How to Price a Showit Template: Finding What Works Best for You

Want to know how to price a Showit template? Whether you’re starting a Showit template shop or looking to scale your existing one, determining the right price for your templates can be incredibly confusing. Here’s how to price your Showit templates in a way that makes sense for your business.

Pricing strategy is crucial for Showit templates, given the diversity in pricing across the industry. **For instance, a search on Etsy for “Showit template” will provide options ranging from $100 to $1500, despite their similarities in features. This variability can make it challenging to determine the right pricing for your own templates. (Plus, it can just be tricky to price our own work in general. IYKYK)

Before we get into how to price a Showit template, let’s explore some common pricing methods. As you read through, consider which ones resonate with you and could suit your business model.

Cost-Based Pricing

Cost-based pricing involves determining the price of a product by adding a markup to the cost of producing it. For example, a retailer like Target might buy a candle wholesale for $5, mark it up by $5, and sell it for $10. This method calculates the product price minus the wholesale cost to determine profit. While not as relevant for digital products due to minimal overhead, it’s useful to understand the basics.

Value-Based Pricing

Value-based pricing sets prices based on the perceived value to the customer. For instance, rebranding for a major company like Target would command a higher price than for a small local business, as the value and impact are significantly greater for the larger company. For Showit templates, this might apply if you create templates for a specific niche, such as established photographers, allowing you to price based on the higher value your templates provide to that niche.

Price Skimming

Price skimming involves setting a high initial price for a new product to target early adopters and then gradually lowering the price. This strategy is common in the tech and fashion industries, where a new item might start at a high price and then be discounted over time. For Showit templates, you might introduce a high initial price for a limited time to attract those eager to be the first to use your latest design, then reduce the price later to reach a broader audience.

Bundle Pricing

Bundle pricing offers multiple products or services together at a lower combined price than if purchased individually. This is often seen on platforms like Creative Market with font packs and SVG packs. Within Kinhouse Made, bundle pricing has been used by selling main templates with themed add-ons. While it’s a viable strategy, it can add a lot of work, so consider if it’s right for you. Offering a main template with complementary add-ons can provide customers with more value and encourage larger purchases.

Penetration Pricing

Penetration pricing sets a new product’s price lower than competitors to quickly gain market share, often resulting in lower short-term profits. This is common with beta pricing for new template shops. However, starting too low can devalue your product and make it harder to attract higher-paying customers later. For Showit templates, consider offering a slightly lower introductory price to attract initial customers, but ensure it’s not so low that it undermines the perceived value of your work.

Competitor Analysis

Conducting a competitor analysis involves examining the number of pages in the template, price, split pay options, and the niche the template appeals to. Avoid deep comparisons with specific creators. Instead, focus on collecting data to understand the market without falling into the comparison trap.

Pricing Yourself

To set your own prices, start by determining how much revenue you want to generate from templates in the next six months. Balance optimistic and realistic expectations to find a life-changing yet achievable goal. Based on your competitor analysis and preferred pricing strategy, choose a method that aligns with your ideal customer and market position.

Calculate the details for your main template, including the number of pages, split pay options, and the price. Determine how many templates you need to sell each month to reach your goal. Adjust your pricing and offerings as needed based on these calculations.

This lesson was taken from the Showit Template Shop Accelerator guide – an exclusive resource in the Web Designer Library Membership. Drop your email below and we’ll send you a link to the lesson and the workbook for free!

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