Hello, hello! It’s Mimismusk here. I hope everyone’s okay and staying safe.
Today I am going to talk to you a little bit more about a subject I have touched on before, which is pricing.
It’s often a question I get asked by new sellers on the site - how to go about fixing their prices. And I think you have to be flexible with it. If you’re a newbie, I think you have to understand that perhaps you’re not going to be able to charge the prices that some of the other girls who have been on the site longer are charging.
I think that’s quite an obvious statement, but I see a lot of people trying to run before they can walk. And until you’ve built up a client base it’s not as easy to charge the prices that you would like to. I’m not saying that you should not know your worth, I think everyone should, that’s very important, but you have to build up, as with any business, your client base.
When starting out I would say aim at a reasonable market, but don’t be too cheap.
As I say, you do need to know your worth. And if you are undercutting all the other girls on the site, that’s not benefitting anybody. There are so many different types of people and they all have different needs and they’re not all going to want what one particular girl is selling just because she’s the cheapest.
So that then potentially makes other girls look expensive when they’re really not, it’s just that something is being sold at bargain basement price. We don’t want to do that; we want to make sure there is room for everybody on here and everybody is having a fair experience and it’s a fair market. I think that’s really important.
You can look at different ways to justify your pricing or to cut costs and what have you.
There are lots of different types of sellers and buyers. Some buyers are looking for very discreet packaging, perhaps they are not living alone, they might want a plain envelope with nothing distinguishable on it at all, so obviously that’s going to keep your costs down on shipping.
But then there are other people who this is a real treat for them, so you may want to get some lovely boxes, I’ve got some really nice little bags, pink - really soft pastel pink bags - they’re sort of shipping bags and they’re sealable as well so I can put things in there. Or sometimes I’ve used little boxes if it’s a special item. You can put tissue paper in there, and I always include a little note and they get a little kiss from me. That’s a way you can alternate your pricing structure, by different costs and outlays, as it were.
There are plenty of ways that you can elaborate on your unique selling point and you can justify your pricing through various ways. I think as long as we are all looking out for each other and not trying to undercut, the whole site will benefit from it – buyers know what they’re getting and that there’s a general high quality across the board. If people want to have individual items that they specifically want then you’re going to build up that relationship and they will not be afraid to ask you for those.
I hope that’s given you a little more insight into pricing structures. Stay safe guys.