Improvement to product. But should the price be higher? Retail Shops demand more..

[Aston]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

rich

you aint gonna like this mate but i think £49-99 is tooooo expensive, so a price hike to £54 in a recession could really really damage your sales imo....after all your drill bits are meant to be for the budget end of the market so vast turnover is the key isnt it. the last thing you want to do is price these things out of their market...

ed

ps £29-99p is the perfect price for these drill bits...

 

[tommyzooom]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

Not too sure mate, when I think £49.99 i think under £50, thats not expensive, but i think psychologically £50 or more sounds more expensive, I would think its over £50, (I know it is over £50 lol!!)

Do you get what I mean, its hard to put it across without stating the obvious, but £49.99 conjures up a cheaper image (becuase it is cheaper..lol), than something over £50.

Im going to give up now, becuase i cant really think of a way to put across my point..

To summarise, i would stick at £49.99 if you can do so with a decent profit margin, it feels cheaper, and seems like a less significant spend, even though its only a fiver or so difference.

I know what you mean Oli and would tend to agree,
also I never use the 6mm either, I always try and drill the tile slightly bigger than the wall plug. So if I were using 6mm plugs,I would drill the tile with an 8mm core bit, Then drill the wall with a 6mm masonry bit obviously, it puts the tile under less stress when the screw is inserted

 

[mikethetile]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

run the plus as the starter/full kit and then offer the cheaper set as a replacement set of bits to top up the starter kit

the price on both kits is fine

 

[Deleted member 1779]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

then offer the cheaper set as a replacement set of bits to top up the starter kit

Like it!

Yes the new kit could be the "full kit" and then the existing BFKMX would become just the replacement drills.....

 

[Colour Republic]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

Like it!

Yes the new kit could be the "full kit" and then the existing BFKMX would become just the replacement drills.....

Not so sure myself, if I saw the 2 products racked together and noted the respective prices I would think that £5 extra (10% increase) for a sponge and an allen key was a bit expensive which may lead me to conclude that if you charge that for the sponge and key how over priced are the drills themselves?

I would be more inclined to keep it under the £50 mark and say "new and improved pack, now contains FREE sponge and ejection key" and split any losses with the retailer, times are hard for some. All depends how many extra packs will you sell because the new packs will now be stocked in new stores and how many sales will you lose because you've broken the £50 barrier??

Maybe offer it through the new stores at an introductory offer of £49.99 whilst swallowing the increase in cost per pack, then raise the price to £54.99 and see how it affects sales?

 

[Dan]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

Not too sure mate, when I think £49.99 i think under £50, thats not expensive, but i think psychologically £50 or more sounds more expensive, I would think its over £50, (I know it is over £50 lol!!)

Do you get what I mean, its hard to put it across without stating the obvious, but £49.99 conjures up a cheaper image (becuase it is cheaper..lol), than something over £50.

Im going to give up now, becuase i cant really think of a way to put across my point..

To summarise, i would stick at £49.99 if you can do so with a decent profit margin, it feels cheaper, and seems like a less significant spend, even though its only a fiver or so difference.

My head hurts now, that was hard to explain. :dizzy2:

I totally understand what you mean and I'm sure richard does too.

I was told once to sellat 19.95 and not 19.99 because we're so used to associating 19.99 with 20 quid. When the penny less is meant to give the impression it's less than. So once we all got used to 19.99, pricing at 19.95 should have given the cheaper effect.

Probably more noticeable with cars that are not 19,950 and not 19.999 which you'd never see. It doesn't even feel like a number or a price when you associate it with a car. 😉

As for the product. Brilliant improvements. I'd either keep them both for a while to see if your existing buyers get used tot he 55 and start buying it, then scrap the normal older style product kit orrrrrr take the leap. I don't think I'd want to sell a product that's better than the last for the same price. It gives a feeling as though the last product wasn't right, when it was.

I think if you ever started to mix them up accidentally stocking both though, even just one in 100 or so, it could get annoying for you sorting out replacements or shipping just a sponge, a key and whatever the other thing was.


I've just read a few more replies (probably should have done beforehand) and I like the idea of introducing it at 49.99 for a while and then increasing the price in the future after an introductory period.

Though I don't like the feeling of 'new and improved product' because as I say, it was fine before. You're just making it appeal to a wider market and you haven't actually needed to improve anything as such. Just add more to the kit. And for that, surely you'd expect a price.

Now I'm contradicting myself. I see your issue R! 😀 😀

Swings and roundabouts mate I think.have a good think about where you'd want to be in 12months with the matter. And I think you'd probably want to end up with just the newer pack, and the higher price for it. So I think I'd take the plunge and go for it right from the off thinking about it like that. That is, if you can't swallow the slight difference in price loss and stick with under £50 if it is you think that's important. Which I think it could be, but I think people do and will get used to it. It's a very small part and cost of your average bathroom and I think that's what we've got to remember here, it's not a car.

 

[kaharrison9]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

Have found these to be superb drills and that i've always got a great result from.
Though for me,not bothered on packaging,sponges,etc
Is it possible to have to 2 differant marketed packs one for the main public
and the other more of a cheaper no frills pack.
Would possibly tempt me then in to buying more other drill size bits i have not got.

 

[Daz]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

You've had some great feedback Richard, so I won't try to replicate the details.
IMO, you have created a retail pack and a trade pack. Market them as such.

And just to agree with others, I never use the 6mm drills. 8mm and 10mm are more useful to me.

 

[CJ]

Re: Improvement to product. But should the price be higher? Retail Shops demand more

Can you do a heavier version of the drill guide Richard..........one slip, and thats another guide hole knackered.

They don't last that long

Oh..........and try if you can to keep below the £50 mark.