World-renowned violinist Joshua Bell stood incognito in the L’Enfant Plaza Metro station in Washington, D.C. during the morning rush hour holding a 713 Stradivarius violin worth around $3–3.5 million at the time.
He began playing extremely difficult, classical pieces.
Over the next 45 minutes, it was observed that of the over 1,000 people who passed him by, only 7 stopped to listen for more than a minute, 27 people gave money, and he made $32.
Just days earlier, he had played the same music on the same violin in a sold-out concert hall in Boston. Tickets cost an average of $1,000.
This is a strong business illustration for TpT sellers because it demonstrates a truth many sellers struggle with:
People often judge value by context and price before they ever judge the actual product.
Joshua Bell’s talent didn’t change. The violin didn’t change. The music didn’t change.
What changed was the setting and perceived value.
In a concert hall, people expect excellence, so they pay a high price for it. They pay for the expectation of what will be a quality performance from a top notch instrumentalist. So they pay attention. On the subway, it’s free. And those passing buy are busy and distracted. So they overlook excellence.
Application to TpT Sellers
Many TpT Sellers assume that if they have a good product, it will sell. Unfortunately, there is more to it than just creating good products. You have to promote it, get traffic to it, have compelling copy and great images, and you MUST convey the value through the price.
Pricing Insight
When a strong resource is priced too low, buyers may subconsciously think:
- “Must be basic.”
- “Probably too short.”
- “Not comprehensive.”
- “Maybe lower quality.”
Especially on TpT, teachers are trying to save time and solve problems. Price can signal whether something is of value.
A 60 page product selling for $2 sends a different signal to the buyer than if the same product is $12.
Ironically, not only will the higher priced item sell better, but because the customer paid more for it, they will believe it’s of higher value than the same product at a lower price. Don’t believe me? Watch my video at the bottom on Turkeys and Turquoise Jewelry.
Important Balance
This does not mean that we arbitrarily go in and start raising all of our prices. Instead, we want our price to align with the value of our product. Think through factors like: How much time will it save the teacher? How helpful is it to the students? What’s its quality? Professionalism? Depth? What kind of results will it produce?
Mindset Shift
Stop asking yourself, “What will a teacher pay for this?”
Instead, ask yourself, “What is this worth to a teacher who needs it today?”
Questions to Ask Yourself
- Is my pricing accidentally signaling “cheap” instead of “valuable”?
- Does my cover image match my product quality?
- Would a stranger assume this resource is premium?
- Am I underpricing because of fear?
Action Step
Find one (or some) of your best TpT resources.
Ask yourself, am I treating this like it belongs in a Concert Hall, or on the Subway?
Then do the following to raise the perceived value of the product
- Raise price if underpriced
- Improve cover
- Add stronger previews
- Rewrite title
- Better description