Hey everyone! Welcome back to the blog. Today, we're diving deep into an essential topic for any sports card seller on platforms like Whatnot: pricing strategy. We're breaking down how to prepare for your streams to maximize engagement and, most importantly, sales.
We recently had a fantastic discussion on the podcast about developing a tiered pricing strategy, especially when dealing with a popular player like Michael Jordan. The goal is always to find that sweet spot where you attract buyers and achieve profitable outcomes.
Experimenting with Inserts and Beyond
One exciting aspect of preparing for a stream is experimenting with new inventory. For me, this often means exploring different inserts I haven't sold before. Recently, I've been focusing on Michael Jordan inserts, particularly the 'Decade of Dominance' series. The hope is to connect with collectors who are keen to complete their sets or find those unique pieces.
I've also acquired some 'Predictors' inserts, similar to the ones Matt showcased recently. These types of cards offer a great opportunity to gauge current market interest and fine-tune pricing. Speaking of which, let's get into the nitty-gritty of the pricing strategy.
The Four-Tiered Pricing Approach
My strategy revolves around four distinct price categories, primarily to avoid putting all valuable inserts at a single, higher price point like $23 from the start. While 23 is a classic Jordan number, it might not always be the optimal starting bid for all 'cool' or 'shiny' inserts, which I define as 'alter premiums.' Currently, I'm doing a lot of research on eBay and even Whatnot to find out what similar inserts are selling for, especially as I venture into slightly more expensive Jordan cards that I hope to flip for a profit.
Here’s the breakdown of my current pricing tiers:
- $3 Starts: Base Jordans
This tier is for common base Michael Jordan cards. I've found this to be a successful starting point in previous shows. A key tactic here is to keep an eye on the stream's momentum. If I notice a slowdown in sales or if I'm presenting a very common Jordan card (I have about 50 penny-sleeved Jordans within reach just for this!), I'll often combine two or even three cards into a single $3 lot to keep the bids flowing. - $5 Starts: Cooler Base Jordans
These are still base cards, but they're less common or have a slightly more unique appeal than the absolute basics—think cards that aren't the ubiquitous '91-'92 Upper Deck. Starting these at $5 proved to be a sweet spot in my last show, often leading to higher final bids than some cards I started at $23! This highlighted the importance of perceived value versus initial asking price.
- $10 Starts: Mid-Tier Inserts
This is a new category for me. I've got approximately 30 cards slotted into this tier. These are typically respectable inserts that offer good value and rarity without being ultra-premium. - $23 Starts: High-Level Inserts
Finally, I have about seven high-level, premium inserts that I'm confident starting at $23. This is a critical tier, and it relies heavily on my eBay and Whatnot research to ensure these cards command the higher starting bid.
Continuously Refining the Strategy
This is the first time I'm implementing a four-tiered structure, and I’m excited to see the results. The goal is to make my streams more dynamic, cater to different types of collectors, and ultimately, increase overall sales and profitability. By segmenting my inventory and strategically setting starting bids, I hope to create more excitement and more successful pulls for everyone!
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