How do you know when you can charge for your product

15 replies
Hi

I'm in the process of trying to create my first product (an ebook in the beauty niche). Ideally I would like to charge a small amount for it, say $5 or something, so that I could build a better quality buyers list.

I can't bring anything particularly new to the table with the subject matter, the only information I can present in this book is already freely available online.

How do you know when you;ve created something to a standard that people would pay for?

Any advice on this appreciated.
#charge #product
  • Profile picture of the author Scott Burton
    First, is it LEGALLY available freely?
    Second, is it EASILY available freely?

    What I can find easily is not necessarily what you can find easily. That's why I cut 28% off of one of my clients expenses for one of their departments this year. Because I knew how to source their needs better than their in house people.

    Unfortunately, I didn't earn a bonus based on how much they saved. (I should have negotiated that first...)

    You need to look at what you can provide, make sure that all the information you provide is useful and your finished product has value.

    If you can't provide NEW information, can you provide a better explanation of the existing information?

    If the available information is very dry and very mechanical (assuming you're teaching the customer something), can you make it easier to understand, something easier to learn? Make it something actionable?

    The only time you know for sure you can price it, is when someone asks you how much is it going to cost me? But to judge for yourself when you feel it's ready for a price tag, is really up to you to decide. But a good measure is to ask yourself "If I am looking for this information, would I be willing to pay this amount for it?"

    Unfortunately I doubt anyone will be able to give a definitive "when this happens, your product is ready for a price tag"
    Signature

    - = Signature on Vacation = -
    (We all need a break from what we do for a living. I thought it was time my signature got a break too)

    {{ DiscussionBoard.errors[4829119].message }}
  • Profile picture of the author workingtofreedom
    I would recommend the following:

    1) A business isn't a business without customers. So FIRST build a list. (that is, of course, if you want to work in this niche long-term)

    2) Send out several free reports to your list and get feedback.
    --what do people like?
    --what do people dislike?
    --do people find your information valuable?
    --would they like to find out more?

    3) Once you've identified something that people find valuable, and want more of. Create a more in-depth ebook/video training series/etc. for your product. Then launch it to your list.

    As Christ Farrell said "Be good to your list--and your list will be good to you".

    Good luck,
    --Jeff

    P.S. Personally, I would recommend some kind of video training for beauty and cosmetics--it would be easy to make (just film yourself/a friend putting on make-up) and you could charge more for it (people typically find more value in video than in ebooks).

    Also--why do you want to price it so low? Does the competition price their products at $5 or under? Five dollars is like nothing. Don't undervalue yourself--I'm sure you can provide more value than that.

    P.P.S. If you don't follow the method outlined above, you can always find some beauty/cosmetics forums (just google it) and talk to people there. Find out what they want--and how much they'd be willing to pay for it. Then you can avoid the list-creation process altogether.
    {{ DiscussionBoard.errors[4829122].message }}
  • Profile picture of the author FreeMeal
    thanks guys. You've given me some ideas here.

    Yes, Scott it's all perfectly legal information.

    Workingtofreedom: I'm not sure how to price things just yet. I just thought $5 would be really affordable for everyone, but maybe I should consider charging more (dependent on how the final product turns out)
    {{ DiscussionBoard.errors[4829385].message }}
    • Profile picture of the author Bob Ford
      Originally Posted by FreeMeal View Post

      I'm not sure how to price things just yet. I just thought $5 would be really affordable for everyone, but maybe I should consider charging more (dependent on how the final product turns out)
      It's not about being affordable, it's about being useful. If your ebook is useful, people who want the kind of information you're providing can't afford not to have it.

      If you price it low or for free, people may view it as cheap. There's a difference between cheap and inexpensive.

      For example, a cheap physical product may be something that is poorly made and, therefore, won't last long. No matter what the price, it's still cheap. On the other hand, an inexpensive physical product would be something that's well made, but is priced low relative to its usefullness.

      In my view, inexpensive really refers to something that provides more use value than it costs in cash to buy.

      With ebooks, a cheap one would be one that's poorly written (there are tons of those out there), and offers little educational value. An inexpensive one could cost, say, $97.00, but has so much useful information, it's more than worth the price.

      Just because the information you're providing might be available elsewhere online, don't under-price it. Focus on presenting quality content in a way that provides the reader with great use value. Then consider that when setting the price of your ebook.

      I hope this helps.

      BF
      Signature
      Visit my Home Based Business School website
      Build a Web Business with
      SiteSell
      Free Ebook Attraction Marketing
      {{ DiscussionBoard.errors[4829476].message }}
  • Profile picture of the author tpw
    I know I can charge for it, when I decide to put a price tag on it.

    The bigger question is whether the marketplace will purchase it at the designated price. That is a harder question to answer.

    First I figure out the strength of the want, to see how many people are asking the question.

    Then I try to decide how badly people want it. That will determine if I can get the price I want.

    The final test is whether people buy it at the price I advertise.
    Signature
    Bill Platt, Oklahoma USA, PlattPublishing.com
    Publish Coloring Books for Profit (WSOTD 7-30-2015)
    {{ DiscussionBoard.errors[4829409].message }}
  • Profile picture of the author Alexa Smith
    Banned
    Welcome to the forum, Bob. It's been a long time since I've seen a "first post" in that league.

    Originally Posted by FreeMeal View Post

    Ideally I would like to charge a small amount for it, say $5 or something, so that I could build a better quality buyers list.
    This is a very good reason to want to charge something for it, in my opinion.

    However, if its purchasers are all going to know that, some may resent paying a high price for it, and if they do, then they're no longer really "better quality buyers" from your perspective.
    {{ DiscussionBoard.errors[4829540].message }}
    • Profile picture of the author Bob Ford
      Originally Posted by Alexa Smith View Post

      Welcome to the forum, Bob. It's been a long time since I've seen a "first post" in that league.
      Thanks, Alexa. Very kind of you to say so.

      BF
      Signature
      Visit my Home Based Business School website
      Build a Web Business with
      SiteSell
      Free Ebook Attraction Marketing
      {{ DiscussionBoard.errors[4847909].message }}
  • Profile picture of the author Jacob Hargreave
    Originally Posted by FreeMeal View Post

    Hi

    I'm in the process of trying to create my first product (an ebook in the beauty niche). Ideally I would like to charge a small amount for it, say $5 or something, so that I could build a better quality buyers list.

    I can't bring anything particularly new to the table with the subject matter, the only information I can present in this book is already freely available online.

    How do you know when you;ve created something to a standard that people would pay for?

    Any advice on this appreciated.
    Hi FM,

    I am also in the process of creating my product as well. My advice is to think about it as you progress. To explain a bit more I firstly decided to give my product free of charge, however the more i developed the book I realized that the content I am providing is valuable, needed, and immediately applicable in my niche.

    In fact I started thinking about how many years of experience I was putting into it and it's over a decade of learning all in one place. The next thing that crossed my mind was when I was first starting out. If this product was available then how much would I pay for it? I still haven't come up with a final price but I know I want it to be less than $20 but more than $15. However this may change the more I develop.

    So my advice is to dwell on it once the product is near it's completion, also you might want to think about possible add on or continuation products that would complement your original work. I did and I have a full product line in the works now. I know you said you couldn't bring anything new to the works but I wouldn't say that just yet. My product first started out as freely available info and now it's all original content, so don't think you have nothing to contribute.
    Signature

    Jacob Hargreave at your service...

    {{ DiscussionBoard.errors[4829588].message }}
  • Profile picture of the author D37
    This is some great information on product creation and what to charge.

    Where does everyone get ideas on what product to create?
    Signature

    Thank you to everyone on WF for all the great information, help, support, and kindness you have all shared!

    {{ DiscussionBoard.errors[4829707].message }}
    • Profile picture of the author tpw
      Originally Posted by D37 View Post

      This is some great information on product creation and what to charge.

      Where does everyone get ideas on what product to create?

      p.s. I have a product that goes into that with some detail.
      Signature
      Bill Platt, Oklahoma USA, PlattPublishing.com
      Publish Coloring Books for Profit (WSOTD 7-30-2015)
      {{ DiscussionBoard.errors[4829762].message }}
    • Profile picture of the author Jacob Hargreave
      Originally Posted by D37 View Post

      This is some great information on product creation and what to charge.

      Where does everyone get ideas on what product to create?
      Hi D37,

      There are two sure fire ways to product creation:

      From Experience: When you know so much about a certain niche that the information can really make a difference to the consumer. This is a big green flag to start creating based on your own experience. Don't worry too much about other products being similar because I can assure you that your own unique spin on a niche, topic, etc will be worth your weight in gold.

      From Need: This usually happens when you wish something existed, but then you realize you have the means to create it yourself. This is what happened to me with my current project.

      Here is an exercise everyone can try right now and get some great idea's flowing. Grab two sheets of paper and simply start brain storming about everything you know how to do and are very good at. On the second sheet brainstorm about a products you wish existed make sure you list at least 20 things for each list.

      Reason being is because this forces the brain to focus and when that happens you will be surprised at what you come up with. Once you have your 40+ ideas you can start exploring the possibilities. I guarantee you will have several good ideas just waiting to make you a great living online.
      Signature

      Jacob Hargreave at your service...

      {{ DiscussionBoard.errors[4830015].message }}
    • Profile picture of the author Bob Ford
      Originally Posted by D37 View Post

      ...Where does everyone get ideas on what product to create?
      I find the best topics for me are those I have some interest in. That probably seems obvious, but you'd be surprised at how many people don't think others would be interested in hearing what they have to say on a given topic.

      I have a "Business Ideas Generator" page on my website that deals with how to come up with a list of business ideas. The process described there will also work for coming up with product ideas.

      I wish you well.

      BF
      Signature
      Visit my Home Based Business School website
      Build a Web Business with
      SiteSell
      Free Ebook Attraction Marketing
      {{ DiscussionBoard.errors[4834804].message }}
  • Profile picture of the author AdwordsMogul
    To answer the question: when I finish creating it.

    Now, before creating the product you want to make sure people will want it ( by doing at least basic market research)

    Why don't you figure out what the biggest frustration of your market is?
    Signature
    "Those who can - DO IT. Those who can't, say it's impossible."
    Jean Paul a.k.a AdwordsMogul
    PHPDevelopers.net - Top of the range PHP developers

    Easy Link Saver - Are you tired of the pain of constantly searching for your affiliate links? ( Chrome extension - FREE )
    {{ DiscussionBoard.errors[4829880].message }}
  • Profile picture of the author Charles Evans
    If you have a hungry market... or simply by trial and error... I have one of my products that I sell for $9.90 a piece... and then I have that same exact product on another totally different portal as a free hook to build my list...
    {{ DiscussionBoard.errors[4840117].message }}
  • Profile picture of the author apartman
    right time is when he wants to pay!!
    Signature
    http://www.apartmanibih.com Apartmani BiH
    Smjestaj u Bih: Jahorina, Bjelasnica, Igman, Neum, Sarajevo, Mostar, Banjaluka
    Planine, More, Rafting, Jezera, Rijeke, Etno sela, Banje
    {{ DiscussionBoard.errors[4840143].message }}

Trending Topics