If you're an experienced VR avatar creator or just starting out, pricing your work can be a challenge. There are many factors to consider when setting a price for your VR avatars, including the time and effort put into creating them, the complexity of the design, and the demand for the style.
Here are some tips on how to price your VR avatars for maximum sales on a marketplace:
Consider the Time and Effort Put Into Creating Your Avatar
The time and effort you put into creating your avatar is one of the most important factors to consider when pricing your work. Take into account the time it takes to design, create, and refine your avatar. Keep in mind that creating a high-quality avatar can take anywhere from a few hours to several days. You should also factor in the time it takes to promote your avatar and handle customer support if needed. Write down the amount of time you are spending on each avatar to start giving yourself a good baseline.
Evaluate the Complexity of Your Avatar Design
The complexity of your avatar design is another important factor to consider when setting a price. More complex avatars with more intricate designs will generally be priced higher than simpler avatars. Consider the amount of detail, customization options, and animation included in your avatar. Does your avatar include custom toggleable expressions, animations or emotes? Charge more.
Research the Competition
Researching the competition is a crucial step in pricing your VR avatars. Look at the prices of similar avatars on various marketplaces such as the LIV Store, Booth and Gumroad. Keep in mind that price alone is not the only factor in making a sale, but it can help you position your avatar in the market. Also note that avatar pricing might vary in each store's ecosystem, but it's good to have a baseline and do research on all three!
Keep Your Target Audience in Mind
Knowing your target audience is key to pricing your VR avatars effectively. Consider the demographics of the users who will be interested in your avatar design. Younger users may have a lower budget than more experienced VR users, so you may need to adjust your pricing strategy accordingly. We'll be going into more detail about target audiences in a future article, so make sure you sign up to our newsletter!
Experiment with Pricing
Don't be afraid to experiment with pricing to find the sweet spot for your avatar(s). If you are newer at selling avatars, start by pricing your avatars on the lower end of the spectrum to see how they perform. From there, you can adjust and raise your prices based on demand and sales. It's important to keep in mind that finding the right pricing strategy is a continuous process. As you gain more experience and insight into the market, you can fine-tune your prices and experiment with different pricing models, such as tiered pricing or volume discounts, depending on if the platform you're selling them offers these options available. Additionally, you should keep track of customer feedback and adjust your prices accordingly to ensure that they reflect the value your avatars provide.
Ultimately, the key to successful pricing is finding the balance between making a profit and attracting customers. By following these tips, you'll be able to price your avatars effectively and maximize your sales on a marketplace.
If you're interested in selling your VR avatars on a marketplace, the LIV Store is a great option. Our platform provides a large audience of VR users and a user-friendly interface for sellers. Apply to become a seller on the LIV Store today to start selling your VR avatars and take advantage of our generous revenue split for founding sellers while it lasts. If you're interested in receiving more tips and tricks like this one on selling your avatars straight to your inbox, make sure you sign up to our avatar entrepreneur newsletter!