10 strategies for pricing your work (purchases/rentals)
Deciding what to charge for your work is tricky. Luckily, we’ve got a bunch of data about what works and what doesn’t for digital video. The great thing about selling online is that you can be flexible — always try out new strategies, experiment, and see what works best for you. Here are some pointers to get you started:
Find a starting point
Let’s look at some averages: Across Vimeo OTT, 90 minutes worth of video is priced at about $7.50, with the price increasing by 10 cents for every additional minute. So if you're looking to price higher, consider adding more video content! Selling a short? Keep the price low.
Be conscious of content
Some types of content can get away with being priced higher than the average. Educational, instructional, and fitness content indexes at a higher price point than a feature film. Short films and web series are typically priced lower than average.
Bonus Content is Powerful
Bonus content could come from anywhere — deleted scenes, cast interviews, rehearsal footage, director’s commentary, and more. Get creative by packaging all of these unused minutes into several options for your fans, at different price points. A very invested audience is willing to pay a little extra for a bunch of videos.
Superfans want more
One great packaging idea: Make a super-sized bonus version with way too many hours of video and price it accordingly. The documentary Stripped made a “Super Awesome Deluxe Bonus Edition” and stuffed it with content. That package made up 25% of their sales…and 50% of their total revenue.
Bonus content adds value
Separate bonus packages allow you to create a deal for your audience. If you charge $6 for the regular content, $6 for the bonus content, and $10 for a package of both, you just gave everyone a reason to upgrade to the deluxe edition!
Options, options, more options
Your audience all have different preferences for how they buy and watch video. Just like any store, it helps to have a diverse offering.
Rentals double conversion
When Vimeo OTT sites started including a rental option, their conversion rate more than doubled, from 1.2% to 2.6%. That’s huge! Even more interesting? The same amount of people still bought a full-priced copy, so the new customers were almost completely from rentals. That means sales grew when customers had access to the (less expensive) rental option. Make sure you’re appealing to this group that’s more price-sensitive by offering a cheaper price point.
Pre-orders help predict sales
Try offering pre-orders! It can be a great indication of how your content will perform once you start selling, and a perfect time to try out prices. On average, every pre-order predicts about 3.5 sales once the content is released.
Experiment with Pay What You Want
One way to grow your audience and increase your conversion rate at the same time is to offer a Pay What You Want option. Platform-wide, we see that a third of customers choose to pay more than the base price, which leads to nearly 20% in additional revenue.
Be smart about discounts
One of the best ways to create immediate buzz around your videos is to offer a limited-time deal to your audience. Using steep sale pricing PLUS a time limit can increase sales by a factor of 6x.
Make your coupon count
Coupons are a great way to boost sales and appeal to new fans. What discount amount works best? Here’s what we found from Vimeo OTT publishers: The best-performing coupon is 33% off the asking price, followed by 50% off and then 25% off.
Timing is everything
Holidays are the perfect time to offer a discount. Your fans are looking for easy gifts to give loved ones, or are ready to treat themselves. So be smart about promoting around the holidays that coincide with better sales!