Ebook Marketing: How To Price An Ebook To Achieve Maximum Sales
There are different ways to establish the value of your ebook and its content. What most beginners do is establish a price based on what they determine its value to be. This is in fact backwards as it needs to be determined according to what the reader sees as its value.
Here are a few things to keep in mind to help you price your ebook for maximum profits.
Understanding the Law of Supply and Demand
The law of supply and demand is simple. Sell what people are looking for and willing to buy, and find a void to fill. There are a lot of people who think that everything has been done and there is no more room for opportunity. This kind of thinking only serves to raise prices being sought for commodities since things that are new become even more valuable in their minds. They become scarce.
If you are able to find the next new popular thing in your niche it will be viewed as something extra special and can be given a high price. Something new on the market can be a best selling item in no time as long as it fits into this model for supply and demand. Give your customers what they want at a price they are willing to pay for it.
Price Research And Analysis
Now that you have seen the philosophy, let’s take a look at application. If you already have an ebook ready to hit the market, you will have to examine it. You will need to find out if it is offering something new that the marketplace will consider valuable and pay a high price for.
Look around the Internet. Search Google for the kinds of keywords you are targeting and see what comes up. If there are a lot of other competitors with the same kind of information, you will need to make your ebook competitive in price.
If your information is something new and fresh, it can be priced higher than the competition based on low supply and high demand. This is only a starting point and you will have to run some further testing before setting a final price.
Many marketers just starting out have the mindset that underpricing the product will result in more sales. Seasoned marketers know that this is simply not true. Why?
It is simply because you are starting out by devaluating your own book! If you think it is worth less than other competitor’s books, then the marketplace will see it as low value as well.
Testing of Prices
Once you have set a price for your ebook, you will have to start a testing campaign. Just as it is with other Internet marketing promotions, the pricing will need to undergo a testing phase.
Start by offering it at the value you have determined based on supply and demand. If the sales are low, try raising the price and then lowering it, and keep track of your results.
You may be surprised to see the book sell much faster at a higher price than at a lower one. This is due to the value level determined by the price.
There are certain niches where pricing is totally out of your control. There are markets where the ebook would have to be priced high to sell, others low; and some niches have a market that just won’t spend a penny on anything.
If you are targeting a very specific niche, then a good idea is to look at the ebooks being offered, and get an idea from them. Then, you can go to a forum on the niche and ask people the question: “How much would you be willing to pay for a book about (fill in the blank)?
Let potential buyers let you know. You will probably get a lot of feedback on this one question and you can use it as a guide. Who would know better than the buyers?
Out to Market
After the testing phase has been done, you are ready for a full-blown promotion of your ebook. Done right, you should be able to make an incredible amount of sales.
If you launch and promote it effectively, and it has been priced right for buyers that want this information (based on your analysis and testing), you should sell these ebooks like crazy.
How To Benefit From Failure
There’s no such thing as failure in the Internet marketing world. If you have set everything in place for a successful campaign and it was a flop, then you have actually gained something very important in your marketing process. Something was not set in place properly.
You can figure out if it was pricing, or another part of the promotion, and either fix it up or go onto your next project. You have to find out what went wrong in order to continue your progress and make the next ebook the best seller you want it to be.
Pricing an ebook can be done strategically or haphazardly. If you want true success, you will set your price using the methods listed above. Any promotion can be refined and tested until you are sure you are releasing a winner.