Mistakes to Avoid when Pricing Your Digital Products > IM Management

When it comes to pricing your digital products, there are a lot of mistakes you can make. It’s not easy coming up with the best price. Unlike physical products, you need to put a lot of guesswork and estimation into your pricing model.

To help you set the right price, here are some of the most common mistakes to avoid when pricing digital products.

Over- or Underestimating Product Value

By far the most common mistakes made with pricing digital products is over- or underestimating product value.

Pricing digital goods is different to physical goods. You rely more upon perception, making it difficult to accurately price the products. With cost-based pricing, you know how much you need to charge because you work out how much the product costs to make and how much profit you want to earn. However, it’s more difficult to do with value pricing.

If you set your prices too high, you’re going to struggle to make any sales. On the other hand, setting them too low can have the same effect. Customers might wonder why your products are so much cheaper than the competition. They may feel it’s because your products don’t offer the same level of value.

So, you’re going to want to spend a lot of time researching prices for similar products. Then, work out exactly how much value your products are providing. You could also do some market research to see how much people think your products are worth.

Offering One Set Price

Another common mistake is offering one set price for your products. While this can work with some products, generally speaking it’s better to offer a variety of prices.

Tiered pricing works particularly well, giving customers various options. They can choose how much they want to pay, plus having the higher price there makes the more basic packages seem much better value for money.

Not Tailoring Your Approach with Different Customers

Following on from the last point, it’s important to tailor your approach to different customers. Each type of customer has their own unique buying habits. They are willing to spend different amounts and they require different things. So, be sure to offer pricing models and packages that appeal to a range of different customers.

Simply Charging Less Than Your Competitors

It’s logical to think that in order to succeed, you should charge less than your competitors. However, surprisingly this isn’t always effective.

This is because customers today care about so much more than the initial price tag. They want value more than a lower cost. So, avoid just pricing your products lower than the competition. Instead, focus more on the value they’ll be receiving.

These are the most common pricing mistakes you can make. Pricing digital products can be tricky, but the above can help you to increase the chances of getting it right. Sometimes, it’s worth experimenting with different pricing models to see which works best for your business and customers.

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Performance Tracking Tips to Make the Most Out of Your Pinterest Account > Social Marketing

Looking to get the most out of your Pinterest account? It’s all about tracking your pins’ performance. Without tracking how your pins are performing, you aren’t going to know whether they are effective or if you need to tweak how you do them.

If you’re new to the site, you might not know how to track your pins’ performance. So, to help, here you’ll discover some of the best performance tracking tips you can follow.

Utilize Pinterest Analytics

To truly get the most out of your Pinterest account, you’re going to want to use Pinterest Analytics. This completely free native tool allows you to accurately measure your performance.

You can see how well each of your pins performs using a range of metrics. They are split into three main categories, including audience, profile and web analytics. You can see things like how many times a pin has been viewed and shared, whether it has been saved, and which links are drawing in the most clicks.

It’s a good idea to research how to use Pinterest Analytics properly before getting started. There is so much you can track and monitor with this free tool.

Using Google Analytics

Did you know you can also use Google Analytics to assess your Pinterest success? By heading to the Traffic Sources menu, followed by Social and then Network Referrals, you’ll get to see referral data from Pinterest. It shows you the URLs that users clicked on through Pinterest to get to your site.

You’ll also discover how many page visits you have had, and how long users typically spend on your site. It’s possible to use this data to compare it with your other social media accounts. That way, you can see just how well each one is performing and where you should perhaps be spending most of your marketing efforts.

The Main Things to Pay Attention To

When it comes to tracking your performance on Pinterest, there are a few things you’ll want to pay particular attention to.

Look at how many of your pins are getting saved and which ones are performing particularly well. What was the topic and how was the pin laid out? Paying attention to your impressions is also useful. This basically shows you how frequently your pins are shown on Pinterest. There are ways to increase the number of impressions you receive, such as posting consistently high-quality content.

Be aware that anything you re-pin won’t count towards your analytics. Only organic pins you have created and shared to the site yourself will be measurable. For re-pins, it is the original pinner who will get the credit.

So, there you have it – some of the best performance tracking tips to get the most out of your Pinterest account. It is important to monitor your performance regularly on social media. It’s the only way to determine what is and what isn’t working. This will then allow you to change your strategy if needed in order to achieve best results.

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Important Terminology for the Pinterest Novice > Social Media

Like any social media platform, Pinterest has its own set of terminology. There are a lot of terms associated with the site that you’ll need to familiarize yourself with before you get started.

So, let’s take a look at some of the most important terminology for the Pinterest novice.

Pins, Pinners and Pinning

The most common pieces of terminology you’ll come across on Pinterest are “pins,” “pinners” and “pinning”. You’ll quickly discover that pins are everything on the platform. They are images that you click on to reveal the content.

Pinners are basically users of the site who post pins, while pinning refers to adding a pin to your collection.

Pin It Button

The “Pin It” button is found on all pins on the platform. It is a website button that users click on to add the pin to their Pinterest boards. If you will be adding your own pins as a business, you’ll need to include the Pin It button on all of your posts.

Boards

On the platform, pins are saved on boards. You can either create and name your own boards or use suggested boards when saving a pin. Most boards are set to be automatically public. However, you can also create private boards that only you can see.

Promoted Pins

When you are a business user on Pinterest, you need to know about promoted pins. These are the equivalent of Facebook’s paid ads. You can choose to promote your pins in order to generate a higher reach. You’ll also have access to the enhanced match feature, providing more accurate match conversions.

Rich Pins

Another term to learn as a business user is “rich pins.” These include extra metadata on the pin and there are four different types you can create. Choose from article, product, app or recipe rich pins.

Pinterest Tag

If you want to measure the success of your pins, you’ll need to pay attention to Pinterest Tag. This is a feature which enables you to see exactly what people do on your site after interacting with your promoted pins. This helps you to see how effective your promoted pins are, and you’ll learn a lot more about your audience.

Actalike Audience

Actalike Audience is one of the most useful features on Pinterest. It identifies people who might be interested in your brand based upon your existing audience. It will find new people you can market to by gathering data and behavioral information of Pinterest users.

Pinterest Tag Helper

This is a Google Chrome extension which can help you to make sure you have set up your tag correctly. This will ensure you are getting the best results from your pins. It also ensures that the Enhanced match feature is using the right data.

This is some of the most important terminology you need to know when setting up on Pinterest. It’s important to familiarize yourself with the lingo if you want to successfully connect with your audience. The more you use Pinterest, the quicker you’ll get to know all of its unique terms.

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How to Connect Your Pinterest Account to Your Site and Other Social Media > Pinterest

If you want to get the most out of Pinterest’s features, you’re going to need to connect your account to your website. This is thankfully much simpler than it sounds!

To help you set up your site on your Pinterest account, below you’ll discover the main steps you’ll need to take.

Claiming Your Website

One of the unique things about Pinterest is that you don’t just add your website by typing in its address. Instead, the platform requires you to “claim your website”. This basically connects it so that its data can be used alongside Pinterest’s analytical tools.

In order to claim your site, you’ll need to log into your Pinterest account and head to the settings menu located in the top right corner of the screen. You’ll see an option saying Claim; click that, then click Claim next to where it says Website.

You have a few options of how you want to claim the site. You can add an html tag, upload an html file, or add a TXT record. If you don’t know what you’re doing here, you could enlist the help of a web designer.

Adding Your Pinterest to Other Social Media

As well as connecting your website to Pinterest, you’ll also want to add it to your other social media sites. Even simply adding your Pinterest profile link to sites such as Facebook and Twitter can help to attract new subscribers.

However, if you want to take it a step further, learn how to share your Pinterest URLs. Find the pin you want to share from the correct board. Then, locate the Send option at the top of the page. After clicking it, choose how you want to share it. You should see social media links which will take you to your accounts.

Why Connecting Your Site and Social Media Matters

It’s really important to connect your site and social media to your Pinterest account. This allows you to fully utilize the marketing potential of both your website and your social media accounts.

By claiming your website, it lets you monitor your pins’ progress, as well as take advantage of tools such as Rich Pins. All pins that you share from your site will also contain your profile picture. This can greatly increase the engagement on your pins. It also makes it much easier for your subscribers to visit your website. They simply need to click on the link in your profile and they’ll be taken right to it.

By sharing your pins on other social media platforms, you’ll be reaching their audiences too. Each platform has different users, so you’ll greatly boost your marketing efforts.

The above is a brief guide on how to connect your site to your Pinterest account. By spending just a few brief minutes connecting your site and other social media profiles, you could greatly boost your reach and engagement.

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How Often Should You Pin (and Other Important FAQs)? > Social Media Marketing

When you are using Pinterest for business, how often should you pin? This is a common question that businesses have, particularly if they aren’t seeing much in the way of results.

The truth is, you’ll find a lot of conflicting advice out there. Having said that, there are some general guidelines you can follow. Read on to discover how often you should pin for business and other important FAQs.

How Often Should I Pin?

According to experts, 10-11 pins a day is the recommended number you should be posting. If you’re posting around 30 pins a day, this could be seen as excessive, whereas 3 pins a day would be seen as too few.

It’s much more important to post consistently, rather than worrying about how many you are posting. Pinterest recognizes consistent posters. As long as you are sharing high-quality content, Pinterest will start increasing your number of impressions.

How Many Boards Should I Have?

The majority of businesses have between 30-50 boards. You’ll want to try to offer a range of different content to your audience. Boards should be separated into different topics, allowing users to find what they are looking for much more easily.

For example, if you sell clothing you could have boards for each different type of clothing you sell. You could also have a board for industry-related news and a board offering clothing tips. The more boards you have, the larger the audience you are going to draw in.

How Many Pins Will I Need to Get Started?

If you are just getting started on Pinterest for business, ideally, you’ll want to create 20-30 pins initially. It’s best to work with a cohesive style. That way, you’ll simply need to switch out the text and the image and the pins will maintain the same style and design.

Does Every Pin Need to Be Original?

The answer to this is no. In fact, it’s best to focus on 50% original posts and 50% curated content. With curated content, this is basically where you pin content from others on the platform. The curated content should relate to your niche and what you sell. The advantage of sharing this content is that others could start doing it for you too, advertising your pins on their boards.

When you are just starting out, you may need to focus on posting more curated content than original. That’s absolutely fine; just do what feels right for your business.

Should I Delete Pins?

When you do post a pin and it receives very little interest, it can be disheartening. Previously, it has been recommended that you delete pins that didn’t generate a lot of interest. However, you really don’t need to do that anymore. It’s a myth that pins with little engagement will damage your brand. All deleting the post will do is reduce the number of pins you have.

So, when it comes to how often you should pin for business, around 10-11 times a day is recommended. Don’t forget you can take advantage of scheduling tools to set pins to be posted automatically.

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Writing Titles that Pull In Clicks > Article Marketing

Your title is the single most important sentence of your entire article. Its job is to get people to open the article and read the rest. How can you write titles that other people want to open? Here are a few important things to think about.

=> Start with a Great Topic

The first step to a great title is a great topic. The title’s job is simply to convey the topic as interestingly as possible. In order for the title to be effective, the topic itself still has to be interesting to the reader.

Know what your reader wants. Know what they want to hear and what they want to read about. Choose your topics accordingly.

Having a great topic and a great article makes writing a great title much easier.

=> Use Power Words

Use words that titillate the senses, that create emotions and that bring visualizations to mind. In other words, use powerful words rather than descriptive words.

One carefully chosen, well-placed power word can change the vibe of the whole title.

For example, instead of: Tips for Making a Speech
Try: High Impact Tips for Making a Dynamic Speech

These two power words – “High Impact” and “Dynamic” – completely change how the whole title is perceived.

=> Use Numbers & Specifics

Specifics and numbers tend to do very well. Use specific locations, number of tips, names of people, etc.

Again, taking our previous example:

Instead of: High Impact Tips for Making a Dynamic Speech
Try: 31 High Impact Tips for Making a Dynamic Speech
Or: Tips for Making a Dynamic Speech by a Former Champion Speaker

The difference between the first sentence and the latter two sentences are specifics. Specifics give titles more weight and makes them seem more real and powerful.

=> Get Inspiration from Other Writers

If you ever find yourself having trouble writing a title, just Google your main keyword.

How are other writers writing their titles? What kind of topics are they targeting?

What techniques are they using to write their titles? Are they using specifics? News? Names? Power words?

Don’t copy a title. It’ll hurt your search engine rankings and can be taken as plagiarism. That said, there’s absolutely nothing wrong with using other people’s titles as inspiration.

=> Vary Things Up

Finally, change your tactics around. Don’t use a power word in every title. Don’t use specific numbers in every title.

You’ll want your article titles to be different from one another to avoid them sounding too similar and turning readers off.

These are a few proven ways to increase your click-through rates and open rates. Start with a great topic. Sprinkle in a power word or two to make your title come alive. Use a specific or two, if applicable. Get inspiration if you get stuck. And finally, remember to always vary things up.

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Why Branding Is Crucial in Niche Marketing > Niche Marketing

When it comes to branding, most people tend to think of big brand advertising: Coca-Cola, McDonalds and Microsoft spend money on branding. But it doesn’t really apply to smaller businesses – or does it?

Believe it or not, branding is actually crucial to success in a small industry. In this article, you’ll learn why that is, plus several of the big benefits of having strong branding in a niche.

=> Your Reputation Precedes You

Once your site has been around for a while, your reputation will precede you. That means that before someone even lands on your website, they will have heard about you.

They’ll probably already have an opinion about you and your products. What that opinion is depends on your brand. If you did a good job, they should ideally think your products are high quality and that you can really solve their problems.

In other words, your brand can have a huge impact on your conversions.

=> Type-In Traffic

Many beginning marketers have a hard time believing that type-in traffic can be a big traffic source. In reality however, a business that’s been around for a while and has a strong brand often gets more traffic from type-ins than from paid marketing.

For example, Amazon.com gets a lot more traffic from people typing in their domain than people who end up there from ads. In much smaller markets, the same applies: people know your brand, know that you can help them and type in your domain.

This is a huge traffic source in the long run. The only way you’ll do well with this traffic source is to manage your brand well.

=> Networking Benefits

Who would you rather meet in person or do a favor: Someone in your market who you’ve never heard of, or someone who you’ve heard of who has a great reputation?

Having a reputation that precedes you will open many doors. It’ll open doors to guest blogging on other people’s sites, to affiliates, to JV partners, to speaking opportunities, to free backlinks and a lot more. You’ll even have people approach you to do brand new business deals.

=> You Are Your Brand

It’s important to realize that building your business’s brand means also building your own brand.

Not only will this open doors for your business, it’ll also open doors for you professionally. Need a book deal? If you have an existing reputation, it’s much easier. Need investors for your next venture? Want to steal a top-notch programmer from Google to work on your start-up?

Whatever it is you need in your life, by building a strong brand in your business, you’ll automatically be seen as more credible in just about anything you do in the future.

The effects of a powerful reputation can’t be emphasized enough. It’s definitely less measurable numerically than ROI or traffic, but its power is there. Don’t overlook it just because you’re in a small market.

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Using Pre-Launch Content to Build Excitement > Online Promotion

Launching a new product isn’t just about selling. It’s about pulling people in and getting them interested. Instead of going for the hard sell, one of the best ways to get people to buy is instead to give them great content.

Not just any content, however. Content that explains the problem well, that delivers genuine value to the reader, while still whetting their appetite for a solution is what will increase your conversions.

Let’s dive into this concept a little more.

=> The Importance of Delivering Content

If your list ever gets the sense that you’re hard-selling them, they’re probably going to stop reading.

On the other hand, if you’re speaking to them in “What’s In It For You” language, so they’re getting something out of reading your content even as you’re selling to them, then they’re much more likely to stick around.

Believe it or not, you can send half a dozen sales emails to your list and have your readership be even more interested in reading your emails, rather than less.

=> Delivering Value while Explaining the Problem

Explaining the problem is one of the most important parts of the sales process. Unless someone gets emotionally connected to the problem, they probably aren’t going to buy.

How can you explain the problem to them, without losing their attention? By telling them things they don’t already know.

Let’s look a specific example to see how this works. The market we’ll use for this example is “How to save for retirement.”

The goal here is to write a series of content-rich articles or emails that people will actually get something useful out of, and that still whets their appetite for solving a specific problem.

=> Market Example: How to Save for Retirement

Product launching in a month: “How and Where to Invest Your 401K”

Email 1: Why Most People Earn Less Than 7% on Their 401K Fund
Email 2: Why Just 3% of 401K Plans Beat the Market
Email 3: Is Your 401K Plan Secure? (Hint: Most 401Ks Lost 30% in the 2008 Crash)

And so on.

In each of these emails, you can detail some of the reasons why people don’t get the best returns on the 401Ks. You’ll talk about people who select the right funds to invest in and get abnormally high returns, as well as people whose funds were immune to various stock market crashes.

With each email, people need to feel that they understand the 401K system more and more. They should also be feeling more and more curious about what the “right” way to invest a 401K plan is.

Then and only then do you start dripping in the sales emails.

The moral of the story here is this: Deliver content and deliver value, without necessarily giving away the solutions in your paid product. Instead, give people content that’ll help them understand the problem better, while whetting their appetite for the product you’re about to launch.

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