Set Price
Set Price
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Wealthy Affiliate Tips: How To Set Prices For Information Products
The prices for information products are largely determined by the product owner. That's far more freedom than that of a book on the shelf at a major retailer. Print books have to make enough to pay the author, editor, printing, marketing, publisher profit and cut to the retailer.
Information products only pay the owner and affiliate sales. No inventory to store, no big upfront costs and if it doesn't sell, just transfer it to an archive file or hit the delete key. When you consider all of those factors, the information product owner has freedom to set the prices with one exception - what will the market pay?
That's the tricky part. Ebooks are well established in every genre from textbooks to popular topics so the price is dependent on the market and the following of the author. Let's say you're starting out and lack that major following, how do you price your product?
Start by surveying the prices on comparable information products on at least a dozen sites or vendors. Have you noticed that many information products end in "7?" Popular pricing is $17, $27, $47.
This price seems to click with many buyers. Other frequently used price points are $9.95, $19.95, $39.95. The ".95" is borrowing a retailer's trick of making the price sound less than it really is.
After all, $19.95 isn't a full twenty bucks since buyers tend to ignore the impact of retail tax or shipping. With information products delivered electronically, the $19.95 is the true price, leaving a big nickel for whatever a nickel still buys.
It's not the nickel - it the psychological satisfaction of spending less than twenty dollars. The $17 products have the same appeal of spending less than twenty dollars. Look for the middle ground in pricing.
Avoid starting too low or the value of your product won't be seen as worthwhile. Even if you start slightly higher than comparables, you have room for a price reduction or a "special offer" at the next lowest price point.
Think of how many times you see the infamous television infomercials that flash the price as $129 with reductions that end up at $39.95. The buyer gets excited about getting a discount when the product was never going to sell at the inflated price in the first place. It's about letting the buyer win.
Price only matters as part of the equation. Don't give your buyers a reason to focus on the price. Keep them focused on the product and the excitement of the purchase and they'll be willing to pay based on the perceived value and not the dollar amount you put on your product.
About the Author
This article was written to give you an insight of what wealthy affiliate training can help you achieve. If you would like to know more about affiliate marketing training have a few blogs where I regulary post for your benefit.
A wealthy affiliate review can be found that is rather unique ad takes you behind the scenes of the WA members area and will let you know if wealthy affiliate university is right for your affiliate marketing success. I wasted too much money and time before finding the Wealthy afiliate I hope to help you by-pass my mistakes.
Do competitive firms set price equal to marginal cost?
If not what would the correct statement be, and why?
A purely compettive firm is a price taker and thus cannot set a price. An example is someone selling a share of stock on the nasdaq. They don't have the ability to choose price. There are so many participants in the market that the seller couldn't sell any higher than the market price because no would pay higher when they can pay less. This is a real life example of the an almost perfectly competitve market (disregard the poster who has something against the study of economics). He has probably never studied it himself.
P.S. I am not saying all markets are purely competitive. Most aren't. That is why economist study many different types of markets and apply the models to the real world.
