Live Product Pricing Guide

Before doing live streaming, let’s first understand what confusions novice anchors generally have:

• During the live broadcast start-up phase, is it true that we won’t be able to sell products unless we set the price at 9.9/19.9 with free shipping?
• What if fans only buy cheap stuff?
• Our products have a high average order value. Can we sell them through live streaming?
• How to design welfare activities for following anchors?

These problems are generally the main problems that bother novice anchors. Next, let’s take a look at how to solve the above problems.

• How to price products in live streaming so they sell quickly?

We generally believe that live streaming with goods has a unique pricing "pyramid". In this pyramid, we control what kind of goods should be used in the entire live broadcast? What kind of combination? Come and complete the entire live broadcast.

The focus of the anchor is to sell goods, and selling goods involves price. People are willing to choose live streaming as a purchasing channel because they value the price advantage of live streaming.

Of course, in addition to the price advantage, what makes live streaming attractive is the comprehensive interpretation of the products. Therefore, as long as the merchants do all aspects of the live broadcast well, the transaction rate of high-priced goods will also be very impressive.

Next, let’s look at the pyramid:

Pricing for fan-favoring products: a must for attracting fans in the early stage. Fan-favoring products generally use the words "free gift for purchases over 59...free gift for any order...", but it should be noted that the fan-favoring products must be limited in time and quantity. Long-term and frequent fan-favoring activities will cultivate fans' habit of buying low-priced products, reducing the order rate of high-priced products;

Profitable pricing (single product): Only one single product is sold, such as a certain facial mask or a certain cleanser. A common method is "buy one get two, buy one get three". This does not mean that the merchant should set the product price very low. For example, it is very interesting that a product priced at 59 yuan per piece did not sell, but a buy one get two at 130 yuan, with a sample gift or a fan-favoring product, sold out.

Profitable pricing (package): A set is made into a package, which includes cleanser, lotion, emulsion, etc. Why do products need to be reorganized for package pricing? In addition to making users feel that they are getting great value for money, it also prevents users from comparing prices. For example, when users buy a single item, they usually compare prices on various platforms, but it is not easy to compare prices for packaged products.

Strategic pricing: endorsement and trust. How to understand it? Let’s take concept cars as an example. We all know that car companies like BBA will announce concept car models every year. These models often take many years to go into mass production and are very expensive. So why do car companies make such huge investments? It simply tells users their scale and strength. Similarly, for the clothing industry, we can showcase high-priced handmade products and designer limited edition products in every live broadcast to create a sense of limited quantity and scarcity. The purpose is not to make a deal, but to improve the positioning and pricing standards of the live broadcast room, and even increase the overall selling price of the products in the live broadcast room.

In summary, the pricing standards of live broadcast rooms can be summarized into three categories: fan-pampering price, profit price, and strategic price. Through pricing strategy (cost-effective price) + product effect and product trial (product interpretation), a two-pronged approach is the professional way to sell goods through live broadcasting.

• Online and offline linkage high transaction package reorganization

Limited edition flash sales for fans: exclusive for fans, you can enjoy the price by following the live broadcast and joining the fan group, follow the anchor and buy one get two, etc. In fact, we can see in the current live broadcast rooms that the anchors generally repeatedly emphasize joining the fan group when promoting each product, and you will not enjoy the benefits if you don’t join the fan group, etc. But in fact, do you really not enjoy the event discounts if you don’t join the fan group? We don’t know, and there is no evidence to prove it, so everyone who places an order on the same day will enjoy the discount, but the purpose of the rhetoric is to increase the connection between the account fans and use small tricks to bring lasting popularity to the live broadcast room;

The main product of the combination package: the combination of products can definitely enhance the sense of value of the live broadcast room. Combining products can increase the price of low-priced live broadcast rooms and turn single products into attractive combination products. At the same time, it can also increase user stay time, GMV, UV value, etc. to a certain extent. At the same time, it is also a guarantee of profit and a responsibility for profit, so it must not be used as a short-term discount promotion. It is OK to sell at a flat price or make a small profit.

Example:

In the clothing live broadcast room, the host recommended a stylish jacket, but some people didn’t know how to match it well, how to choose the inner wear and shoes, etc. At this time, you can help her to group products, and put together multiple products of the same series such as aprons, base shirts, shoes, etc. into a set of fashionable and good-looking combination packages. This will solve the problem that many users don't know how to match them, and users don't need to use their brains to choose how to match them, thus improving the conversion rate.

Those in the beauty and skin care industry can combine cleansing + skin care + makeup + makeup removal, saving users' thinking costs and increasing sales in the live broadcast room.

For example, maternal and child stores can combine packages according to the baby's price, such as milk powder + diapers + toys, as well as combinations of tops and pants, combination machines of electrical products, etc. This can turn customers' necessary consumption into impulse consumption and improve the conversion rate of goods.

If you want to improve the overall consumption level of your customers, if you have relatively few products, or if your average customer spending is relatively low and your brand is not well-known, you can choose to sell them in the form of a combination of products.

Of course, it should be noted that the combination must be beneficial to consumers, not combining two unsalable products to sell together, otherwise customers will not buy it.

At the same time, the routine is actually the same for merchants with physical stores and those without physical stores.

Experience high-priced products in stores: store diversion, setting diversion modes and products for offline stores, generally some high-priced products, without too much explanation in the live broadcast room, serving as an online and offline connection;

At the same time, after purchasing the product, customers will receive value-added services for in-store experience. For example, in the clothing industry, when customers arrive at the store, they are provided with free services such as measurement and trying on.

The significance of in-store experience is to allow online traffic to flow back to offline, and at the same time use the quality endorsement of offline stores to feed back to online. Therefore, the process of users visiting the store is a very easy way to increase the average order value and value-added products.

At the same time, offline stores and live streaming are not only complementary, but also have the effect of 1+1>2. With the development of the epidemic, the e-commerce industry has become deeply rooted in people's hearts, and users are more accustomed to purchasing products online. E-commerce live streaming has made an effective connection to this. At the same time, the existence of offline stores has given users better trust endorsement.

Although with the large-scale recovery of the logistics industry, the user visit rate has not increased significantly at present, but with the establishment of live broadcast reputation, an excellent store + high-quality live broadcast room is undoubtedly the best way out for businesses.

Product portfolio planning before live streaming is very important. This is something we need to consider in advance for our business operations. We need to not only give users product recommendations, but also a sense of value for money. Ultimately, we use a two-pronged approach through pricing strategy (cost-effective price) + product effects and product trials (product interpretation). This is the professional way to sell goods through live streaming.

To sum up, if the average order value of transactions in the live broadcast room is low, the live broadcast room will be labeled as low-priced, and the system will push low-priced customer groups to you accordingly, thinking that you need such customer groups (薅户). When the price is changed to regular price, it will basically be impossible to sell or the number of online users in the live broadcast room will plummet, thus affecting traffic and conversion. If this continues for a long time, your live broadcast room will not be recommended by the system and the traffic will decrease.

Therefore, product selection, product arrangement, and product assembly play a decisive role in the success of live streaming. E-commerce competes on the supply chain and products. Without the product as the engine, the e-commerce car will not be able to run far.

So, if you want to do well in live streaming sales, you should first get your supply chain in order, select your products well, and then flexibly match them for different groups.

Benefits: Marketing skills in popular live broadcast rooms

In addition to product selection and ranking, another important factor affecting transaction volume is the live broadcast language. The importance of live broadcast language to a live broadcast room is unquestionable. Good live broadcast language can improve the conversion rate and retention rate of the live broadcast room. So what kind of live broadcast language should a good live broadcast room have?

Increase user viewing skills: The first visual experience of the live broadcast room comes from the setting of the live broadcast room itself. In addition, the anchor's skills that emphasize output and increase user retention are particularly important, such as the entertainment content, preferential benefits and goods sold in the live broadcast room;

Adding tactics for following: You can attract the audience's attention to the anchor room by emphasizing the fans' exclusive benefits, quickly brainwashing the audience to follow, setting up interesting attention broadcasts, and quickly responding to user needs, which will accumulate into fans' private domain traffic.

Increase the number of comments: The interactive section of the live broadcast room comes from the direct comments of users. The way for the anchor to quickly get closer to the user is nothing more than comment replies and guided comments;

The gameplay and wording of price introduction: The part that users are most interested in is whether the prices of the products in the live broadcast room are "discounted enough". How can the live broadcast room highlight that the discounts of the products are high enough and the activities are strong enough?

Generally, you can stimulate customers to place orders by comparing the entire network and offering exclusive discounts.

The gameplay and words of upper and lower links: We all know that the key to converting orders in live broadcast rooms lies in the creation of an atmosphere that promotes orders, creates a sense of tension in buying, and prompts the audience to make impulse purchases to create a tense atmosphere. Therefore, when linking up, you can create a tense atmosphere through countdown, and when linking down, you can stimulate users to place orders by reporting inventory and flash sales;

Strategies and techniques for users to place orders: In addition to using links up and down to create an atmosphere that encourages orders, the immediacy and interactivity of the live broadcast room can also create a tense and enthusiastic sales atmosphere, urging viewers to place orders. Therefore, in order to provide users with a good purchasing experience, it is also necessary to respond and interact promptly when viewers make comments such as whether they have purchased the product, so as to give the viewers a sense of importance.

Simply put, high-conversion talk in a live broadcast room = opening benefits + audience interaction talk + product shaping talk + onboarding talk + order promotion talk + forced order talk + closing talk.

Author: Silk Road Praise

Source: Silk Road Academy