As promised, today I’ll be sharing the results of last month’s “Choose Your Own Price” promotion over at Foliotwist.com.
If you missed it, here’s how the promotion worked. . . basically we let each artist decide how much he or she wanted to pay for a Foliotwist artist website. If we could afford it, we just said “OK,” and set them up at that price.
(Simple, right? I kind of wish everything worked like that!)
Anyway, throughout the promotion we paid special attention to the prices that artists were requesting.
In the past, a Foliotwist website cost $45/month, and a lot of artists mentioned that $45/month just wasn’t affordable. So we wanted to find out what price WAS affordable.
Here’s what we discovered
When we looked at all of the prices being requested, there were really just three groups that emerged. And each group had roughly the same number of artists in it.
The first group of artists requested a price around $5/month. Their exact dollar amounts varied, of course, between $3.50 and $10, but that was essentially the price range they wanted.
The next group requested prices somewhere between $20/month and $30/month. They averaged right at $25/month.
And finally, the third group of artists chose to pay the full price—$45/month.
Naturally we had a cut-off point. . . a “lowest price” that we couldn’t go below. For the most part, however, people seemed pretty happy with the deal that they were getting, and all in all, it was a great success.
So what did we learn from this pricing experiment?
In short, to add more pricing options! :)
If you visit Foliotwist.com today, you’ll see that we now offer four different plans.
Our “Totally Free” option is for artists just starting out. Yes, it’s more limited, but it’s a great way to get started without paying a dime. We also have a “Standard Website” plan at $9.95/month, a “Website PRO” plan at $24.95/month, and a “Group Website” plan (for multiple artists on one website) at $49.95/month.
We’re still taking feedback on the new prices (prices are always subject to change, of course) so feel free to contact me if you’d like to chat.