By the time you have finished writing your eBook and you are at the point of deciding how much you should charge for it you need to think through your options very carefull. You want to be successful at selling your eBook online so you want to make sure you don’t charge to much but by the same token you want to make sure you don’t charge too little either.
Finding the right price is essential to the success of your product. 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 eBook, you will have to sell thousands of copies to get to the point where you can begin to see a profit. If you price it too high when compared with your competition, you will find yourself steadily lowering the price, which will cause you all kinds of new problems in the future. For example, if you start selling your eBook for £39.99, and later reduce it to £24.95, don’t you think the people who bought it for £39.99 are going to be a little annoyed?
Choosing the right price for your eBook is one of the most critical parts of the marketing process. The first rule of pricing is to never underprice. Determine the highest price your audience can afford, and then if you find it isn’t selling, you can always reduce the price. Before you take that step, make sure you are promoting your eBbook like crazy through your blog but also offline at events.
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 highest price, and then launch a mega-marketing campaign.
Pricing is particularly difficult because eBooks are a fairly new commodity. Since they are digital, the value of them is hard to put a price point on but if you have done your research and you know you have written a product that people are searching for, plus your potential customer can see perceived value in it because it will provide them with a solution then you will certainly be able to charge more for your information product.
It is not so much the actually eBook that makes a differece but it is the IDEAS that you have presented that are valuable!
Think about your end goal
There are all different formulas and methods for determining the correct price for an eBook and a good way to help you think about the one that will work for you is to focus on what your end goal is as you work at selling your eBook.
Decide if your goal is to get wide distribution and maximum exposure. This goal is aimed at drawing customers to your business or service, or to establishing the credibility of your reputation. If this is your main goal, you should aim to keep your price on the low side. Some authors have even priced their eBooks at a profit loss to draw a high number of new customers. The key is to find a price that maximizes your profits and the number of books you sell.
This is an excellent pricing strategy if you are looking to acquire long-term customers. Long-term customers are extremely likely to buy from you again and again as long as the first eBook they buy is of exceptional quality and beneficial to the customer.
However, if your eBook contains valuable and more importantly NEW information, references, or techniques then you should aim to price it on the high end.
If you believer your eBook solves a problem or answers questions in a new and unique way, you should price your book as high as you can go. You will achieve larger profits this way, but bring in fewer customers. Just make sure the question or problem that you solve 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 better off selling your eBook at a high price.
Because eBooks are so new it is difficult to work out an exact pricing strategy and at best the one you decide will only be temporary as things changes and new eBooks come on to the market. If you are selling your eBook at a high price eventually someone will come along with similar information at a cheaper price so you need to decide how long you plan to offer it at a high price and how much you will lower the price by if the time comes.
Always remember if your aim is to use your eBook to promote your business or the products you sell price your eBook low or give it away for free in an effort to bring in customers to your business but if you are focusing on specific helpful advice then charge more.
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