I was reading this post and it got me thinking about how I should or could price the ties that I’m going to start selling.
I’ve thought a lot about this and I keep coming back to a price point of $25. It will mean that the tie will cost a little bit more than an average tie and not too much more so that my target market will still be willing to buy them before they get to $30.
After reading the post from Seth, I think that doing something a little different could be better for me. I think that the ties which are more popular could get a price of $26-27 and some of the less popular could be priced around $23-25. I don’t know if this is going to stick, but I’d like to try it. Figuring out which are most popular might take some time of just pricing them all at $25 and see how things go.
Or, maybe I just make a guess and go from there.
This is a difficult one. Difficult because I could do just the opposite and charge less for the more popular ties and more for the less popular.
I’ve also thought about just having a random/lottery style purchasing system. When a person decides to purchase a tie, then, after the credit card info is entered and the “accept” button is clicked on, the price of the tie comes up. I would lay out the parameters beforehand and say that you can expect to pay somewhere between $19 to $27, but you won’t find out until after you pay.
Any comments about that idea? Good or bad?