So, keep in mind that a pricing conversation is really about how you will get the most value from the product or service you decide to sell. All you really need to know about price elasticity is this: if all else remains equal, demand for your product or service will decrease with an increase in price. When price increases, demand goes down. There is an optimal pricing level you can reach to make the most money from your thing.
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As you read through the eight pricing strategies, you might have noticed something… These pricing strategies are not mutually exclusive. And, in fact, they are not. Many of the pricing strategies can be used together to create the best outcome for your business and your customers.
For digital products, pricing strategies range widely.
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Your price should be a reflection of your industry, your customers, and the value provided through your product or service. Unlike digital products, there are hard costs other than time and energy to producing a physicial good. While services like drop shipping, print-on-demand, and 3D printing are helping drive costs down, the physical product world is still very unique. Pricing services can be challenging, as so much of the value comes from your personal ability to deliver.
Like services, workshops and live events are highly dependent on the speakers or workshop leaders to deliver value. The experience of the attendee can vary greatly from session to session. Hopefully this gives you a great overview of the pricing strategies available to you, and the ways you can use them to help price different kinds of products and services.
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But if you take one thing away from this podcast episode and article, let it be this: no matter how well you price your product or service, nothing can make up for the importance of having a truly great product or service. If you want to learn more about pricing strategies, be sure to check out the show notes below! Start Your Day Free Trial. Fizzle is an all-in-one business building solution for people like you who want to create a profitable, sustainable, meaningful business. Fizzle membership includes a 9-stage step-by-step roadmap , plus the training, tools, coaching and community you need to succeed.
Follow us:. Free Trial. Save time! Take advantage of resources provided by other bloggers and writers that scour the web for you, and dish up the best of the best around the web. Guest post frequently and strategically. Create bookmarks. Old school, but still effective. Include an image of your book cover, your hook or logline, as well as your website and contact info.
If you think your audience will understand and use a QR code, include one on your bookmark or other print materials. Be friendly. Introduce yourself and get to know the owners and staff at local, independent bookstores. Contact genre experts and well known book review blogger sites. Who do you know? Who do you need to know?
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Step outside your comfort zone and devise a plan to reach out to these people. Tempt your readers with more. Insert sample chapters from the next book in a series at the end of your current book to pull your readers in. Use categories to streamline and increase discoverability. Test out your new copywriting skills and create. Write a series.
Advertise your previous works in each book you publish. Create a promo kit. Include graphics, images, links, excerpts, and sample Facebook shares and Tweets, that can be sent to bloggers upon request. Participate in a podcast tour. Do some research to find author friendly podcasts , or use your connections to create your own podcast tour.
Attend live networking events, conferences and expos. Attend, or write a proposal to present at an event, to gain connections, increase you credibility and develop a supportive network of influencers. Update your email signature. For every email you send, ensure that you include info on your new or upcoming book and a link back to your blog or book website. Develop a workshop based on your books content. Design or re-design a book cover that sells. Commission a professional to design a cover that is not only striking, but clear and readable even as a small thumbnail.
Design a launch strategy that works.
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Your book launch requires a lot more prep and strategy than several Tweets and a beseeching email to friends and family. Sign up for the Amazon Affiliate Program.
- 71 Ways to Promote and Market Your Book.
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Add to your income by earning fees on all qualified purchases through your affiliate link not just on your books. Give details on how readers can connect with you via email, your author website or through social media. Writing is your business. Submit your article to a link roundup.
If you are creating exceptional content on your author blog you are, right? It may not always be accepted, but when it is, you will get a back link as well as an influx of high quality visitors to your site. Participate in or organize a virtual blog tour, blog hop or sharing contest. For a description of the pros and cons of each—and what to expect—read this post by Donna Brown at Molly-Greene.
Create urgency. Use time-limited coupons, giveaways and contests. Host a contest on your website. Offer bonuses or special extras to readers who purchase your book prior to a certain date. Join forces with local merchants. Team up with store owners and other businesses to offer certificates, prizes and merchant coupons to be shared or given away during your book promotions. Advertise these perks on your site and on printed materials.
Time and coordinate promotions. Become a subject matter expert. Include in your marketing plan a schedule that allows for ongoing promotional activities of your previous work, while providing time to write your next bestseller as well. Try Fiverr. Find some quality gigs that will submit your book to free websites, submit your press releases or have someone relevant share your most recent—and fascinating—blog post.
Do book readings or author visits live or via Skype. Try schools, your local bookstore, library or community college. Get people interested before you get there: create a packet that gives a summary of what to expect during your visit, printed materials like a flyer and book order form that can be photocopied or other promotional materials like bookmarks. Connect with your readers offline. Gain exposure through book signings, book clubs, writing groups, school visits, workshops, library readings and local area meet-ups. Make your vacations work for you.
Are you starting to see a pattern here?
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Get out from behind your computer, and meet your people! Take it further with video. Promote others. As you help promote other authors in your genre, by sharing their blog posts, reviewing their books and the like, you will build good will and a strong network of peer support for your current and future projects. Create a Bit.
Use Bit. Purchase advertising. Set up a Google Adwords account, or try Facebook or blog ads. Giving away your work for free is controversial, but often free now can mean increased sales down the road. Freebies might include free chapters, free signed copies of your book or other giveaways.
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