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Pricing a product..

by ChrisByrns
7 replies
Well, i just created my first IM related ebook. Personally i think it's cool and all and that it WILL help people make money. The whole nine, but really..
I could just be talking BULL, *who knows*, as my name is not widely known.

SO, what am i going to do?

Sell it for like $5 or $7?
..people might think "you get what you pay for" and skip on my offer.

Sell it for $47?
..people don't know me and won't buy it.

I think i'll do the following:

- I will start a new project, implementing ONLY the ideas from my ebook.
- I will document everything.

Since i know screenshots can be faked, i will work something out with the various affiliate programs i use - giving them the permission to show MY stats to people asking for MY stats.

- After a month i will have a look at my income and price my ebook at 10%
of that income. (e.g. if i made $1000 in that month, i will sell my book for $100)

What do you think of this? I've always been a fan of transparency and giving an affiliate network the permission to publish my stats (IF it's possible and IF they'll do it) might help to gain trust.

However i might be completly wrong, discuss.. =)
#pricing #product
  • Profile picture of the author Anthony Hull
    Hey Chris,

    I would start it off cheap (possibly as WSO) and then get loads of testimonials etc..

    Then start incrementing the price every 20-50 sales or so.

    Eventually you will raise it too high and the sales will drop off, at which point you will find the best price that it sells at.

    Just an idea!

    Cheers,

    Anthony
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  • Profile picture of the author Kyle Tully
    If I was a newbie and wanted an easy way to break into the market I'd do something like this...
    • Release the basic info as a $10 or $20 WSO.
    • Offer 100% affiliate commissions & build your list.
    • Get testimonials.
    • Continue using the method yourself, documenting everything.
    • Create case studies from both your results and your customers.
    • Repackage the info as a training program / home study course.
    • Write a killer salesletter and sell it for $97+
    That way you get some cash up front, you build your list (of both customers and affiliates), you generate good will, you test the info out in the real world under low-risk circumstances, you get the proof you need to sell at higher prices, and your very first product is actually building your business long term.
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  • Profile picture of the author Writing Warrior
    Anthony & Kyle both have good ideas. Get some really good testimonials before asking for $100.

    I like the idea of your affiliate network showing your stats, but I kind of doubt they would do it. What about using video as proof instead of screenshots?
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  • Profile picture of the author JJOrana
    Kyle have shared really good advice there. You have to build your credibility first.
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  • Profile picture of the author lakshaybehl
    This is a classical case of Paralysis by Analysis (If its not, then it might become)

    When I started creating my own products (I am a video guy), I never cared about the price point as long as my time was not involved after the sale apart from the customer support.

    Don't worry about under pricing it or over pricing it right now. Start with a WSO and get some testimonials by selling it at a lower price... say $17.

    In the mean time, create another product that either supplement (explanatory videos) or complements (an ebook with some other methods like complementing Article Writing with Video Production) this book.

    Then run another WSO and get testimonials for it as well.

    Make sure to make the required changes in the ebooks as recommended by the buyers which you deem fit.

    Get some PLR bonuses... and sell the entire "TOOLKIT" for $97. I tell you selling toolkits is much more easy these days than just ebooks for 97 bucks.

    Hope that helps
    Lakshay
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  • Profile picture of the author Dan Grossman
    Depends how good you are at writing the sales letter. If you can sell the value of your product, charge $100 for it.

    If you can't, charge $27-29 for it and build up that reputation first.
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  • Profile picture of the author GeorgR.
    think about it...if you go to a bookstore...and you would spend $47 or even $100 on a BOOK...what would you expect from the book?

    For a high-quality product (ebook only) with really innovative method(s) and no old re-washes...i think $47 is "ok". I would not charge $47 for some "acne book" or similar. You probably also would not pay $47 for an acne book in your bookstore, you would probably pay $9 or $19

    Also..the higher the price..the more returns/refunds. You might be off better in the range $19, $29, maybe $39.
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