51ÊÓƵ

“Pay What You Want” isÌýaÌýhandy little tool that erases theÌýconcept ofÌýaÌýprice limit, making your shop’s pricing super flexible. What does this mean forÌýyou? ItÌýmeans that you can let your loyal customers add onto their price totals ifÌýthey admire what you sell orÌýwhat you doÌý(if you’re aÌýnonprofit).

Sell music, images, books, arts, merch, crafts, orÌýcollect donations! And along theÌýway, clear out your old stock orÌýeven fundraise forÌýaÌýgreat cause!

How “Pay What You Want” Works

“Pay What You Want” (aka PWYW) isÌýaÌýpricing strategy that empowers your customers ³Ù´ÇÌýdecide onÌýtheÌýfinal price they pay forÌýyour products.

However, “Pay What You Want” doesn’t mean that you lose control over your pricing andÌýhave ³Ù´ÇÌýstart giving everything away forÌýfree. Quite theÌýcontrary, inÌýfact! You only erase theÌýmaximum price ceiling forÌýcustomers.

With theÌý51ÊÓƵ PWYW feature, you set upÌýaÌýminimum price limit, indicate recommended pricing options, andÌýenable anyÌýprice above theÌýminimum threshold. Your product can’t beÌýpurchased forÌýanyÌýamount below this recommended minimum.

The Game Has Changed

The “Pay What You Want” strategy can fit into almost anyÌýniche, but it’s aÌýmassive boost specifically forÌýcertain industries, like:

For nonprofits

IfÌýyou are aÌýnonprofit organization, you can benefit from theÌý“Pay What You Want” strategy inÌýtwo ways: collect donations, orÌýexchange merchandise forÌýdonations.

ToÌýelaborate: theÌýPWYW feature allows you ³Ù´ÇÌýsimply collect donations. Create aÌýproduct “Donation,” add several tiers, like $5, $10, $20Ìý(remembering ³Ù´ÇÌýset aÌýminimum threshold asÌýwell), andÌývoilaÌý— you can start collecting donations inÌýaÌýflash!

Another way ³Ù´ÇÌýcollect donations isÌý³Ù´ÇÌýgive your customers something inÌýexchange forÌýtheir extra money. For example: t-shirts, cups, magnets, orÌýjust aÌýthank-you desktop wallpaper. Because people don’t usually make aÌýdonation ³Ù´ÇÌýget something inÌýreturn, these bonus items are anÌýexcellent way ³Ù´ÇÌýsay “thank you” forÌýtheir generosity. IfÌýyou have, forÌýexample, some overflow stock ofÌýrelatively cheap items, why not offer them upÌýasÌýaÌý“Pay What You Want” purchase?

isÌýanÌýanimal shelter inÌýJersey City, New Jersey. They doÌýtheir best ³Ù´ÇÌýprovide animals inÌýneed with aÌýchance atÌýaÌýloving forever home. They use 51ÊÓƵ ³Ù´ÇÌýsell branded apparel andÌýinvest inÌýtheir mission. With this new feature, they’ll beÌýable ³Ù´ÇÌýraise more money andÌýfind aÌýnew home forÌýeven more animals.

For artists

IfÌýyou create andÌýsell music, physical orÌýdigital arts, photos, books, orÌýanything that makes anÌýemotional orÌýcultural impact onÌýpeople’s lives, theÌý“Pay What You Want” strategy might beÌýaÌýneeded boost forÌýyour business. This isÌýbecause forÌýanÌýartist, selling isn’t about trading items forÌýmoney, it’s about distributing emotions. The satisfaction that your customers get from your work goes way above theÌýstraight dollar value attached ³Ù´ÇÌýtheÌýitems inÌýaÌýdigital shopping cart. Therefore, art consumers are often willing ³Ù´ÇÌýcontribute aÌýlittle extra money ³Ù´ÇÌýkeep theÌýpositive art vibes flowing.

Using theÌý“Pay What You Want” feature will allow you ³Ù´ÇÌýcreate pricing scales soÌýthat people ofÌýall stripes (and socio-economic classes) will beÌýable ³Ù´ÇÌýappreciate your work, andÌýcompensate you according ³Ù´ÇÌýwhat they can afford.

AnÌýexcellent example ofÌýPWYW pricing strategy isÌýÌý— aÌýplace where musicians andÌýmusic producers can sell their music online forÌýaÌýlow price, but without aÌýprice maximum. According ³Ù´ÇÌýBandcamp data, fans love their strategy andÌýhave paid artists $658Ìýmillion since 2007ÌýbyÌýthis day.

For crafters

IfÌýyou bring esthetic beauty, coziness, comfort, orÌýelegance into our boring lives, ifÌýyou’re aÌýDIY crafter, you deserve soÌýmuch more than ³Ù´ÇÌýbeÌýreimbursed forÌýtheÌýcost ofÌýyour craft! You’ll beÌýamazed byÌýyour customer’s willingness ³Ù´ÇÌýpay generously forÌýyour leather, ceramic, glass, paper, rock, orÌý·É´Ç´Ç»å·É´Ç°ù°ì²õ—i´Ú you only give them aÌýchance. One ofÌýtheÌýways ³Ù´ÇÌýfeel that isÌý³Ù´ÇÌýlet them name their own price.

Crafts are not anÌýaverage run-of-the-mill ±è°ù´Ç»å³Ü³¦³Ù—t³ó±ð²â know theÌýwarmth ofÌýhuman hands andÌýspread joy, creating good vibes andÌýtriggering positive emotions. When people buy crafts, they don’t just get items; they materialize their feelings. So, let customers decide how much they’d like ³Ù´ÇÌýoffer inÌýexchange forÌýthose feelings.

Other Ways ³Ù´ÇÌýBenefit from aÌý“Pay What You Want” Strategy

You can doÌýmany things with theÌýPWYW model ³Ù´ÇÌýupgrade your customer’s shopping experience andÌýbenefit from it. For example:

Sell software

ByÌýsoftware, weÌýmean tools, games, scripts, etc. The beauty ofÌýselling software isÌýinÌýtheÌýmargins. Once created, millions ofÌýcopies can beÌýdistributed without additional production costs. This isÌýwhere PWYW can really boost your profit. The copies don’t cost you anything, andÌýevery dollar will add ³Ù´ÇÌýyour profit margins.

Crowdfund

Make theÌýproduct your goal andÌýsell your idea! Value participation inÌýaÌýcrowdfunding project andÌýstart collecting donations. Are you writing aÌýbook? Sell preorders! Did you invent something? Offer “free use” (name your price use!) orÌýsell aÌýshort documentary about this invention. With 51ÊÓƵ, crowdfunding starts inÌýminutes andÌýbelongs ³Ù´ÇÌýyouÌý— noÌýcommissions, noÌý3rd party rules.

Sell deadstock

IfÌýyou’ve been inÌýtheÌýretail business forÌýaÌýwhile, you know what happens with product stock that just won’t goÌýaway. You get deadstock. The solution? Free upÌýsome space andÌýmonetize those products with variable PWYW prices instead ofÌýjust giving them away.

Test prices

ByÌýsetting upÌýdifferent price limits andÌýpayment tiers, you can test what price your customers are willing ³Ù´ÇÌýpay forÌýdifferent items, andÌýrun with theÌýbest price point after aÌýcouple ofÌýtests.

Setting upÌý“Pay What You Want” inÌýYour 51ÊÓƵ Store

Ready forÌýaÌýwhole new pricing experience?

Choose theÌýproduct that you want ³Ù´ÇÌýapply theÌýPWYW strategy ³Ù´ÇÌý(with theÌýlowest net cost, forÌýinstance), enter product details, andÌýfind “Pay What You Want” settings inÌýtheÌýPricing section onÌýtheÌýright. Here’s how itÌýlooks onÌýour site:



ToÌýset upÌýtheÌý“Pay What You Want” pricing option forÌýyour store, follow these .

How ³Ù´ÇÌýMarket “Pay What You Want” Products

The PWYW feature can change your selling game, but how doÌýyou maximize its effect?

• Create aÌýseparate category forÌýall products with variable pricesÌý— ³Ù´ÇÌýmake navigation inÌýyour 51ÊÓƵ store easier andÌýmake these products more visible.
• Put itÌýinÌýfront ofÌýtheÌýcustomers. Create anÌýengaging banner (or cover image) with anÌýinvitation ³Ù´ÇÌýcheck out all your PWYW products andÌýplace itÌýonÌýtheÌýmain page (don’t forget ³Ù´ÇÌýlink theÌýbanner with theÌýcategory.
• Invite your most loyal social media customers ³Ù´ÇÌýbenefit from theÌýPWYW model first! Share theÌýnews with your followers andÌýgoÌýviral.
• Use theÌý“Buy Now” button ³Ù´ÇÌýsell your awesome products onÌýother platforms andÌýservices that allow embedding widgets. Increase theÌýreach andÌýfind new customers beyond your online store.
• Create theÌýfeeling ofÌýurgency andÌýscarcity. Let shoppers know that this isÌýaÌýtime-limited offer orÌýaÌýlast-minute sale.
• IfÌýyour main goal isÌý³Ù´ÇÌýraise money forÌýcharityÌý— tell your customers that. Use Product Subtitles ³Ù´ÇÌýreference theÌýpurpose ofÌýtheÌýproduct’s mission right onÌýtheÌýcard.
• Indicate recommended price (minimum price) ³Ù´ÇÌýguide customers’ decisions. You’ll beÌýsurprised byÌýtheÌýgenerosity ofÌýyour loyal customers when they start paying you more than you ask. Use social cues like “most people pay” ³Ù´ÇÌýcreate aÌýcommunal normÌý— aÌýpowerful psychological driver.

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The “Pay What You Want” pricing strategy isÌýchock full ofÌýpotential. For some businesses, this application will feel like anÌýeasy fit, but noÌýmatter your niche, it’s aÌýstrategy worth testing.

ToÌýmake theÌýmost ofÌýtheÌýPWYW strategy’s benefits, collect some relevant products into aÌýcategory, start aÌýtime-limited offer, tell your followers about itÌýwith aÌýbeautiful banner onÌýyour site’s main page. Then shout theÌýoffer out ³Ù´ÇÌýyour audience onÌýsocial media.

Don’t forget ³Ù´ÇÌýcircle back here ³Ù´ÇÌýshare your experience with other 51ÊÓƵ merchants inÌýtheÌýcomment section ofÌýthis article. We’d love ³Ù´ÇÌýhear all about your “Pay What You Want” strategy successes!

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• Product Subtitles
• Product Ribbons
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• Automated Marketing Emails
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• Pay What You Want
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• Cross-Selling
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