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#1 of 437 Store Tips: Pricing Strategy

November 10, 2009 in Photojunction Store by Danny | Comments

How to price your templates? Is pricing always the most interesting topic?

Undercut? Over the top? You’re a photographer, so you know how to charge ;)

Well I think there’s an argument for quite a few approaches so I’ll give you a few facts to help set your price.

- The mean sale in the Store has been about $37 US dollars.

- The median is $35 US dollars.

And there seem to be two sweet spots to get volume, $25 and $50.

Of course, there are exceptions, with some templates listed for $150 – $180. Maybe you don’t need to sell much to be happy at those prices?

More tips to come.

Danny (the statistician)

PS. Please ask me the difference between mean and median ;)

 

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    • okay Danny - how could the median be $35 if you have ones going for $150? isn't median the number in the exact middle? Mean is the average calculated by taking the sum, divided by the number of entries - no?
    • A chance to show off!

      Mean = "total sales" / "# of sales"

      Means can be susceptible to outliers, like the $180 templates ;-)

      Median = sort the sales in ascending order, pick the 'middle' number.

      Two slightly different ways of looking at data.

      HTH
      Danny
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