Does pricing really matter?

We've all been there: worrying about how much to charge. Whether it’s for sponsorships, products, or services, getting the price tag right seems like a puzzle. But does pricing really matter?

Here’s a simple exercise for you: get a piece of paper and write down 5 recent purchases you’ve made. Maybe it’s an item of clothing, a random Amazon purchase, or a present for someone. Now ask yourself, “was pricing the most important factor I considered when I made this purchase?”

Chances are, you didn't just swipe your card because of the price alone. If price really was the most important factor, we’d all be driving the most basic cars, wearing the cheapest clothes, and choosing McDonald's over fancy restaurants every time.

Numbers are important, but they’re by no means the most decisive factor for your audience, sponsors, or clients. That’s where consumer psychology comes in.

🤩 The Marvel of Value

Think back to the 5 purchases you listed earlier. If price wasn’t what steered you to buy, what was? Maybe it was the brand, design, or how much the item meant to you. Our audience isn't just buying an item; they're investing in our passion and our story. Even when working with sponsors, it’s not just the sponsored content they get: it’s the experience of collaborating with you and aligning their story with yours.

💎 Quality Vibes

You’re worried no one will buy your digital product so you decide to price it as low as possible, especially since it’s your first one - big mistake. We tend to associate price with quality so if something seems too cheap, it makes us wonder if there’s something wrong with it. That’s why our prices need to fairly reflect the quality without giving the impression that we’re selling our souls for a quick buck.

🥺 Let's Get Emotional

Studies have shown that a consumer's emotional response to an ad has a far greater influence on the likelihood of purchasing than the ad’s content itself. Emotions are the secret sauce in most buying decisions and compel people towards action. This is great news for us creators. Our audience has already connected with us through our content, and by reminding our audience of why they followed us in the first place, we can ask for higher prices.

🤝 Trust: Your Superpower

According to research, 93% of consumers use online reviews to affect their shopping choices. That’s because reviews establish trust, which drives purchasing. Again, this is great news. You’ve already built trust with your audience with your authenticity and valuable content, which means they’re more willing to invest in your offerings because they know you’ll deliver on your promises. This is why it’s also helpful to build relationships with sponsors: having a proven track record can help you to negotiate higher fees.

By understanding the heart of purchasing, we can confidently set prices that reflect the magic we offer and create a thriving, sustainable business. So, next time you're sweating over pricing, keep in mind that it's not just about the dollars; it's about the story, the emotions, and the trust you've built along the way.

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