Coming up with the best price for your product isn't easy. Charge too much, and you won't make many sales. Charge too little, and your product could be perceived as inferior. The only way to come up with a good price is do some research, price your product, and test to see what happens.
The first thing to look at is what are other similar products in your niches selling for? You don't necessarily have to use the same price as your competition, but it will help you determine your selling price.
Things To Consider
If they are just selling a 20 page guide on how to install wordpress, and you are offering a 50 page guide, a checklist, mindmap and a set of step by step videos...then of course you should charge significantly more.
The best of both worlds is to offer the guide, checklist, and mindmap as an option, and for the deluxe package you would include the videos. You can get the people who won't spend a lot of money, and the others who will take you up on the deluxe offer.
One area of note is what number to end your prices in. Should you end in 7 - $29.97? Or maybe $29.99 looks better. Or how about $29.95?
It all comes down to testing different prices and pricing variations. For some reason, there are people who have a hard time paying $50 for something, but if it costs $49.95, they think it is a reasonable price.
Something else to consider is that sometimes, people are wary of a product that doesn’t cost much. For them, if the price is higher than the competition, they think it must be a better product.
Something you can do to get more sales is to offer a free download on your sales page. You can offer a free report or an email series that promote the product you’re selling. This method gets visitors onto a list that you can use to continue to promote your product.
For example, you could offer a free five-day course that is closely related to the product offer.
In each email you would have a link at the top and at the bottom of the email, offering people a chance to click on the link and order your product. Then, you give a helpful, well-written lesson about your subject, again without giving away everything - just enough to show that you know your stuff.
Creating Your Sales Page
Now, you need to start planning out the sales page for your product. What does this have to do with pricing? Everything.
Your sales page is where you present the offer, and make your case for the value you're providing, leading up to the price you're asking. Once you have your sales page ready, create another one with a different price. Why? Because you are going to test out each page so you can find out how much you can charge and still have happy customers.
If you need ideas on how to structure your sales page, look at your competitors pages. Take notes and study what they're doing.
You don’t want to copy them. You want to see areas where you can present a better offer and sales page.
First comes the attention grabbing, awesome headline! The headline needs to lead your customer eagerly to the next part of your sale page. Make sure that what comes after the headline delivers on what the headline presented.
Remember that you want to make your sales page easy to read, so don't use big blocks of text. A sentence or two per paragraph is good. Use a lot of subheads to break up the sections of your sales page.
Bullet lists are almost essential, and you want to use a lot of them. Use them to highlight the benefits that your customer is getting when they buy your product.
Customers have to be presented with the reasons why their life will be better for having purchased your product.
Tell Them What To Do
When they reach the end of the sales page, tell the customer what to do. Tell them to click on the order button. Make it clear that their information is secure, and that ordering is easy and fast. This is very important.
If the customer can not easily figure out what to do next when they come to your sales page, they will hit the back button and you will likely lose them forever.
If you are offering a special price for a limited time, let them know that. Make it clear that they can save a lot of money if they order now. You can also offer a special bonus for a limited time.
To make this believable, use a count down timer on your sales page. Let them know that once the timer hits zero, the price will increase and/or the bonus will go away.
You must make sure that you follow through and do what you said. If you don’t, you will end up with irate customers who may never buy from you again. Remember, you are building brand loyalty here.
Offer Testimonials
And finally, on your sales page, offer customer testimonials.
‘Wait’!, you say. How do I get testimonials? I haven’t even started selling the product yet! Here’s what you do: you give away copies of the product to a few people in exchange for their honest review. Most people are going to say something nice about your product.
If you get a lot of criticism, then honestly, you should rethink your product and probably make some changes, especially if they all mention the same thing, such as “It wasn’t explained clearly enough.”
If you don’t know anyone personally who you feel will provide a good testimonial, you can go on an internet marketing forum and explain that you are creating a new product and would like to provide free copies to the first ten people who contact you, in exchange for their honest testimonial on it. (You can’t ask that they only say good things about it, but if you have created a quality product, rest assured that most if not all of the comments will be positive.)
There are very active internet marketing communities that you can access and post on. It’s worth joining just to learn about how to promote products online.
Before you ask for a testimonial, introducing yourself, and contribute by adding to the conversation and giving helpful advice.
Do this for a couple of weeks and you will learn a lot, make good connections, and when you do ask for those testimonials you will be much more likely to get a bunch of people responding favorably.
Pricing is never exact. You have to test and research and try a few things. You want to give a good value for what you're selling so you'll have happy customers. And enough profit so you can grow your business. Hope this helps...
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