Everyone loves a good deal. And when you have the freedom to choose what to pay for a product, things get even better! Offer Your Price lets you create a “pay what you want”, “name your own price” or “donation based” pricing system. Customers can either buy at the listed price or make an offer. If offered price is higher than the minimum bidding price threshold you’ve set, offer is accepted and customer is emailed a coupon immediately. If not, a counter offer is sent to the customer. Everything is instant and automated. Set it once and let the cash registers roll!
Use “Offer Your Price” to
The opportunity to get a desired product at lower price triggers instinctive actionStay Profitable
Unlike typical “Pay What You Want” systems, Offer Your Price lets you set a hidden minimum price. This removes your risk of making losses…
Make Customers Happy
Eliminate fear and buyer’s remorse, let customers feel in control
Participative pricing and instant response and coupon deliver instant gratification to customersTest and Validate Pricing
You’ll immediately find out what price customers are willing to pay. You can then decide final pricing based on actual data – rather than a hunch!Accept Donations / Charity
Members can contribute any amount they want, as long as it’s higher than your set minimum
Let people fund your new idea – Offer Your Price does not offer all the bells and whistles of a full blown crowd funding system, but can still be used as a simple alternativeBest Price
If a customer offers a price that is too low, he is automatically given the lowest price as counter offer.Stop Nosy Negotiators
A customer may make only one offer for the product. If he tries to make another offer, he will be sent the result of the original offer itself.
“Offer Your Price” in action
Customer comes to the product page, likes the product, but does not want to pay the listed price. He clicks on the ‘Offer You Price’ button.
Customer sees the popup and enters his price in ‘My Offer’ field.
An acknowledgement message is shown.
Offer Your Price processes the offer and instantly sends an acceptance email with coupon code to the customer.
If the price was below minimum price, a counter offer is sent to the customer.[/slideshow]
Here’s what Wikipedia
has to say about Pay What You Want systems:
Pay What You Want (PWYW) is a pricing system where buyers pay any desired amount for a given commodity, sometimes including zero. In some cases, a minimum (floor) price may be set, and/or a suggested price may be indicated as guidance for the buyer. In cases, the buyer can also select an amount higher than the standard price for the commodity.
Giving buyers the freedom to pay what you want may seem to not make much sense for a seller, but in some situations it can be very successful. This is because it eliminates many disadvantages of conventional pricing. It is obviously attractive to buyers to be able to pay whatever they want, for reasons that include eliminating fear of whether a product is worthwhile at a given set price and the related risk of disappointment or “buyer’s remorse”. For sellers it obviates the challenging and sometimes costly task of setting the “right” price (which may vary for different market segments).
Pay What You Want changes an adversarial conflict between seller and buyer into a friendly exchange, and addresses the fact that value perceptions and price sensitivities can vary widely among buyers.
This pricing strategy may also be referred as pay as you wish, participative pricing, service pricing or voluntary contributions.
- Flexible pricing system
- Allows you to set a minimum amount that you are willing to accept
- Link Offer Your Price to any product type
- Minimum amount is hidden from customers
- Accepts customer offer or makes counter offer via email automatically
- Generates coupon with discount amount (product price minus offer price) automatically
- Customize the text of the “Offer Your Price” button
- Add a validity period for the coupon being generated
- Set rules to offer varying discount rates for different product price ranges