How to Price Your Products (on Etsy)

Рет қаралды 35,740

Күн бұрын

In this video, I talk about price vs value, and different pricing strategies you can use for your Etsy Shop.
0:00 Intro
0:32 Know Your Costs
2:18 Price vs Value
3:48 Know Your Competition
4:26 Don't Compete on Pricing Alone
5:19 Can Prices Be Too High?
6:34 Losing Customers MIGHT Be Okay?
7:42 Pricing is Only 1 Ingredient
----------------------------------
www.epidemicsound.com/referra...
Things I Use:
Silhouette Cameo 4
Amazon (US): amzn.to/3frmsPd
Amazon (CA): amzn.to/3oE1vFf
Canon G3260
Amazon (US): amzn.to/3oSTLRy
Amazon (CA): amzn.to/3FyS41I
Sticker Paper
Amazon (US): amzn.to/3yoLzeb
Amazon (CA): amzn.to/3v2IBKg
Dymo Label Writer 450
Amazon (US): amzn.to/3eVExG4
Amazon (CA): amzn.to/3eZGDoF
Rocket Blower
Amazon (US): amzn.to/3uUMmS2
Amazon (CA): amzn.to/2S1UHos
----------------------------------
Keep in touch!
/ imtimkoa
/ imtimkoa

Пікірлер: 42

@ComedorDelrico Жыл бұрын

Sometimes you can actually increase sales by increasing prices. A friend of mine was selling hand dyed items - mostly shirts - on Etsy and she had some backpacks on her store that weren't selling at all. She raised the price on the backpacks from $25 to $40 and they sold out immediately. Having a low price made customers think her products were of low quality. I think this is especially true with online shopping where we can't handle & touch the items before buying to evaluate the quality. When the price is too low, the customer perceives the item as low quality.

@rg36inlove 2 жыл бұрын

I like this channel. He’s totally down to earth, easy to listen to, makes very common sense points. I rarely comment but I found this channel this morning and I’ve been binge watching. He’s information is very, very useful and he is calming. I own multiple business and my industry is fast paced. I’ve been a successful entrepreneur for 30 years and he’s reminding me of all the intelligent basic principles of business. It’s helping me decompress and focus at the same time, as I work out a plan to start the next company. Thank you! I’m hoping to either find a video from him on his thoughts on his channel growing so fast or have him produce one soon.

@Buzzyinmich 2 жыл бұрын

I appreciate this video. I recently launched my Etsy shop and I am in the upper tier of pricing. I am making custom tumblers, and using very high quality materials. Yes it is far more than the average shop, but I take a great deal of pride in the quality of the workmanship. I really did appreciate this video and gave me the reassurance I needed. Thanks!

@1Letter23Numbers. 2 жыл бұрын

People on etsy and other market places seriously underpay themselves and undervalue the cost of their goods and their labor. If your goal is just side income maybe you aren't too worried that after making 100 stickers in 3 hours you paid yourself $15 after all expenses were taken into account. But ask yourself, is your time only worth $5 an hour? It's just something to consider when setting your prices. If you're making a quality product, sticker or artisan goods, it's ok to charge a fair price that includes paying yourself a reasonable wage. Minimum wage in some areas is at least $7.25, and I wouldn't work for less than that to work from home in my jammies 😀

@amydillardGypsySoul 2 жыл бұрын

Great advice Tim- and I would just add that pricing on the higher end leaves you a lot more options. You can have a sale when you need to stir up business, and still make money. You can also consider wholesaling to a retailer who will need to buy lower than retail so they can take the markup as their profit. I used to have a wholesale manufacturing business and I think a lot of direct-to-consumer sellers don't add this layer to their retail price so then they can never wholesale their products and still make a profit.

@ixShArpyy 2 жыл бұрын

Hi Tim, can you make a video on seasonality? (How do the seasons impact sales) Also, what are your experiences with loss/damage order claims? Thanks!

@TimKoa 2 жыл бұрын

I'll add it to the list Isabelle! :) In general, if a product is lost or damaged during shipping, I either give customers a refund or ship out a replacement. This is something I count as an extra cost that I take into account for with my pricing. Hope that helps :)

@ixShArpyy 2 жыл бұрын

@@TimKoa Thanks for the response and videos Tim!!! :)

@hershey50317 Жыл бұрын

Could you do an episode where you show us how you go about packaging and how you ship your items in terms of printing out shipping labels or how you do it?

@captjohnny Жыл бұрын

WOW! Finally, someone who understands the link between "value" and "pricing" and "branding" (IMHO one needs all 3 for a higher price)...Many thanks!

@misosoupafly 2 жыл бұрын

I really enjoyed how you broke down all the different aspects of pricing, really help give it a new perspective. Appreciate your insight! 🙂

@TimKoa 2 жыл бұрын

Thanks for watching :)

@xobananaboo3810 2 жыл бұрын

I’m starting to doubt myself. I opened a small sticker shop on Etsy too and it’s so hard to get sales. I see all these other people on here saying “wow I launch yesterday and woke up to 40+ sales..” Some people favorited a few of my items and sometimes leave them in their carts but never really buy them. Sigh Love your videos. Keep those tips coming:)♥️

@michellemurray1600 2 жыл бұрын

Great advice!! thank you 😊

@nighttodawntarot8946 2 жыл бұрын

I just found your videos and they are so helpful. I appreciate you sharing!😀

@TimKoa 2 жыл бұрын

Thanks for watching :)

@ptarlow7708 2 жыл бұрын

Very good points.

@danielgutierrez4832 Жыл бұрын

Thanks for sharing brother and God bless us.. Amen!

@legosnazzy 2 жыл бұрын

Great video Tim!

@TimKoa 2 жыл бұрын

Thanks for watching 🙏

@robertl.tisdale5166 2 жыл бұрын

I like how you put a lot of thought into your videos. You give us your real life experience and great information. You have inspired me to start a small home base business.

@TimKoa 2 жыл бұрын

Thanks for the comment Robert! I appreciate you! Best of luck on your business :)

@MelissaRodriguez-ut2mb 10 ай бұрын

Thanks Tim❤

@Laura-je2uw 2 жыл бұрын

That was a very interesting video, thank you! I nevertheless find it really hard to estimate prices for low cost items - like stickers. When i take everything into account i would sell for a higher price than competitors - i always wonder how these other shops can make a profit🤔 could you show a hypothetical example of a price breakdown for a sold sticker sheet - covering all costs and making profit? That would be great!

@TimKoa 2 жыл бұрын

Yeah I feel like a lot of sticker sellers do it as hobby and are not making much profit. My materials cost about $1-3 per order depending on the vender I can get my supplies from and I sell "sticker packs" for $14. I've also timed it and it takes me roughly 8 minutes to put an order together..lol

@Laura-je2uw 2 жыл бұрын

@@TimKoa great, thank you! I sell individual sheets, so taking everything into account (packaging, materials for the stickers etc) i only start to make profit from 2 sheets and more sold. But at least with 1 sheet i cover my cost😄 you are absolutely right -quite a few fellow sticker shop owners (for planner stickers) sell at so low prices that i am quite sure - they must be loosing money - if they don't sell at least 10 sheets per order. And the other good point you mentioned was, that when you sell at a very low price you get very quickly exhausted while not earning enough!

@brendamorales3366 2 жыл бұрын

Today I have 3 months and 3 weeks. When I work new niche I am super cheap, but when I see people is buying I increase prices Gradually. I got more than 1000 sales and 2k revenue with multiple strategies in my new etsy. But I wish you talk about email marketing

@TimKoa 2 жыл бұрын

Hey that’s amazing! Sounds like a solid strategy Brenda :)

@junbug111 Жыл бұрын

I work at an office supply store... and there was a USB drive in clearance for like... 5 dollars... and a customer came up to us and asked us if there was anything wrong with it--she would rather buy the more expensive ones to make sure they were okay when.... the ones on clearance were fine. Nothing was wrong with them...

@Gounesh Жыл бұрын

Here’s my mindset, which works for me: Assuming people are not selling products they won’t buy. Charge the maximum you’ll pay. While pricing, actually take of the money from your pocket. It’s not just numbers anymore. If that’s too much for you, it’s probably too much for others as well.

@elmolady25 2 жыл бұрын

Why is there no link to your Etsy anywhere?

@chanelwoffard6613 2 жыл бұрын

What’s your store name?

@guytiips3906 2 жыл бұрын

How to connect his sticker to my t-shirt brand. #Love From Thailand

@kakinoki4392 2 жыл бұрын

Do you watermark your listing photos? I know Etsy doesn't like it but I'm scared someone might steal my content.

@ElinWinblad 2 жыл бұрын

Software exists to remove copyright. If someone is going to steal it they will. Can’t do anything about that sadly

@Djamboo 2 жыл бұрын

Is it better to increase the price so you can set free shipping or lower price with shipping cost? My shipping is about 6 usd worldwide and that seems kinda too much, I'm not sure...

@courtneymichelle5746 2 жыл бұрын

I know most people would rather pay $10 with free shipping than pay $6 with $4 shipping

@Djamboo 2 жыл бұрын

@@courtneymichelle5746 And what is someone wants to get more of the same item? It would be much better to pay 12 + 4 than 20

@courtneymichelle5746 2 жыл бұрын

@@Djamboo Shipping goes up when you add more items because you’re adding more weight, so truthfully that example would probably become $12 with $8 shipping so it would still be the same price as a product thats $20 with free shipping. People just like to see that they’ll get something for free