Top 10 Insanely Overpriced Products That Still Sold Like Hotcakes
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- Опубліковано 8 гру 2021
- Diamond jewelry, Starbucks, movie theatre popcorn. What do these items have in common? They're all ridiculously overpriced - and insanely popular. Today, I want to share with you 10 of the most overpriced, and highly purchased, products on the market. I wanted to do this video because these products actually tell us a lot about how WE can price our own products as business owners.
A challenge that I know we face ALL the time is finding that perfect price for our products, right? You’re not alone. Product pricing anxiety is a very real thing - there’s so much baggage attached to it, and how do you even begin to attach a monetary value on your skills and time?
We worry that if we price too high, customers won't bite. So instead we price our products as low as possible, which ultimately undervalues our work and we don’t make enough profit to keep our business afloat.
So today, I'm going to help you debunk the myth that expensive equals unsellable.
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Encouraging! Reminds me of when I used to do flea markets. There was a vintage stained glass sun catcher that I had priced at $1. It didn't sell for months. One day I put $6 on it, and it sold that day!
Pricing definitely has a psycological element to it!
Nike sneakers - totally about the name. Wearing them isn't going to make you better at playing basketball and most people who buy them aren't going to dirty them up by playing in them anyway! To add to a previous comment - I once added keychains to my products and was selling them pretty much at cost for about $5. They sat on my table for 3 shows. Then I learned a better way to get a starting point for my pricing and priced them at $15. Now they are one of my more popular items. I also had to learn that not everyone is "my" customer. My items are not for everyone and I don't need (or want) to sell to "everyone", and that's perfectly ok!
Say it louder for the people in the back! That is a HUGE lesson to learn and one that so many people get stuck on. You're not going to be for everyone, and that's how it should be! 💖
Printer ink rates high in my book. After. I finally dared to order the much cheaper recycled cartridges, I waited for the bad things to happen that the printer manufacturer warns about if we don't use their expensive products. Never happened and I've been using the cheap stuff ever since.
Glad you found a more affordable alternative!
Always the best! Thank you for sharing❤️
I'm so happy to hear that! Thank you so much for watching!
I think Apple products in general are overpriced. But since they're selling themselves as "high end brand," it works for them. I'm slowly raising my prices again because cost of stuff has been going up, and I'm comfortable to market my products as more high-end/luxurious :)
As you should be, Stan! It's all in the marketing and the belief a brand has in itself.
Apple is not that overpriced but Swiss watches are very overpriced.
I really enjoyed watching your!
Keep up the excellent work!
I'm looking forward to another awesome video!
Take care and stay in touch! 🦋🙏🦋
Thank you so much! I appreciate you watching!
I've been watching your videos ever since I've launched my business March of this year. You've helped me a lot
That makes me so happy to hear!! I'm so happy that you are here. 💖
Wonderful video as always 💖
Thank you so much, Tinisha!
The Tiffany paper clip--that’s going to be my go-to the next time I think about what to charge for my soap.
Absolutely!!
I guess i’m so bad at marketing because i simply dont fit that standard myself🤣🤣 no brand foods, no designer clothers etc here🤣🤣🤣🤣
With marketing you have to find a way to express a need that you are filling, then you just need to find that people that have that need.
Great advice! Thank you.
You are so welcome! Thank you for watching!
Very helpful, thank you!!!!
I'm glad to hear it - thank you for watching! 💖
Very helpful video! I often have trouble increasing prices to showcase value rather than cost of making. What would you suggest is a good testing ground for pricing strategy, Mei? Etsy seems to be a bad one for this purpose. Where else can I test out my prices before making them official? Or do you suggest just going with it and course correct, if necessary?
Have you seen my pricing formula yet? You can check it out here, plus get a plug-and-play calculator to help you: www.creativehiveco.com/pricing-handmade-items-guide/ Start there, then I would just pick your price and course correct if necessary. Otherwise you're just wasting valuable time.
Pandora bracelet charms - generally overpriced for mass-produced gewgaws.
Hilarious. I once bought a $50 lipstick. The next day my dog got into my purse and ate it. Lol. Never again…
Aww..that's really sad! :(( Your dog has got some expensive taste though. Lol!!
Another great video, Mei!
Thank you so much, Brandon!
@@CreativeHiveCo You're very welcome, Mei!
Interesting video Mei, I've been contemplating raising my prices because generally everything has gone up, especially freight. Will these prices every go back down again to pre-covid prices? That is a difficult question to answer. Do you have any thoughts in that area? Also people seem to want 'free shipping' so this has to be included in the pricing.
I honestly can't say, Julia, which makes it really tough. But you do need to price accurately for what it's costing you NOW and not what it will cost you at some later point.
Dry Beige Circles, mmm, delicious! Take my money! 😂
😂 Everyone's childhood favorite!
Hi Mei, great 8nfrirmative fun facts video. But talking about serious things. You have been teaching us to sell not for the price of x dollars, but focus to sell the the value (not cost). So two questions. How to calculate (or even eyeball) the cost of the item production( time and materials) , marketing and shipping expenses. And are there any aggregators who can show us free analytics on average cost of the items in our niche? Eg ETSY… Thank you.
I have a whole playlist of videos on pricing that you might find helpful! ua-cam.com/video/H3r9M3QhnNQ/v-deo.html
Cool!
Thanks so much for watching!
I work for a cafe (not stabucks) and our cafe branded tumblers are just insanely overpriced. It is three times the price of the same tumbler, from the same manufacturer in a different store without the brand mark of our cafe.
Yup, that's what brand recognition can do for you!
Good job.
Thank you so much, Mary! I appreciate you watching!
Certain name brand cleaning products!
YES! That's a great example.
The diamond cartel isn't called a cartel for no reason. If I were to have the money, I prefer a coloured stone such as ruby, sapphire or emerald instead.
Thank you for sharing your thoughts, Frederica!! ❤️
❤️❤️❤️
Thanks so much for watching!
I know a woman with a handmade jewelry business and I think she has priced high to do the very things you are talking about. She wants her products to seem high end, high quality, etc. I however think she has priced too high, because I make things myself I know how much work and cost go into it. Not to mention, they aren't really that impressive. I think she could drop all of her prices by at least $10 and still feel high end and she would probably sell more. But then again maybe I'm not her target market. ☺️
It sounds like this person is trying to build a high-end brand, and if she's making sales, then what she's doing has to be working for her. It sounds like it's not your thing, which is totally fine!
The Chanel Advent Calendar
Ooooo good one! So many of those advent calendars!
I hate Starbucks :-D Thanks for the video
🤣 I think people are either very pro- or very anti-Starbucks!
@@CreativeHiveCo 😀I live in Switzerland, so it's even more expensive and overprized here!
So yay it’s cheaper to buy a new printer rather than more ink
🎉❤
lmao the kpop fans are nuts