Looking to price your digital products? There are a lot of different strategies you can use to try and boost sales. Sometimes, it’s a case of trial and error, figuring out which pricing strategy works best for your particular product offering.
To help you get the best price for your digital products, below you’ll discover some of the best strategies you can utilize.
Consider Tiered Pricing
Tiered pricing can be very effective for digital products. This is because consumers value things differently. By offering tiered pricing, it allows you to sell to a larger customer base. Some will be prepared to spend more than others, so having basic as well as pro packages can be a great idea.
Take an eBook as an example. You could offer the eBook by itself for the lowest price. Then, you could throw in a few additional resources to sell at a slightly increased price. That way, those who don’t need the resources can purchase the basic package, while those looking for more value can pay a little more.
High Price Strategy
Another option you have is the high price strategy. This involves giving your product a high price to give the product more value. While it doesn’t always work, when a customer sees a digital product with a higher price tag, it creates a sense that the product provides a lot of value.
Think about it; when you see a course for $50 and then another one for $150, which do you automatically think will deliver the most value?
Try before You Buy
A common pricing strategy which can prove effective, is offering a “try before you buy” option. The reason this method works is because it provides peace of mind to the customer. They’ll be able to see what they’ll be investing in, reducing the uncertainty surrounding the purchase.
Customers don’t want to part with their money unless they know they are getting good value. So, offering a free trial of your product is a great way to build up trust.
The Bonus Strategy
A clever sales strategy for digital products is the bonus method. This basically involves including a bonus item when the customer buys your product. It could be a worksheet they can use, or a free eBook.
When customers see bonus items offered, they are often much more likely to make a purchase. It also means you can sneakily charge more for the product. You could actually combine this with the tiered pricing strategy, offering extra bonuses for an additional cost.
Psychological Pricing
Finally, another effective pricing strategy is psychological pricing. This includes selling products which end in 9 or 7. So, for example you could offer your product for $29.97. This would look a lot better to a customer than $30, despite there being very little difference in the cost.
These are just some of the top pricing strategies you can use to make more sales. It’s worth trying out different strategies to determine which works best for your particular products and customer base.
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