When you set the price for your product, those are the options you have to choose from. You can make your product free, cheap, normal priced, or expensive.
Eliminate normal right away. Normal makes you invisible. Safe makes you invisible. Normal is dangerous. Normal isn’t a standard, it’s mediocrity at best.
You’re down to three options now: free, cheap, or expensive. Expensive doesn’t have to mean $2,000. A $50 book would be considered as expensive. A business card holder worth $20 would be expensive. A rubber band worth $5 would be expensive.
These are the benefits you get from each of the prices:
Free products will get the most clients. If you offer a free video, you will get a lot of sales. If you offer a free book to people at one of your seminars, you would lose money, but from the seminar, the result is going to be a profit. Free products can be used to get subscriptions or promote your paid products.
Cheap products are bought many times because the commitment isn’t a strong one. A book that is only worth $3 is cheap. It’s not a big investment although the content in that book can be incredible. People have considered underpricing themselves to get more sales. It is a common tactic with many possibilities.
Normal products with normal prices don’t make it.
Expensive products scare people at first. There are plenty of less expensive products in the other store. However, if a lot of people are buying an expensive product, the most commission is made per sale. If word goes out that hundreds or even a thousand people bought that product, people will realize others are spending their money to gain access to an expensive product. The expensive product must be more valuable than they ever imagined.
Don’t go in the middle. Charging $6 for an eBook is going in the middle. Charging $25 for a shirt is normal. Don’t be normal. Be different.
Your products can only be free, cheap, or expensive in order to have the biggest impact and make the most sales.
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