Streamloots Cards and Packs are a great way to start monetizing your effort as a streamer, providing viewers with new and exciting interactions to redeem at any point while you are live. But after preparing your collections and cards, streamers might face the question of how to correctly price their packs efficiently. Since Streamloots packs enable total flexibility to the creator to choose the price points they desire for packs, there are many options on how your pricing strategy can look like.
Striking this balance is essential throughout your Streamloots journey: Packs that are priced too highly might become a hurdle for viewers to jump into the experience, while packs with excessively low prices might mean that there will be too many cards available and redeemed at any time. With the help of our community, here are 7 Essential Guidelines to consider when pricing your packs so that you can provide a lot of value for your viewers.
Community Feedback is Key
Streamers and creators know that community feedback and viewer perspective are essential to many sides of their activity, which is critical when discussing pricing strategies. It should come naturally that since you’ll be promoting your Streamloots Cards & Packs to your viewers, you’ll want to make sure that the prices of your packs feel fair and transmit well the value of the experiences they can expect. Therefore, when considering how to price your packs, you should always consider your audience’s perspective and feedback.
Gauging this can be done in several ways: ask yourself what the everyday habits of your viewers are. For example, do you have an audience that provided a lot of Twitch Subs or YouTube Memberships within the last week? If this is the case, it can mean that your viewers have created a habit of supporting the channel regularly, and thus you can consider pricing your packs close to the typical cost of a Subscription. On the other hand, if your audience hasn’t been used to providing financial support to the channel yet, you might want to start with lower value packs to break that first barrier, and for that purpose, you can use some strategies we outline below.
The mindset of your business as a creator is trying to find the optimal price that matches your viewers’ perceived value in the experience. Likewise, community feedback doesn’t end when you set the price of the packs and should evolve as time goes on. Do viewers say they like the idea but feel it’s too expensive? You can try lowering the prices accordingly. Maybe they mention there are too many cards being redeemed at every stream, and that’s excellent feedback to test a slight price increase to see the reaction.
Pricing Down is Easier Than The Reverse
Still connected to the first point, there’s one aspect in which the community vastly agrees: while making price adjustments as time goes on, lowering the cost of packs is more accessible than increasing the price from an audience perspective. With this in mind, a piece of advice that usually works for creators is to consider a pricing interval and, in the beginning, choose to go forward with the upper boundary price to test audience reaction.
This is due to two effects: first, the price you set in the beginning for your new packs can transmit a strong message on what the community interprets as the perceived value of your interactions. This means that you have an excellent opportunity to align your and your community’s perspective on the value of your cards. Secondly, when physical or digital goods decrease their prices, this usually leads to renewed enthusiasm from consumers, and the case is not different with your packs. This can also create a great moment to promote it as a special event and get more viewers to come on board with acquiring some packs and redeeming cards themselves!
As an example to provide this perspective, let’s say that streamer A prices his packs initially at $5 each, then after listening to feedback from the community, reduces it to $4;. In contrast, streamer B originally priced packs at $3 but, due to too many cards redeemed in a few days, chose to increase the price to $4. Experience tells us that streamer A is likely to have a big enough boost in sales that compensates for the lower revenue per pack, as viewers might perceive it as a great time to acquire something of a higher perceived value. However, streamer B might face some resistance from the community from the price increase, even if it was done with a better experience in mind – since viewers might be considering packs are being priced higher than their perceived value.
Watch Out for Entry Barriers
When deciding to price, one of the primary considerations is answering the following question: What will my viewers consider a fair price for this experience? And a big part of answering that is understanding if your current pack prices are driving away potential purchases.
This can be a tricky balance to sort out, but there’s a beneficial tool to assist you: the ability to change the number of cards per pack. So if your audience is telling you that a pack is priced too high, you can provide them some flexibility in their choices and allow for a more accessible option for viewers who don’t want to spend too much at first.
Imagine you have a collection in which Packs containing 2 cards are priced at $3.99. Then, if you face a situation where the audience tells you the prices are too high, you can simply test providing Packs at a lower price, including just one card – $1.99, for example. This can go a long way in converting some viewers into first-time purchasers and keeps the same value for your cards as before for community members who want to make more significant purchases each time.
Entry Level Special Packs at a Lower Price
Over time, a channel’s sustainability is guaranteed by two aspects: retaining your most enthusiastic supporters and attracting new ones. This tip is all about helping viewers become new supporters of the channel by providing lower friction options through Pack prices.
Streamloots help you do this as you can have multiple collections published and available for purchase at each time. This way, you can create a unique set of cards containing interactions that are not as complex or deep as others but provide the perfect opportunity for viewers to test the system for the first time. Consider pricing from $0.99 to $1.99, with cards triggering sound or visual alerts, or some that thank the viewer for their support.
Consider VIP-Level Packs for Superfans
In a similar line to the previous point, if your community already has viewers that are pleased to contribute massively to your channel, they might love the idea of acquiring higher-priced VIP Packs if you make them available.
Consider creating a unique VIP collection with a small number of cards with precious interactions (some examples we’ve seen include “Make me shave my hair on stream”, “Decide tonight’s meal” or “Start a brand new MMORPG character”, available for a higher price. However, you should not expect these packs to appeal to your entire audience, and you should be sure that you have available lower-priced packs for viewers who don’t feel compelled to provide a higher level of support.
Prices for VIP Packs can be a bit outside the norm, considering how much your superfans are willing to support your channel and how demanding are the special cards in these Packs. To that purpose, consider turning VIP cards limited in availability to make them feel more special.
Don’t Forget Bundle Discounts
The Pack Bundles Configuration is another tool that allows you to provide extra pricing incentives for your viewers to acquire your packs. This feature will enable you to offer discounts to viewers who purchase multiple packs at once and can be set on the same page as the pricing configuration.
You can decide how many packs a particular bundle should include and how much they will be priced. To maximize its effect, experiment with providing a significant price drop when viewers purchase a considerable amount of packs – something like a 30-40% discount when viewers purchase 15 or 20 packs. This is an excellent option for streamers and viewers at the same time because it doesn’t affect the perceived value of individual packs, so it keeps single purchases appealing at the current price while providing extra incentive for a viewer to become a more prominent supporter.
Pricing During Special Events and Marathons
We’ve talked about how special events and marathons can be excellent opportunities to create something special for your viewers with Streamloots Cards. Likewise, you can get quite creative with pack pricing strategies during special events.
Create special Happy Hours with lower prices for your existing packs during an event and promote them to boost sales, or create a unique discount code for the same effect. You can also create a brand new collection exclusive to the event or marathon’s duration with a different price than your usual packs. This way, you’ll be able to create new ways for viewers to be part of the experience, but you can also test how that pricing level performs if you ever consider adjusting prices in the future.