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Are you confused about how to price your e-books, teleseminars, audio recordings and other products? Do you just set a random price and hope that this turns out to be the "correct" price for the product? Are you losing lots of money every day just because you didn't price your products correctly?
Setting the price of the product is one of the most important decisions that you will make as a business owner who sells information products. Many solopreneurs make a huge mistake by setting the wrong price for their information products and losing thousands of dollars as a result.
Many business owners spend little time (or no time at all) deciding on the right price for their products. Having spent countless hours researching the feasibility of a product, creating a product, editing it, setting up a shopping cart and creating a sales letter, the business owners are extremely tired of doing all this work and want to just get their products out there and make money.
Therefore, by the time they need to come up with the price, they don't spend any time determining what the price should be. Instead, they pick a price that sounds good to them, put it on the sales letter and start selling.
Not taking the time to price a product correctly is a common mistake. When you set your price too high, too few people end up buying your product, and you lose sales.
Many solopreneurs, though, set their product prices lower then they should, and end up losing money as well. If you set the price too low, you will need to sell too many copies to generate a reasonable amount of revenue. For example, if you price an e-book at $5, you will need to sell 20 e-books to make just $100. If you price the same e-book at $34, you will need to sell just three to get the same $100.
Another reason you should not underprice your products is the perception of quality. When your product's price is so low that it seems to offer an incredible bargain, customers will wonder about the quality of the product. Can you really produce an excellent product for such a low price? If you sell an e-book for $7, but your competitor sells a similar one for $37, potential customers may think that your competitor's e-book is higher quality simply because it costs more and seems to be more "reasonably" priced.
Make sure you set your products' prices correctly. Doing this will help you maximize your online revenue and make thousands of dollars with your information products.
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