Price Of This Product >> Your Perspective Please
Hey,
I could use some perspective from you on pricing a non-IM niche digital product.
Musician is the niche. I am a self employed entrepreneur and musician. The product is unique. Currently I have no direct competition and can market to a huge blue ocean of millions of musicians. The product is incredibly valuable to amateur and professional musicians regardless of skill level. I have struggled with pricing this music training product for maximizing sales and conversions due to the overwhelming choices available.
And I am about to launch a core module of the product on the front-end for $27. With a $197 one-time upsell featuring the downloadable main product (or thinking about a $67-97 yearly membership to the full suite of products). And a monthly $17 downsell option to use the full product on my site. Along with any relevant JV cross-sell products which work well in the funnel.
But I just read The Asset Licensing Report by Bob Serling and it got me thinking about the licensing possibilities again.
Does anyone recommend licensing Education Software to Colleges or Universities?
OR, do I get the product into as many musicians lives as possible using a Freemium model to include the deepest and widest possible blue ocean market.
This is not my only project. I would like to set up the pricing and include this stream of revenue once and for all. I am willing to take the time to set up maximum profits for the product even though it kills my speed to market. And the lure of Freemium is tempting to me as it helps musicians which is the point. Or is this my mistake and I can adapt anything to maximize sales again in the future including making it free. This is my struggle.
I suppose I could do both the full sales funnel above and licensing, OR the Freemium model. Which do you choose and why, please?
I appreciate your communication and feedback. And am open to JV partnerships.
Thank you,
Ryan
I could use some perspective from you on pricing a non-IM niche digital product.
Musician is the niche. I am a self employed entrepreneur and musician. The product is unique. Currently I have no direct competition and can market to a huge blue ocean of millions of musicians. The product is incredibly valuable to amateur and professional musicians regardless of skill level. I have struggled with pricing this music training product for maximizing sales and conversions due to the overwhelming choices available.
And I am about to launch a core module of the product on the front-end for $27. With a $197 one-time upsell featuring the downloadable main product (or thinking about a $67-97 yearly membership to the full suite of products). And a monthly $17 downsell option to use the full product on my site. Along with any relevant JV cross-sell products which work well in the funnel.
But I just read The Asset Licensing Report by Bob Serling and it got me thinking about the licensing possibilities again.
Does anyone recommend licensing Education Software to Colleges or Universities?
OR, do I get the product into as many musicians lives as possible using a Freemium model to include the deepest and widest possible blue ocean market.
This is not my only project. I would like to set up the pricing and include this stream of revenue once and for all. I am willing to take the time to set up maximum profits for the product even though it kills my speed to market. And the lure of Freemium is tempting to me as it helps musicians which is the point. Or is this my mistake and I can adapt anything to maximize sales again in the future including making it free. This is my struggle.
I suppose I could do both the full sales funnel above and licensing, OR the Freemium model. Which do you choose and why, please?
I appreciate your communication and feedback. And am open to JV partnerships.
Thank you,
Ryan