What can you do with "Name Your Cost" to Improve Your Store

 Nine methods to make use of Your Name Your Price to improve the customer experience and boost revenue

The idea of letting your customers choose which price they'd prefer to spend for items or services might seem a bit counterintuitive. In the end, why should a company allow customers to choose a cost instead of requiring an amount that is set?

If used in the correct manner it can provide an opportunity to build unique relationships with customers as long as you stay within the cost limitations you establish.

 1. Donations for Nonprofits

For nonprofits using Name Your Price extension for nonprofits Name Your Price extension provides a simple, flexible approach to solicit contributions.

As an example, the It Gets Better Project suggests four frequently-gifted amounts for donations using radio buttons, but there is also a customized amount box for donors who want to go above and beyond. Customers may also give lower amount, however 25 gifts in the amount of $5.00 can be as effective as a $125 gift. Additionally, there's an option to convert this one-time contribution into a regular contribution.

Priority One Worldwide presents the suggested amount of $100. It permits benefactors to alter the amount up to $10.00.

If you run a nonprofit that is selling physical items and services, it is possible to set the price at a certain level so there is no loss of money from the sale, and also don't miss an opportunity for the possibility of a bigger donation.

Similarly, many for-profit businesses offer products and give part of their profits to charitable organisations. The companies that employ 'cause-marketing using this method may offer customers the opportunity to donate an additional item (buy one, donate one), or add a gift amount to the purchase.

Stores selling groceries often do this at check-out. Before prompting customers to slide their credit card, the clerks may ask for a modest donation to a cause sponsored by the store.

 2. Adding a Tip

Like asking for donations, it is possible to put a line on the request form to ask for tips. This can be useful with on-line delivery, where customers can leave a tip for the driver.

If you offer a no-cost product (like the plugin or digital download) it is possible to offer your clients to pay for coffee, or give you a donation to help your business. Many people will donate a dollar or two to show their appreciation. this all will add up!

 3. Special Clearance or Limited Supply Promotions

Scarcity is a time-tested marketing strategy for increasing the demand for a product and making it attractive to prospective buyers.

If you own inventory you were just going to get rid of or give away, naming your price is a good way to recoup the investment you put into those products. A few dollars to pay to purchase your inventory is more than nothing!

By using the Name Your Price extension, you'll create a sense of urgency when you have only a few items or are no longer available. The customer can select the price they're willing to pay by establishing a minimum amount and knowing that the there is a deadline approaching or that there's a limited supply. This lets you make a profit on a small portion of your investment and might create repeat customers that enjoy the thrill of securing an incredible deal.

 4. Paying a Bill

With the flexibility that the name Your Price extension, you can offer clients a way to pay their bills on your website. Did you recall the "amount" box in the past? Simply change the text to "Pay Bill" instead.

Don't set a minimum or amount you would like to set here. You can leave it empty so the client can type in the exact amount in the receipt they receive.

POppy Floral makes use of Name Your Price to accomplish exactly what they say. In the case of events, they take a deposit of a certain amount and then let their customers to visit them again and pay back the sum they are owed. This allows the company to integrate their event services and flower centerpieces into one store.

Think about your own business. How might you be able to utilize a customizable 'amount box' to increase the amount of money you earn and help your clients to get involved with your products and services?

 5. Subscriptions

The Catch and the Hatch sells fishing memberships that let customers go fishing in the wild and provides the necessary fishing information. They offer a variety of term lengths - weekly, monthly, 6-month, and 12 months - to can meet the requirements of every person.

Giving this flexibility to your customers will increase the probability that they'll complete purchases and makes it much easier to purchase.

 6. Bundles of Product

Perhaps you've seen ads for a certain insurance carrier's Name Your Price tool. The integration permits the same idea. The customer can choose the amount they would like to spend, and the choices they are able to manage will be adjusted accordingly.

 7. Pay what you can

In times of financial stress, you may offer a special that allows the client to make payments that they can pay. It is important to establish the minimum amount, naturally in order to make sure you're not wasting cash, however it gives the customer some freedom in what they're able to afford to pay.

Provide the suggested retail price and then allow the buyer to change the amount. It is possible that most customers are willing to pay the minimum. But you might be surprised by how many people, if with the option to pay more.

 8. Find out What Your Product Is Worth

If you offer a product that is brand new to your market and you're not sure how much to charge or what your clients are really willing to pay. An excellent method to do market research is to use the name Your Price Extension.

Start with a set number of items and provide the opportunity to purchase a special offer for your customers. Design a captivating landing page that demonstrates the worth of your product. Include an "Name your Price box. Of course, you can always set a minimum amount to ensure that you don't be able to lose money, and also include shipping costs (if appropriate).

When your inventory has exhausted, review the prices that customers have paid to get an picture of what the marketplace will actually spend. Utilize this information to help you in pricing your goods in the future.

 9. Give Gift Cards as a present

Not only will this give your faithful customers the opportunity to give your goods to family and friends as well, it can also bring customers to visit your business. It's a win-win!

 Make the most of the versatility of Name Your Price

The Name Your Price extension is an effective and scalable device for your store's online. You can collect the donations of your customers, or even tips. You can also allow customers to pay for their bills, or even provide the option for customers to settle their bills. Get innovative! There are a variety of ways that this could be a part of your current marketing plans.

Your clients will appreciate being provided with options under the right circumstances they'll appreciate it, and you'll have the chance to foster better relationships with your customers.