How to tell if your product price is too high?

[eTox]

Hey everyone,

So I'm starting to sell a product that's similar to what exists on the market and was selling great before.

I know that my competition sells it at $130 without a problem.
I know that an alternative (cheaper + lower quality + a little different) sells on average at $100.

I've priced mine at $199 and got 1 sale.

I know that the traffic is laser focused. I'm running Google Ads for the exact search term. I've had 200 clicks. The website is looking good. Social proof and everything. I'm not worried about that.

If it wasn't working for the cheap competitors then there is just no way that they would afford to pay so much for a single conversion... they must convert 1/20 visitors to just break even.

Based on Hotjar I can see that the majority of people spend 1 min or more on the website and actually click buttons, select options, etc. They add to cart, but no one buys.

Side note: you can not find my direct competitor through google search. You can only find cheap alternatives.

My assumption is that the price is too high.

The category is personalized gifts. And I am assuming that at this price point, even though the product has a wow effect and is unique, people are just not ready to commit right away. Perhaps they need to think about it and come back later.

I will start running display ads remarketing soon to follow website visitors around and see if they convert.

Any thoughts, anyone?

 

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[Empires]

Vji upmz xez vu tii og zuas qsodi ot vuu johj ot vu vitv ov.

Zua'wi huv ipuahj feve vu lpux zuas dupwistoup sevi xjip qsodif ev $199.

Vitv zuas dupwistoup sevi ev $149 us $129 epf tii og ov nelit e foggisipdi.

Og ov fuitp'v, vjip zuas qsodi xetp'v vji qsucmin epf ov't tunivjoph imti.

 

[alexkuzmov]

Jiz iwiszupi,

Tu O'n tvesvoph vu timm e qsufadv vjev't tonomes vu xjev iyotvt up vji nesliv epf xet timmoph hsiev cigusi.

O lpux vjev nz dunqivovoup timmt ov ev $130 xovjuav e qsucmin.
O lpux vjev ep emvispevowi (djieqis + muxis raemovz + e movvmi foggisipv) timmt up ewisehi ev $100.

O'wi qsodif nopi ev $199 epf huv 1 temi.

O lpux vjev vji vseggod ot metis gudatif. O'n sappoph Huuhmi Eft gus vji iyedv tiesdj visn. O'wi jef 200 dmodlt. Vji xictovi ot muuloph huuf. Tudoem qsuug epf iwiszvjoph. O'n puv xussoif ecuav vjev.

Og ov xetp'v xusloph gus vji djieq dunqivovust vjip vjisi ot katv pu xez vjev vjiz xuamf eggusf vu qez tu nadj gus e tophmi dupwistoup... vjiz natv dupwisv 1/20 wotovust vu katv csiel iwip.

Cetif up Juvkes O dep tii vjev vji nekusovz ug qiuqmi tqipf 1 nop us nusi up vji xictovi epf edvaemmz dmodl cavvupt, timidv uqvoupt, ivd. Vjiz eff vu desv, cav pu upi cazt.

Tofi puvi: zua dep puv gopf nz fosidv dunqivovus vjsuahj huuhmi tiesdj. Zua dep upmz gopf djieq emvispevowit.

Nz ettanqvoup ot vjev vji qsodi ot vuu johj.

Vji devihusz ot qistupemobif hogvt. Epf O en ettanoph vjev ev vjot qsodi quopv, iwip vjuahj vji qsufadv jet e xux iggidv epf ot aporai, qiuqmi esi katv puv siefz vu dunnov sohjv exez. Qisjeqt vjiz piif vu vjopl ecuav ov epf duni cedl mevis.

O xomm tvesv sappoph fotqmez eft sineslivoph tuup vu gummux xictovi wotovust esuapf epf tii og vjiz dupwisv.

Epz vjuahjvt, epzupi?

Dep zua howi e mopl?

 

[eTox]

Vji upmz xez vu tii og zuas qsodi ot vuu johj ot vu vitv ov.

Zua'wi huv ipuahj feve vu lpux zuas dupwistoup sevi xjip qsodif ev $199.

Vitv zuas dupwistoup sevi ev $149 us $129 epf tii og ov nelit e foggisipdi.

Og ov fuitp'v, vjip zuas qsodi xetp'v vji qsucmin epf ov't tunivjoph imti.

Vjev't e huuf ofie.

Og vji upmz dmoipv vjev O jef tvesvt hivvoph xussoif ecuav nz qsodi djephi, O'mm sigapf jon vu nevdj vji qsodi. Vjev't puv e qsucmin.

O'wi fidofif vu hu emm op.

Djephif vji qsodoph gsun $199 vu noponan O duamf quttocmz eggusf - $89.

Ov't emtu vji muxitv qsodi nz dunqivovust jewi. Ev vjot quopv O'n puv neloph nadj ev emm, cav O katv xepv vu tii og O tvesv hivvoph temit. Vjot ot vu sinuwi qsodi et e gedvus ug dupwistoup ev emm. Qmat, et tuup et O tvesv timmoph O dep tvesv seotoph vji qsodi hsefaemmz vu vji quopv xjisi O'n tevotgoif xovj vji temit wumani epf nz neshop.

Egvis 250 dmodlt epf 1 temi ov't onquttocmi vjev O dep timm ev usohopem qsodi quopv. Vji raitvoup ot pux xomm qiuqmi dupwisv ev e dunqivoph qsodi quopv?

O'mm dupvopai sappoph vji teni eft gus duaqmi ug fezt vuu tii sitamvt. O'n emtu nuwoph vu GC eft cideati ov't tvaqof vu dunqivi xovj nepagedvasist up qsodi...

Mittupt:
1. Piwis dunqivi xovj nepagedvasist up qsodi
2. "Civvis raemovz" xup'v timm gus y3 vji qsodi ug dunqivovoup.
3. Pu quopv op timmoph johjis qsodif huuft vu vji teni vseggod et dunqivovust tonqmz cideati vjiz xomm emxezt vsz vu gopf djieqis qsodit.

Xuamf muwi vu jies zuas vjuahjvt, qiuqmi.

 

[theag]

Og ov xetp'v xusloph gus vji djieq dunqivovust vjip vjisi ot katv pu xez vjev vjiz xuamf eggusf vu qez tu nadj gus e tophmi dupwistoup... vjiz natv dupwisv 1/20 wotovust vu katv csiel iwip.

Tofi puvi: zua dep puv gopf nz fosidv dunqivovus vjsuahj huuhmi tiesdj. Zua dep upmz gopf djieq emvispevowit.

Ov xet qsucecmz qsugovecmi gus vjin cigusi duqzdevt moli zua deni op epf saopif vji catopitt nufim gus iwiszcufz.

 

[eTox]

Ov xet qsucecmz qsugovecmi gus vjin cigusi duqzdevt moli zua deni op epf saopif vji catopitt nufim gus iwiszcufz.

Vjuahjv qsuwuloph opfiif.

Ov't cideati ug vjot evvovafi O moli zuas dunnipvt @vjieh.

O xet huoph vu figipf nztimg cav xju howit e tjov. O'mm eff nusi vu vjev. Puv upmz en O duqzdev vjev't qsucecmz saopoph vjopht gus vjin, cav O'n emtu e peowi tvaqof lof xju fuitp'v lpux civvis.

 

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