the profit margin dropped over 10% down to 21 41% so what I would do differently is actually structure the price of my Bella C 30001 based off of the discount percentage that I've chosen to consistently run in my shop so in this example with it being 20% I would want to adjust my sale price so that I can still see that 30% plus profit margin even when running that 20% off sale if I raise the sale price up we'll bring it to $24.99 that is going to bring my profit margin right back to where it was in the beginning $86 32% profit margin with running that 20% off sale now let's break down my specific pricing strategies I do want to add just a little disclaimer I do not think that pricing is necessarily always one siiz fits all different niches that you're targeting serve different demographics which you might find success with one pricing strategy versus another but I did want to just share how I pric products and looking at our first one this is my breakdown of The Bella canvas 30001 my go-to print provider for this specific shirt is Monster Digital through printify if you are looking to sell any print on demand products I highly highly recommend getting started with printify I do have a link in the description that will get you started with printify but they are by far going to be where you find the most competitive pricing for majority of the print on demand products that you see other individuals selling online so Monster Digital with printify premium which I do have sells this specific shirt for $913 all the way to $131 this is for their Smalls all the way up to 3XL so how I specifically price this shirt I like to go off of sizes rather than colors so I like it to be one standard price for small through XL one standard price for 2XL and then another standard price for the 3XL as opposed to changing the prices based off of different variations or colors that I'm offering I think that this is just a little bit cleaner to the eye and for the customer to be able to see what everything is so how I've priced this shirt with small through XL I typically would price this at $25.99 this is applying a 20% off flash sale strategy so the customer customer isn't actually paying that $25.99 the customer would see the $25.99 with 20% knocked off of it which would be $20.79 selling at this price point would yield me a profit of $878 per shirt sold for the 2 xl's I would price those at $27.99 and that would yield me a profit of $821 and for 3XL $29.99 with a profit of $7.80 all of these prices also factor in that the customer would be paying for shipping with the shipping price being $44.75 these are the profit numbers after Etsy fees processing fees transaction fees every fee that you could apply these have already been considering those different fees the next product type that I've seen a lot of success with is the Gilden 18,000 and this is my specific pricing strategy for it I primarily use Monster Digital as my provider however there are times with the Bella canvas and the Gilden that I do alternate between Monster Digital and Swift pod depending on stock and potentially the colors that I'm looking to offer as well but Monster Digital is my goto with that their prices with printify premium range from $13.91 all the way up to $171 and follow a similar pricing structure as I did with the t-shirts I like to keep them more size specific as opposed to changing the price per color that I'm offering keeps it a little bit simpler for me so our small through XL I typically would price at $35.99 which would yield me a profit of $859 for the 2XL priced at $38.99 would yield a profit of $8.7 and then our 3XL would be priced at $41.99 and a profit would be $9.83 the customer is not paying more than $35 for any of these different variations so if you were to offer a $35 plus free shipping guarantee in your shop then you don't have to necessarily worry about this causing the customer to no longer pay for shipping and you end up losing out on a profit you'll see in this pricing structure I do still have the customer paying for shipping they're paying a little bit of a discounted shipping rate of $5.95 I personally have found that I have a higher conversion rate when I charge a little bit of a cheaper shipping price as opposed to charging for the full shipping price of $849 the third product type that I'm bringing down is our mugs I know mugs are super popular and I have many students that are in my mentorship group that have seen tons of success with mugs this is just my pricing strategy for the times that I have sold mugs I haven't spent a lot of time and I wouldn't say that these are like my bread and butter so to speak They Don't Really consume a lot of my shop at this point anymore but when I do sell mugs and when I have sold mugs this is the pricing strategy that I have implemented still keeping in the theme of a 20% off discount on top of these prices I like to offer two variations of a mug in a listing and so I have the pricing for the 11 oz and the 15 oz if you are curious in learning how to set up a listing that you offer multiple variations like this I will be sure to link a video that I have on my channel that tells you exactly how to do just that I'll put it up in the cards above as well as in the description and it's important to know that something like a mug even though you have two different variations potentially in a listing they do have different shipping costs and so when you do put two different variations of a product type in a listing that do have two separate shipping costs you actually cannot set it up to have different priced shipping depending on the variation chosen you can only have one shipping cost for whichever variation your customer chooses so my pricing strategy for the mug does take that into consideration for my go-to print provider I like to use spoke custom products they are a company that sells more than just mugs and so I've used them for other product types in my shop so it's made it a little bit more seamless if a customer is ordering multiple different product types having them all from one specific provider does make the shipping a little bit easier their cost for the ceramic mugs ranges from $33.97 for the 11 o and $569 for the 15 o and how I would price the 11 oz is at $15.99 that would yield me a profit of $5.65 and for the 15o mug I would price that at $1999 which would yield me a profit of $4.72 the customer would pay shipping of $5.95 they have a little bit of a discounted shipping compared to what the actual cost to ship the product is I would just like to add that mugs can be sold for significantly higher profit margins than what you see here they just have never been a huge Focus for me and so I never really dove into exploring and testing different pricing strategies but if you go on to Etsy that's the best place to do your market research see what other individuals are selling mugs for and you will be able to get a ballpark of how you can stay competitive amongst others while also increasing your profit margin if mugs are something that you're looking to pursue let me know if you want to see more pricing strategy videos like this for more product types be sure to comment any specific product types that you would like to see a breakdown of in the future and as always I hope you're having a wonderful morning afternoon evening wherever you are in the world and I will see you in the next one

Channel: TaylorPOD

Views: 6,632

Keywords: etsy print on demand, print on demand, taylorpod, how to sell on etsy, selling on etsy, make money online, passive income ideas, how to make money online, does print on demand still work, etsy seller tips, etsy print on demand tutorial, etsy shop for beginners, selling on etsy for beginners, what to sell on etsy 2024, print on demand 2024, printify pod, etsy success 2024, sell on etsy 2024, printify etsy, print on demand products, everbee email, everbee tutorial

Id: bU-k_m-pXKY

Length: 13min 20sec (800 seconds)

Published: Tue Mar 26 2024