This post will provide some guidance about how you can use pay what you want pricing effectively on your store.
Pay what you want pricing can be an effective way to market select goods on your store, but it will depend from business to business on how you use this and if you want this on select products or across your store.
In creating a strategy for your business model, it's important that you understand the difference between them. Watch this 2-minute video for a brief explanation of the difference:
We've discussed sales strategies and how to use coupons on your store, both very excellent tools. Not forgetting the new Upselling feature which has now been released, you now have several fantastic tools to help you take your store to the next level. All of these tools make it easier to manage your store, and the pay what you want configuration is also a great way of giving customers freedom in how much they pay.
How To Use Pay What You Want
This feature won't be useful for every store, but it's great for those stores who want to offer their customer base the opportunity to pay what they feel the product is worth. Because this setting can be configured on a product-by-product basis, you can use this feature for a product launch or give customers an experience of your products at a price they feel comfortable with, which is a great introduction to your brand. You can set up the pay what you want tool by creating a package and ticking this option next to the price.
With A Minimum Price
A good way of using this feature is to configure your package so there is a minimum payment that you are happy with. For example, if you want to earn $10 each time your product is sold, then setting your minimum around the amount is a good preventative measure. This means that you won't be disappointed if your average income for this product is far less than $10, because you've set a minimum! This also allows your customers the opportunity to add on a little bit more, if they think your product is worth more, and it's left entirely to the customer to decide what the product is worth.
Without A Minimum Price
This means your product will be listed as $0, and your customers can choose to purchase this for free, which means you receive nothing. This is great if that's what you want, and if a customer wants to add on a little something for your work, then it is a nice surprise for you! This can be a great way to get people to taste your product and experience your work, it can be particularly useful for script or plugin sellers. This helps you establish a customer base and once they see just how good your work or skillset is, they are more likely to return because of the quality you are delivering to them!
As always, you should be making sure that you are writing informative product descriptions so your customers know everything they need to know. If your customer gets in touch for help, you may also find this post on customer service tips helpful. With sales, coupons, upselling, pay what you want pricing, as well as creator codes, there are a ton of options available to use! If you have any questions about this feature, drop us an email at support@tebex.io and our friendly support team will be happy to help with all of your questions.