How does pricing work and how should I set my prices?
Since 2013, ComeUp has offered services based on a starting price, to which may be added additional options, for a fee so the buyer can benefit from a more comprehensive service than the basic offer. The average basket price has continuously increased, reaching over $100 (EXCL. VAT) in November 2024. Many sellers reach over $1,000 in monthly revenue thanks to this system.
We encourage sellers to set their pricing to ensure they earn more than the local minimum wage in the country they reside in. Sellers fix their prices and their delivery times. They must always set their prices to ensure they earn at least the local minimum wage for their country of residence, if not more.
How do I set a $5 starting price?
Since 27/11/2024, the $5 starting price is no longer available. The minimum starting price is now $15. These $15 correspond to around one hour of work in many countries. We now consider it the minimum cost of a service with a minimum added value. If you live in a country with a minimum wage above $15, you should set your prices accordingly. So, you earn more than your local minimum wage.
What is the best way to choose your prices?
You have multiple possibilities. Each has advantages and inconveniences and will depend on your positioning strategy, the type of buyer you're targeting, and the nature of your services.
1️⃣ Display a low starting price, like $15, and offer options to increase the purchase price
👍 Advantages
- If your option system is well-designed, the buyer will be interested in more expensive options, enabling them to access a more complete service.
- If your $15 service offers a real added value for good reasons, you will certainly receive many orders. You can earn a lot of money by completing it many times. Be careful of your hourly rate!
👎 Disadvantages
- Your service will appear as "From $15" in the listings if you've chosen a $15 starting price. This can devalue your service if you target buyers with a bigger budget. It's hard to imagine a client with a $1,000 budget to create a website clicking on a service that starts from $15.
2️⃣ Display a higher starting price, over $100, for example, to offer a more comprehensive service.
👍 Advantages
- A more expensive service is a more complete service with added value. In general, options are less necessary for these services. The buyer will have a service they can readily order without going through options and losing time.
- You're positioning yourself amongst the other premium sellers by starting with a higher starting price.
👎 Disadvantages
- Your service needs to be perfect to sell for a high price. You also need to show you have experience in your area of expertise. Otherwise, you'll have trouble selling yourself.
3️⃣ How to go even further?
Know that with the ComeUp Plus Premium plan, you can also offer a service with a recommended option in addition to the basic offer. It's an excellent way to suggest the right option to buyers and sell at a higher price.
Last thing, custom offers. This method only works if a buyer comes to ask you questions. To quickly create a sale and after understanding their needs, you'll be able to make a direct offer for a fixed price without them having to choose any options. It's quick and easy. In that case, the service is only your display with price examples. But in the end, you offer them the price that works for both of you.