Fiverr, a leading online platform for freelancers, has introduced Pricing Insights (Beta) analytics for Seller Plus members in eligible categories. This new feature provides valuable insights into the spending habits of buyers, allowing freelancers to optimize their pricing strategies with more ease.
Ever wondered if the price is right on your gig? Too low, and you’re losing money by not valuing yourself correctly. Too high, and you’re losing money to competitors with a more attractive pricing strategy. It’s a question that has existed on Fiverr for years, but outside of trial, error, and competitor research, knowing the right price for your Fiverr gig is not easy.
Fiverr released details of its new Pricing Insights Beta for Seller Plus members through email:
Service is priceless, but sometimes you have to give your services, well…a price.
And pricing is confusing. How much is too much? How much is too little?
Now, as a Seller Plus member, you’ll get access to new pricing insights that’ll help you better understand what buyers are willing to pay for Gigs similar to yours and help you find just the right price for your Gigs.
Here’s the value you get out of pricing insights:
Fiverr product release email: Incoming: pricing insights, 10/25/2023
- Data-driven decision-making: Find the right price by reviewing aggregated data from Gigs similar to yours
- Efficiency: Save time and effort on the pricing research process
- Performance: Boost your impressions, clicks, and conversions and optimize for maximum sales with more accurate pricing
Sellers with access now have a new tab in their analytics section:
Eligible sellers now have a new tool in the never-ending struggle to keep visibility high, increase conversions, and ultimately sell more gigs.
Assessing Fiverr’s New Pricing Insights Feature
The tool is exceptionally useful for getting an overview of the current state of the marketplace, helping sellers to better position their prices according to buyer spending habits. With analytics available for eligible gigs and each of the three packages, creating broadly competitive offers in a category is now considerably easier.
One sticking point that may cause complaints among Seller Plus members is that the data provided is too broad to be useful. There is no ability to find more nuanced data. If your gig is priced at $15, then you have no real reference to your performance against sellers at other price points between $5 – $25.
Fiverr was also careful to add a caveat at the bottom of its pricing graph, stating that:
Price ranges indicate package prices set by sellers, excluding extras, subscriptions, milestones, and custom offers, and do not reflect final order price.
Fiverr
Even with these limitations, Pricing Insights can still help eligible sellers to strategize their overall pricing strategy on Fiverr. The limitations may be due to the beta status of Pricing Insights; it’s possible that some other sellers are be getting more advanced or granular metrics as a part of general beta testing efforts.
Pricing Insights May Help with Gig Optimization
By analyzing pricing trends, Fiverr sellers can gain insights into current market demands and make strategic adjustments to their pricing. This could help to increase impressions, clicks, and conversions, ultimately enhancing gig visibility.
The data-driven decisions enabled by these analytics empower service providers to maximize profitability while effectively meeting customer needs. For Fiverr sellers who pay for Seller Plus, this may be a welcome new tool while they wait for the return of Early Payout.
At the time of writing this, there was no comment on the official Fiverr Forums. It is expected that this feature will provide more value to sellers in the lower-priced end of the market, where the majority of economic activity is.
For Fiverr, the introduction of Pricing Insights may be a simple way to pave the way for ambitious, but underpriced, sellers to increase their pricing. The platform has been focused on getting sellers to raise prices in 2023, and the Pricing Insights analytic is no different.
It remains to be seen if this will be a popular addition to the Seller Plus lineup. It is expected that it will receive a mixed reaction with some disappointed sellers pointing out the more obvious flaws of the software.
