Pricing, when selling ebooks is relative, as with any other products. And if you want to make money selling ebooks, you have to price it right because no matter how fabulously it’s written, how good the information is and how unique it is, if it’s not priced right, you won’t make very many, or any, sales.
The following information will help you to price your eBook right so you make sales – and perhaps start building your own little eBook writing and publishing empire.
Make Money Selling Ebooks: Factors Prospects Consider When Buying Ebooks
Some things to keep in mind when trying to read your customers are that they buy based on a number of factors.
Some of these are quality of information offered, brand perception, whether or not they’re familiar with your products and services, how the subject matter is covered, whether or not there’s anything else comparable on the market, how it’s presented, etc.
All of this affects what you can get away with charging.
To Make Money Selling Ebooks, Price to Appeal to the Masses & Create Lifetime Customers
Many eBook authors price their ebooks to compete with others in their niche. New tom swift ebooks publishers tend to price lower, figuring that they’ll get more sales that way. But as my example above illustrates, this is not always the case. There are many more factors to consider, as we’ve discussed.
But in my opinion, this is still a good model to go with. This is called pricing to penetrate the market, and following is why I think it’s a smart pricing strategy, especially for new writers and self-publishers who want to be successful when they sell ebooks online.
Sell Ebooks Online Insight: Pricing to Penetrate a Market — What This Is & Why It Works
The idea behind it is to get as many customers as you can so that you can grow your mailing list and turn these one-time customers into lifetime customers by selling other products and services to them. This is a good strategy if you plan to write more ebooks, create courses, sell affiliate products, etc.
Remember though, there’s a fine balance between pricing to penetrate the market and damaging your brand. You don’t want to be so cheap that your eBook has no perceived value, but you don’t want to be so expensive that you don’t make a good number of sales. It’s a balancing act.
But keep this in mind: Once customers buy from you once, they’re much more likely to buy from you again. And, according to the Pareto Principle, 20% of your customers will account for 80% of your eBook sales. So, pricing to get lifetime customers can be extremely lucrative.
I know. I have customers who come back and buy from me over and over again – and many even give me ideas of products they’d like me to create. This is like having dollars thrown at you because they’re saying, “If you write it, I’ll buy it!”
Make Money Selling Ebooks: Want to Start an eBook Publishing Empire — Use This Pricing Strategy for Success
So if you want to start an eBook publishing empire, then using this pricing model is an excellent strategy for ensuring long-term sales and a steady stream of new customers.
What I recommend if you use this pricing model is to assess the competition. Get highs and lows of what similar products are selling for. Then, go in someplace in the middle.
And, make sure you have a killer sales page. This will practically ensure that you make money selling ebooks — and peripheral products that you may create around your eBook (eg, e-classes, additional ebooks in the same line, etc.). Learn more about how to write an eBook and price it to sell.