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Are you pricing your products at a loss? 🤔 Four steps to follow when dealing with print-on-demand product pricing + a REAL example of the whole process at the end! 📋
📣Checklist and resources:
STEP ONE: ASSESS YOUR PRODUCT COST 00:53
1. DESIGN COSTS
🧬 DESIGN PRICE / NUMBER OF DESIGNS YOU PLAN TO SELL = DESIGN COST PER PRODUCT
🧬 DESIGN PRICE / YOUR PROFIT MARGIN = MINIMUM ORDERS TO SELL
🧬 YOUR HOURLY RATE x HOURS SPENT ON THE DESIGN = DESIGN PRICE
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2. PRODUCTION COSTS
📍 Printful Products page: http://bit.ly/2p9mvUr
3. SHIPPING COSTS
🧬 YOUR RETAIL PRICE + PRINTFUL’S SHIPPING RATE = YOUR RETAIL PRICE WITH FREE SHIPPING
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5. PLATFORM FEES PER ORDER
STEP TWO: ADD A PROFIT MARGIN 04:42
🧬 PRODUCT COST + PROFIT MARGIN = RETAIL PRICE
STEP THREE: ADD UP OTHER COSTS 05:24
🧬 OTHER MONTHLY COSTS / YOUR PROFIT MARGIN = MINIMUM ORDERS PER MONTH
STEP FOUR: REVIEW YOUR PRICES REGULARLY 06:22
PRICING A PRINTFUL T-SHIRT: EXAMPLE 09:23
📍 Excel sheet example: http://bit.ly/35hujbB
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About this video:
Product pricing is one of the most important decisions you have to make for your store. It covers everything from your business finances to your product’s place in the market—and it’s not a decision that you’re only gonna make once. Remember that there is no one perfect way to price your products, and there certainly isn’t a perfect price I can just go out and share with you. Each case will be different, but in this video I will show you how to approach every pricing decision with calculated care.
Before you can worry about how you’re priced in relation to your competitors and how your prices meet customer expectations, you need to make sure you’ve found a sustainable base price. That’s why you need to assess your expenses. Your retail price should consist of all of your product costs plus your profit margin. Your product costs may include designing, production and shipping costs, as well as taxes and platform fees per order. You can adjust your profit margin as you see fit and what your competitors dictate, but be sure to take in mind other costs and calculate the minimum number of orders you have sell to cover them. When you have this process set up, you can move on to step four—reviewing your prices.
Use strategies like market or competition-oriented pricing, demand or dynamic pricing, anchor pricing, discount pricing or penetration pricing.
It’s tempting to sit back and leave your prices as they are, but that would be a mistake. Demand for your products might rise or decrease, some additional product costs may come along and your retail product price should always change as a result. The work has just begun, but you’re on the right path.
Come back to your product pricing strategies on a regular basis—go over your product costs and see if there have been some changes, try out something new and keep up the good work.
#printful #printondemand #profitmargin