Day 4 – How to Pick the Right Price Point for Your Information Products by Pope Bukola Odedeyi
Day 4 of Our Pre-Course Rituals 🙂
In the last three days, you’ve learned about the fundamentals. Now let’s turn to a critical factor: Pricing. Read on…
Having created over 50 different information products, services, and other information-based materials, I can say with great certainty…
I’m still no expert at pricing.
Let me just sum up what I’ve learned in close to 2 decades online – and what I go by in pricing my own materials.
There are three simple rules that, to me, govern the amount you should charge for your products.
Rule #1: Your content is the most important factor in determining your price.
You can pretty much answer “how much should I charge for it” by answering “how much is it worth?”
Think about it: How much would YOU pay for 10 pages of a special report. Well, that depends, of course, on what the report is about. If it’s 10 pages of “how to mud-wrestle an angry crocodile”, then chances are you wouldn’t pay much for the report.
On the other hand, if the 10 pages contained a list of the next 20 winning titles that will sell in 2021, the information would be quite valuable to you and the amount you’d spend for it would bear this out.
The point is this: How much you charge for your product is going to depend upon the value it will deliver.
Rule #2: Your competition’s weaknesses help place a premium on your content.
Listen, if you’ve got something that works which others don’t have, that will definitely have a big impact upon the price (and demand!) of your special report.
Few people will buy a product on something of interest to them if it’s the same old thing they’ve already read a thousand times before.
But, if you can prove that you know some secret, have some special insight, possess some short cut, can point to some advantage that your competition doesn’t have, then your report’s “value” just went up a few more notches.
What’s missing from your competition’s products and services that you have in your product? Focus on that and you’ll find customers focused on you!
Rule #3: Your customer’s expectations, buying habits and desires make the final decision.
Ultimately, the “right price” is in the hands of your potential customers. They make the final decision as to whether or not they are willing to pay X price for your product.
There are several different factors that influence their buying decisions including:
- What they reasonably expect to receive from your product.
- What they are accustomed to paying for similar offers.
- How much of a desire they have for your product at this time.
The good news is: You can, to some degree, have influence over all of this.
More about this in the Masterclass
Today’s task: Determine a price for your product. Tomorrow I have a special surprise for you …