Wednesday, August 11, 2010

Wednesday Wisdom

My Wednesday Wisdom:
Increase the price of your highest value item by 25%, or create a new item for your store that costs 150% more than anything else in your shop.

If you have a higher priced item in your store it makes your lower priced products look more attractive to buyers. This is because most people avoid the cheapest items and the most expensive ones, they like to fall somewhere in the middle.

This technique is called Price Anchoring. Even though you will probably not sell any of your highest priced items, just having it in your shop will increase the sales of your lower priced products.

Make sure that this high-priced item is very visible in your store, put it in your featured items or at least on the first page of your listings, and watch as it helps you sell more!

Play along with us and share your knowledge. Leave a link to your Wednesday Wisdom (not your whole blog, just the individual post please) below in Mister Linky.

For more information on how to play visit this post

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12 comments:

  1. Karyn August 11, 2010 at 5:08 AM

    Interesting idea. I will have to keep that in mind if I ever set up a store for my glass fused cabochons or beaded pieces.

    Karyn

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  2. zsazsazsuAugust 11, 2010 at 7:01 AM

    Very interesting marketing info !

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  3. Lucie TalesAugust 11, 2010 at 8:05 AM

    Wow, interesting...I'm gonna try that! Thanks :D

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  4. HelmitarhaAugust 11, 2010 at 9:27 AM

    Great tip! Thank you for sharing! ;)

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  5. Deb (Two Cheeky Monkeys)August 11, 2010 at 12:16 PM

    Now this is something I would never have thought of doing! I will try it for sure - thanks for sharing. :)

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  6. matchstickgirlAugust 11, 2010 at 12:24 PM

    definitely
    it has been on my mind for a while
    well said

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  7. RandomlyGeneratedAugust 11, 2010 at 5:02 PM

    Ooh, that's kinda what I do with my peg people! I have large sets listed (e.g. all eleven regenerations from Doctor Who), but mainly sell individuals or pairs. Glad to see I'm going about it the right way!

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  8. HollyAugust 11, 2010 at 5:07 PM

    Great idea. Thank you for hosting.

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  9. KalliaAugust 11, 2010 at 7:20 PM

    Very clever idea!!!! I added a tiny wisdom too :))

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  10. creationsbyeveAugust 11, 2010 at 7:51 PM

    interesting!

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  11. vadjutkaAugust 15, 2010 at 11:14 PM

    Thanks for this tip, I will try it!

    This series is such a great idea - I will play along next week for sure!

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  12. Teresa @ good-graceAugust 18, 2010 at 2:00 PM

    fascinating!! I'd never thought about this before...

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