So, let's say you have your own ebook.
Now you have to decide how much to charge for it.
Finding the right price is essential to the
success of your product. I mean, the success
of how profitable it can be.
If you charge too little, people will think it's
of little value, and they won't purchase it.
Or even it they do buy your book, you will
have to sell thousands of copies to get to the
point where you can begin to see a huge
profit. But that doesn't really matter because
with the correct marketing strategies, you can
definitely sell a lot of copies.
If you price it too high when compared
with your competition, you will find yourself
having a steep competition. Of course, if you
lose, you end up with nothing in your pocket.
Another problem with selling your ebook
at a high price is you’ll have a tough time
reducing it in the near future.
For example, if you sell your ebook at first
for $47.00, and later reduce it to $27.00,
don't you think the people who bought it for
$47.00 are going to be unhappy and disappointed
(Or maybe angry)?
The first rule of pricing ebooks is to
never underprice.The price should be aimed at bringing in profits,
but you should never forget that price is one of the
factors that people use in judging the value of
your ebook before they buy it. So always start with
the lowest price that you can still make a healthy
profit and then increase it gradually if there's a
good demand for it.
Pricing an ebook is particularly difficult because
ebooks are intangible. Since they are digital, the
value of an ebook is as confusing as the
understanding of what digital actually is to the
average layperson. That's why, you're selling
the
PERCEIVED VALUE of it.
Your ebook is actually information. It is the
information in these books that have the ability to
change, or possibly transform, people's lives.
What solutions can it offer?It is the information that are valuable! That is
how you determine the cost of your ebook.
If your ebook contains valuable and more importantly
NEW information, references, or techniques,
then you should aim to price it on the high end.
For example,
does your book solve a particular problem? If it does, and solves it in a way that hasn't been
written about in one hundred other ebooks, you will be
able to achieve high sales at a high price.
Just make sure the question or problem that your book
solves is one that is important and relevant to the
majority of your market audience. If your ideas are
not common knowledge, or you are presenting a brand new
technique, you will be able to sell books at a high
price. Just be prepared for your competition to undercut
you on price as soon as they hear about your book.
If your book is aimed at solving one particular problem
rather than general advice, then
you can charge more.An effective technique for figuring out a price is to
send out a survey to your current customers or
subscribers. If these customers have already bought
an ebook from you, ask for their opinion in terms
of price. Of course, the results can be biased.
Another strategy is to test out prices by running
a split-test. In a split test, you divide the traffic
equally amongst two versions of your salesletter to see
which version produces the most ebook sales. This will
tell you what your optimum price is.
Lastly, the price for your ebook depends on the
online niche business as well.
Like, you can sell for a higher price in the "how
to make money" niche market. I've seen ebooks sold
for $97 that teaches the reader to make money from
internet and etc but I've never seen an ebook
teaching dog owners to be better dog trainers
for that same price.
Happy pricing your ebooks for Christmas.
Warmest regards,
Patric Chan
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