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How To Price Your Product for Profitability | Kenn Kelly
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WooConf
October 20, 2017
Business
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How To Price Your Product for Profitability | Kenn Kelly
WooConf
October 20, 2017
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Transcript
BECOMING PROFITABLE @kennkelly @kenn_kelly neversettle.it
COUNT THE COST @kennkelly @kenn_kelly neversettle.it
SHIPPING @kennkelly @kenn_kelly
RETURNS @kennkelly @kenn_kelly
TIME @kennkelly @kenn_kelly
@kennkelly @kenn_kelly
Because the purpose of business is to create a customer,
the business enterprise has two–and only two–basic functions: marketing and innovation.” ~ Peter Drucker @kennkelly @kenn_kelly
Because the purpose of business is to create a customer,
the business enterprise has two–and only two–basic functions: marketing and innovation.” ~ Peter Drucker @kennkelly @kenn_kelly
@kennkelly @kenn_kelly
@kennkelly @kenn_kelly
WHY THIS MATTERS @kennkelly @kenn_kelly
WHY THIS MATTERS ALEXA RANK Market Share % Total Revenue
Avg $Rev/Site 1-10K 1% 34% $12,070,000 @kennkelly @kenn_kelly
WHY THIS MATTERS ALEXA RANK Market Share % Total Revenue
Avg $Rev/Site 1-10K 1% 34% $12,070,000 10K-500K 51% 63% $3,195,000 @kennkelly @kenn_kelly
WHY THIS MATTERS ALEXA RANK Market Share % Total Revenue
Avg $Rev/Site 1-10K 1% 34% $12,070,000 10K-500K 51% 63% $3,195,000 500K-1M 48% 3% $21,000 @kennkelly @kenn_kelly
There are over 12 million eCommerce stores. Yet ONLY 650K
are selling more than $1K annually! @kennkelly @kenn_kelly
THE FUTURE OF RETAIL @kennkelly @kenn_kelly @kennkelly @kenn_kelly
RETAIL @kennkelly @kenn_kelly
RETAIL @kennkelly @kenn_kelly
RETAIL @kennkelly @kenn_kelly
RETAIL @kennkelly @kenn_kelly
@kennkelly @kenn_kelly
WHEN? @kennkelly @kenn_kelly
PRE-INNOVATION @kennkelly @kenn_kelly
LONG TERM THINKING @kennkelly @kenn_kelly
DURING INNOVATION @kennkelly @kenn_kelly
SET IT AND FORGET IT! @kennkelly @kenn_kelly
The paradox of choice: TOO MANY GOOD OPTIONS? @kennkelly @kenn_kelly
POST INNOVATION @kennkelly @kenn_kelly
MOBILE DESIGN & DISTILLATION @kennkelly @kenn_kelly
@kennkelly @kenn_kelly
@kennkelly @kenn_kelly
@kennkelly @kenn_kelly
A/B PRICE TESTING @kennkelly @kenn_kelly
A/B PRICING CRITICS @kennkelly @kenn_kelly
CUSTOMER ENGAGEMENT @kennkelly @kenn_kelly
ORGANIZATION @kennkelly @kenn_kelly
@kennkelly @kenn_kelly
@kennkelly @kenn_kelly
@kennkelly @kenn_kelly
PRICE A $87 PRICE B $137 @kennkelly @kenn_kelly @kennkelly @kenn_kelly
PRICE A $87 VIEWS 1,726 PRICE B $137 VIEWS 1,817
@kennkelly @kenn_kelly
PRICE A $87 VIEWS 1,726 CART 107 PRICE B $137
VIEWS 1,817 CART 73 @kennkelly @kenn_kelly
PRICE A $87 VIEWS 1,726 CART 107 CHECKOUT 56 PRICE
B $137 VIEWS 1,817 CART 73 CHECKOUT 35 @kennkelly @kenn_kelly
PRICE A $87 VIEWS 1,726 CART 107 CHECKOUT 56 PURCHASE
41 PRICE B $137 VIEWS 1,817 CART 73 CHECKOUT 35 PURCHASE 29 @kennkelly @kenn_kelly
PRICE A $87 VIEWS 1,726 CART 107 CHECKOUT 56 PURCHASE
41 REVENUE $3.6K PRICE B $137 VIEWS 1,817 CART 73 CHECKOUT 35 PURCHASE 29 REVENUE $4.1K
PSYCHOLOGY OF PRICING @kennkelly @kenn_kelly
REVENUE PROFIT @kennkelly @kenn_kelly
PROFIT > REVENUE @kennkelly @kenn_kelly
“...marketing and innovation.” @kennkelly @kenn_kelly
@kennkelly @kenn_kelly neversettle.it FREE RESOURCES NEVERSETTLE.IT/RESOURCES