[Product Pricing] New start-up - how to price my product?

[asdfkasdf]

Hi everyone,

I have started a business (brand) - “La Bella Umbrella” – and will be selling umbrellas that have an edge on current options in retail. I need some help with pricing my product and would really appreciate your opinions/suggestions!

Most umbrellas that are sold:

• Are black or have very simple colours/designs (most don’t stand out in any way)
• Have metal ribs that break easily in the wind
• Are made of steel which makes the umbrella quite heavy
• Have fabric that rips and/or is rough to the touch
• Have handles that are made of plastic and slip out of your hand when wet or are rubber coated using a poor quality of rubber that becomes sticky after some time
• Rust over time
• Come with no other added features/accessories other than the umbrella itself

How our umbrellas differ:

• All designs are original and designed by me: the goal of the brand is to allow people to buy an umbrella that suits their style and personality – much like clothing, purses, etc.
• Designs are graphic/photo-based; they feature real life beauty and human interests, such as cityscapes/landmarks (Moscow, Paris, etc.), nature landscapes (waterfalls, seasonal scenes, flowers), hobbies/interests (e.g. foods, space, music, animals).
• Are windproof – ribs are made of flexible material that doesn’t break in the wind (the most it will do is invert in very strong winds, which can be fixed by closing and opening the umbrella again)
• Are made of a combination of lighter metals that do not add so much weight and do NOT rust – tested
• Are made of a much higher quality of fabric that is soft to the touch yet very durable
• Have handles that are rubber coated with a higher quality rubber that will not get sticky
• Comes with a high quality gift box (not just thin cardboard) that makes it a great gift
• Comes with a pouch with straps - makes it easier to hold/carry the umbrella
• Comes with a good quality clip so that you can hang the umbrella on your bag if there is no room inside or if it is slightly wet
• Granted the umbrellas are not made for huge storms and we cannot guarantee them holding up against very strong winds

There are three types of umbrellas that will be sold: manual, automatic, and straight/stick (production price varies on these – so prices would be different)

How much would you be willing to pay for this umbrella? What would be an approximate, appropriate cost?

Also – for the online store: considering the fact that shipping to certain places outside Canada (which is where La Bella Umbrella is based) would get quite expensive, but would also vary according to region, would it be better to increase the product price and have “Free Shipping” or have the product price separate and add the shipping price on top? What would increase sales?

There are some pictures of our umbrella designs on www.facebook.com/labellaumbrella, perhaps they will help ballpark a price.

Thanks in advance!

 

[leo123]

@asdfkasdf marketing is about testing, trial then adjustment...endlessly

much will depend on your copy and images, i.e. happy people using your products

if possible, I would offer three or four prices reflecting variables in your umbrellas, e.g. construction, size, graphics. that allows the consumer to decide how high up the quality/price ladder they wish to go

I think free shipping is nearly worn out and certainly not worth a front page promo

 

[rooted]

@asdfkasdf I would venture to say that "free shipping" is definitely a way to entice people to buy the product, even if the purchase price is a little higher. I, personally, loathe paying for shipping...

 

[mommytobof3]

@asdfkasdf Why not create a kickstarter campaign, that way you get a feasibility analysis and price test in one? Or if you have a large enough group you could do survey research, focus groups etc., there are countless strategies. However crowdfunding will be the most inexpensive and may actually bring income, you could even do pre-orders with celery.