15 {{ upvoteCount | shortNum }}
15 {{ upvoteCount | shortNum }}

Pricing Products

by mbaldwin
13 replies
How do you go about pricing your products. I know I need to take my expenses in to account, but I guess pricing a digital eBook is going to be different than pricing a home made bar of soap.
Time it is all said and done, I'll have about $1000 to $1200 in to this eBook. Maybe even more, depending on the copywriter fees.

Michael
#pricing #products
  • Profile picture of the author ServicesForIM
    You should price it what it is worth. If you can legitimately teach people to do something valuable price it accordingly.

    Many people price their products for too low of a price in this business, don't make that mistake.

    Good luck with your ebook sales.

    Kate
    {{ DiscussionBoard.errors[8864808].message }}
  • Profile picture of the author mbaldwin
    Thanks,
    I also know there is some perceived value based on price as well. If something cost $19.97, some see it is a better product then one that cost $9.97.
    I think I am working on a good product, it isn't a 2 page report that promises riches over night,that I wrote in one hour.

    Michael
    {{ DiscussionBoard.errors[8864828].message }}
  • Profile picture of the author Zeus66
    Honestly, information's worth is in the eye of the beholder. It's really tough to fix a price to any ebook because for one person it'll be like a bar of gold and to another it'll be info they already knew.

    That's why I think you price it based on the long term value each buyer represents. I go low, even for ebooks I think are easily worth hundreds or more. I'm looking for the backend profit once I get a buyer on my list. It's a numbers game to me and those like me.

    I'll gladly sell an ebook for $10 if I can sell a few hundred of them. In my business, that's worth more than selling 50 for $100, even though in both cases I've made $5000 in total sales.
    {{ DiscussionBoard.errors[8864847].message }}
  • Profile picture of the author clever7
    You have to look for books like yours and price your book based on the price that your competitors are selling their books.




    Signature
    Join my Affiliate Program and Sell Original eBooks
    Scientific Dream Interpretation – A Solution to All Problems

    How to Be Extremely Successful in Life
    {{ DiscussionBoard.errors[8865134].message }}
  • Profile picture of the author Stuart Walker
    Just test it. You can split test different price levels or start low and have the price increase with every 'X' sales until it reaches a ceiling where there's a drop off in sales.
    Signature
    ATTENTION WARRIOR: INCREDIBLE NEW POST AT NICHEHACKS.COM
    {{ DiscussionBoard.errors[8865138].message }}
    • Profile picture of the author ReleaseifyJim
      You know what, over the past ten years, pricing has been our biggest brick wall. This is something we share with 99% of businesses out there.

      As above - price what it's worth. If you can justify it through helpful content and testimonials, you'll have no problem shifting product/service.

      Don't sell yourself short. This is the biggest trap for new entrepreneurs. You want a living, not pocket change!
      Signature
      Releaseifyâ„¢ - The Press Release Service With Guaranteed Results (Most Packages Come With *Free* Press Release Writing!)
      {{ DiscussionBoard.errors[8865227].message }}
  • Profile picture of the author Mack
    As others have mentioned, testing will provide you with the some good feedback.

    Another thing to try is to find some people to review your product and ask them what they would honestly pay for access to it.
    Signature
    Can't find the time to build links even though you know it's one of the #1 ranking factors?
    Discover the Turnkey Link Building System designed to get others to do the work for you (SOPs included)
    {{ DiscussionBoard.errors[8865272].message }}
  • Profile picture of the author JRJWrites
    You probably already know that high ticket products usually bring a lot more revenue than low ticket ones, correct?
    {{ DiscussionBoard.errors[8865305].message }}
  • Profile picture of the author seobro
    What do you want to maximize. Profit is my guess. Well, you will find out soon that you get an increase in sales with an increase in price. This makes no sense. However, let me explain it to you. Cheerleaders in high school get hundreds of calls from ugly guys. Yet, ugly girls get zero. If you are an ugly guy, you have a lot more change getting a date with an ugly girl, but that is not what occurs. Instead, you have hundreds of ugly guys chasing one pretty girl and their chances of getting a date are zero.

    What does this mean?

    Basically, a 99 cent e-book is an ugly girl that no one wants - yes no one.
    Signature
    http://www.seobro.com
    {{ DiscussionBoard.errors[8865410].message }}
    • Profile picture of the author Declan O Flaherty
      Originally Posted by seobro View Post


      What does this mean?

      Basically, a 99 cent e-book is an ugly girl that no one wants - yes no one.
      What about the ugly guy? Or the not so shallow guy? Or the guy who sees beneath the surface?

      You are making the biggest mistake a marketer can make. You look at what didn't work for many - and falsely believe it doesn't work at all.

      Truth is: Multimillion dollar businesses have been built on the back end of selling 99 cent products on the front end. It's all about positioning.

      Do you think a $1 buyer is any different than a $10 buyer? Sure, a $1 buyer is not the same as a $100 buyer off the cuff, but there's very little, if any difference between a $1 buyer and a $10 buyer. The whole purpose is to get credit card holders to raise their hands, yes?

      So, keeping this in mind: Let's say your OTO $10 product converts at 5%. And my $1 product converts at 30% (easily doable) when we break it down. I get 30 buyers out of every 100 visitors/subscribers - and you get 5. Let's scale that up to 1000 subscribers. Now I get 300 buyers and you get 50 buyers. With all things being equal with our follow-up, who do you think will make more money?

      Now, there's a little more to it than that.

      So, 5 people buy the $10 product, read it and say... "Yep, really good book. I got my monies worth."

      30 people read the $1 book and say... "Jesus Christ. I got tremendous value in return for what I've just paid for."

      You've got 5 happy buyers.

      I've got 30 very happy buyers.

      Again. Who makes more money on the back end if the follow-up in both camps is the same?

      OK. Not everything works out exactly as another person lays it out. But I hope you can see that just making a blanket statement like "Basically, a 99 cent e-book is an ugly girl that no one wants - yes no one"

      ...is not entirely accurate.

      You see my future marketing genius. You're looking at the people who do it wrong, when you should be looking at the people who do it right.

      Declan.
      Signature
      Strong Men and Women put themselves in harms way
      for the freedoms weak people give away for safety
      {{ DiscussionBoard.errors[8866035].message }}
  • Profile picture of the author writeaway
    The higher the price, the lower the demand. Don't let that kill your enthusiasm though. You might just need to have your product in front of the right eyeballs to pull down some serious dollars. This is why you need to work harder at demonstrating your product's CREDIBILITY. The more credible you are, the more you can charge.
    Signature
    {{ DiscussionBoard.errors[8865462].message }}
  • Profile picture of the author mundau
    You will, of course, probably get less sales if you price it above competing ebooks, but if it is marketed well you could bring the age old concept of 'the more you pay, the more it's worth' into play.

    Best of luck!
    {{ DiscussionBoard.errors[8865844].message }}
  • Profile picture of the author mbaldwin
    Thanks for the great suggestions. I am actually now thinking of giving the eBook away. This is my first product, and I do not have a list at all. But, I plan on selling rebranding rights of the eBook, so those people can use it to build their list. If the steps in my eBook are followed, I will make money, and this way I will have a list and a memberships site to get people back to. Seems I could potentially make a decent amount of money if it is all played right.

    I will be looking for reviews in a few days. my editor is putting some final touches on the eBook. Watch for it if you wish, I am calling it "Blind Man's Guide To Making $100.00 And Beyond".
    {{ DiscussionBoard.errors[8867178].message }}

Trending Topics