the bin ?

hi guys i was just wondering what your strategy is on the bin with your tracks. i'm not sure what exactly the bin is but i'm presuming its a holding area that customers keep your tracks with the possible aim to maybe purchasing at a later time. so this is my question. if you are getting alot of your tracks being added to the bin but not getting sales straight away should you just be patient and wait or should you prompt the customer by dropping the price? also if a change is made to the track price etc does the customer get a flag telling them this? thanks guys.

hi.

they say about 40-50% of the carts convert to actual sales.
i don't know the conversion rate from bin to carts, but probably 25-30%.
but it all depends (at least) on the prices. so for a 1 dollar sound effect, chances to go from bin to cart to sale are higher than if the sfx is 30 bucks.
if your bin doesnt convert to sales in a 25-30% proportion don't panick.

you can't change the price because you can't tell when the client will actually buy the clip or if he decided that he really will not buy it at all. he might buy it 3 weeks after, you can't know, so no reason changing the price.
plus, when you change the price it takes some time for it to appear to the client i think, in which time he might buy it with the old price. and i think that the client pays the price he put in the bin/cart, not the new price you modify (even if it's a smaller price). it wouldnt be fair for him to add a 5 dollar clip to the bin and when trying to pay to see that it's now 50 dollars..

so yeah, be patient. experiment with prices on larger periods of time, not for individual clients. make a statistics for 6 months and see what happens at a particular price level. then change price and see the impact in a following period of time. after some experimenting you will probably reach some conclusions and settle on a single price, which you will not vary again. i think clients (and clients that come again and again and buy from your portfolio) appreciate stability in prices. they have budgets and dont want to see prices changing all the time. so experiment with prices for some large/medium periods of time, draw conclusions and stick to them.

(also if you drop the price all of a sudden, for some client, you might lose another client who might have bought your clip at your higher price, but will now pay less, or even not buy at all, thinking the clip is too cheap or that something is wrong if you changed the price for it)

if you make a change to a track, as in a new mix, or adding/changing the audio itself (so not the metadata) you have to contact pond5 staff. we can't replace tracks. we have to notify the staff, and provide them with the replacement clip. they will replace it "manually" and keep the counters as they were (so you get to have the same number of views and adds on it, so they dont start from zero again).

great reply. thanks livingroomclassics.