Tuesday, May 24, 2011

Pricing Products on Teachers Pay Teachers

You have slaved over your product for days, maybe even weeks or months. It is a wonder to behold  - teaching gold for anyone who might be lucky enough to purchase it. And despite the fact that this amazing piece of work is truly priceless, you must do the impossible - you must in fact,  price it.

There are many things to consider when pricing a product. Obviously, you don't want to over price or no one will buy. But under pricing is also not a good idea. When sellers drastically under price their products, many buyers just assume the product is garbage. Further, you really do sell yourself short when you under price - you worked hard, you deserve compensation. What bothers me the most about sellers who under price is that it hurts all of us. If everyone did it, TpT would turn into a giant dollar store and that is not going to help any of us.

Here are some questions to ask yourself when setting a price:
  • How large is my product - how many pages/slides are included?
  • How much use will a buyer get from my product can it only be used once a year (a Halloween word search, for example) or can it be used again and again through out the year?
  • How much time and money did I put into this product? Did I pay for clip art?
  • What are similar products on TpT selling for?
  • Who am I marketing to? If you happen to be a K-1 seller, you can probably price a little higher than those who are selling for the older grades. 
  • Is it important that my product be featured in the $5.00 and under store?
  • What would a similar product cost if it were purchased at an educational book store?
  • How much, realistically, would a teacher be willing to pay?
I create mostly worksheets for grades 3-6 and my personal rule of thumb is about .20 a page. This would mean that a 20 page product would sell for about $4.00. However, some of my best selling products are priced higher while some of my less popular products are less expensive. My products used to be less expensive, but I started raising my prices a few months ago and found that sales did not fall. Remember that the price of your product does not have to be static. If it isn't selling, you can lower it and if it seems like it is selling a lot, you could try increasing the price a little and see if your sales continue.

5 comments:

  1. I like your comment that pricing does not have to be static.
    I price most of my items on a scale I developed myself (which is not too rigid). I have an A, B and C class product and three rough price ranges. When making a product I think about wether it is an A, B or C - A being my most expensive. I consider pages, graphics (& how much I paid for them) and also how long the resource took me to develop. I also consider the market and how common my resource type is. It seems to have served me well so far :)

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  2. Your blog looks great, and it is action packed with great instructions and advice. Even us "oldies" can pick up some new ideas here. Congrats on a great job!
    Amy (aka Science Stuff)
    http://sciencestuffbyamy.blogspot.com/

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  3. Melanie - I really like your idea of grouping your products by class. Thanks for sharing it!

    Thanks Amy...I'm hoping it will evolve into a really useful resource!

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  4. I frustrates me when price there products so low. What is the purpose for pricing a 25-slide power point for only $1.50? I don't get it.

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  5. I created a Teacher's Planner..It is about 18 Pages..How much do i put price on it?

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