So you have finally written your first ebook. Now you need to decide how much you are going to charge for it. Finding just the right price for your product is essential to your success. If you charge too little people will think it is low quality and won’t buy it… or you will have to sell hundreds of copies before you start to see any real profit. If you price your book too high you will find yourself having to lower your price to compete with your competition which can cause all sorts of problems down the road. Let’s say you start selling your book for $25 and then lower it down to $15. Don’t you think the people who paid $25 are going to be a little upset when they see the new price?
Coming up with the best price for your ebook is one of the most important parts of the ebook marketing process. The first rule of coming up with a price for your ebook is to never underprice it. Try to determine the highest price that your audience would be willing to pay and then you can always reduce the price if you notice it is not selling. Before you reduce the price make so you are promoting your ebook like crazy. Always try to start with a high price and then launch a massive advertising campaign and track the results.
Pricing an ebook can sometimes be a little tricky because ebooks are a fairly new commodity. The value is often confusing to the average person because ebooks are digital products and not everyone understands what digital products are. This means we must look at ebooks in an entirely different way to determine what they are actually worth.
Just for a moment, let’s look at the difference between ebooks and an actual printed book. The printed book is an object that you can actually hold in your hands and store on your shelf. Pricing factors include such things as paper stock, production costs, and the cost of the marketing.
The one thing that is similar between print books and ebooks is that they are both composed of ideas.
What do you think an idea is worth when compared to the price of paper and ink?
It is the IDEAS that are valuable! That is how you determine the cost of your ebook.
There are many different methods to determine the price of your ebook. Let’s first try to zero in on your ultimate goals.
First you should decide if your goal to get maximum exposure and wide distribution for your ebook. This goal is geared towards getting customers into your business or service, or for establishing credibility of your reputation. If this is going to be your main goal then you should try to keep your price on the low side. Sometimes authors will even price their ebooks at a loss of profit just to draw in a higher number of new customers. The key here is to try and maximize your profits while at the same time keeping in mind the number of books you want to sell.
This is a great strategy if you are looking to get long-term customers for your business. Long-term customers are much more likely buy from you again assuming your first book is a quality product.
However, if your ebook actually contains valuable content along with new information, techniques, or references then you should try to set your price a little more on the high end.
Once you have your goal figured out you must then figure out what your audience’s need is for your ebook. Does your ebook solve a specific problem that isn’t found somewhere else? If so you will be able to achieve more sales at a higher price. You just need to make sure that the problem your book addresses is important and relevant to your target audience. If you are presenting something new you will be able to sell your book for a higher price. Just be prepared for your competition to try and undercut you when they find out about it.
Keep in mind that this pricing is only temporary. You will eventually stop selling books at that high price. So try to plan out in advance how long you want to sell your ebook at that price. When that time is up it is time to change your pricing strategy.
If you are looking for large profits over customer draw then try to target an audience that is looking for easy solutions to their problems at a low price. If your book is aimed at solving a specific problem you can charge more than if you were planning something more general. It is better to start at the highest price your market can handle and then plan to bring the price of the book down several times over the next year.
A good way to figure out the price for your book is to send out a survey to your current customers. If these people have bought a book from you in the past feel free to ask them for their opinion on the price of your next book. You can do this by creating a sales page for your book that does not include a price. Instead, add some links to some survey questions aimed at assigning a price to your book.
Another way to test out prices is by creating a duplicate sales pages each containing different prices. Then figure out the conversion ratio between the visitors to your site and the number of sales for your book. This should give you the optimum price of your ebook.
Don’t have a product yet? No problem! Pick up a copy of Product Creation Tactics.
Discover more from Get Rich With Jerry
Subscribe to get the latest posts to your email.