One of the challenges faced by experience sellers and newcomers alike is that of setting the right price for their product, products they have worked so hard, putting their creativity to work to create.
How much you price your product can either make or break your business. Set the price too low and your product will be perceived as inferior, which in turn will hurt your sales and profits. Aim too high, higher than your customers are willing to spend, and they will abandon your product and you will lose sales. Your price just have to be right or somewhere in between, to generate the most revenue.
We will share with your few pricing recommendations, but before that, it is important we mention here that sellers can decide to offer their products for free by setting the product price to 0 (zero) and add the word “FREE” to the product title. Also for paid products, TermlyPlan take commission from every sale. So, how much exactly does TermlyPlan take from a sale?
TermlyPlan’s Listing Packages and Sales Commissions:
Basic Package
- > List or add up to 35 Listings (Products) to the Marketplace
- > Earn 60% in Commissions per sale
- > Free forever
- > No renewal required
Standard Package
- > List or add up to 60 Listings (Products) to the Marketplace
- > Earn 70% in Commissions per sale
- > One-time Fee
- > No renewal required
Premium Package
- > List or add unlimited Listings (Products) to the Marketplace
- > Earn 75% in Commissions per sale
- > One-time Fee
- > No renewal required
TermlyPlan’s commission per sale is based on the sellers listing package subscription. For a Basic Seller with the (free) Basic Listing Package, TermlyPlan takes 40% sales commission while the Seller gets a payout rate of 60% of the sales value. For sellers with a Standard Package (₦4,999.00 one-time fee), TermlyPlan takes 30% and pay the seller 70% of the sales value, while sellers with the Premium Package (₦12,499.00 one-time fee) are paid payout commission of 75% the sales value.
Our Pricing Recommendations:
- Base Your Pricing On Market Value: In reality, a product is only worth whatever someone is willing to pay for it. So, consider what your prospects are looking out for in a product and how much they are willing to pay and set your price accordingly. Looking at the range of prices for product in the same category as yours can be helpful to make sure you’re in line. We suggest ₦800 per term per subject for a class lesson plan or ₦2,000 per session per subject for a class lesson plan, ₦300 for Termly Questions and Answers per term, ₦500 per term or ₦1,300 per session for lesson notes (lesson notes are currently exclusively sold by EduPodia on TermlyPlan), ₦1,000 for Post UTME Questions and Answers, ₦3,000 for video lessons, etc. Again, these are just suggestions, you are at liberty to set any price for your resources.
- Use Charm Pricing: Research has shown that charm pricing works. What exactly is charm pricing? Charm pricing is the use of “.99” or “99” at the end of the price to reduce the digit on the left – so ₦1,299 instead of ₦1,300 or ₦4,999 instead of ₦5,000. I’m sure you know why? A product priced at ₦4,999 looks cheaper than that priced at ₦5,000 even though the difference is just ₦1. The trick is reduce your price by just ₦1.
- You Are In The Driver’s Seat: At TermlyPlan, you are the boss and you decide how much to price your product. Don’t let anyone make you feel uncomfortable about your product’s price. Let your conversion rate be the judge. If your conversion rate is low, you can go back and adjust your price by lowering it a bit and test the market again. Just do what you want. Like seriously? Yes, do you.
Rome wasn’t built in a day, so don’t let the issue of pricing paralyze you and prevent you from taking action today. Just start and make adjustments when necessary. Click Here to get Started.