Even before you finish your ebook, you should decide on a price to charge for it.
I know this sounds a little backwards, but if you wait until you are done writing your ebook, you might be working harder than you need to.
Let me explain why with the pricing pyramid.
The Pricing Pyramid To have a successful online business, you need to have products that are priced at the entry-, mid- and high-level.
This is what major manufacturers do and you should follow their lead.
When you have an entry level product, you can attract the greatest number of buyers.
Having a buyer list is extremely important online because you can market your additional (and higher priced) products to them.
Does this make sense to you that you could charge less and have more buyers? It stands to reason that the less you charge for a product, the more people you can find who would be willing to buy it, right? For instance, an eBook priced at $7 would sell better than an eBook priced at $19.
95, all things held equal of course.
Some online marketers have found that their $7 special reports have sold 3 to 4 times more than their products priced in the $14 to $19.
95 range.
Now that we have covered the pricing pyramid, let's get back to the comment I made about pricing your eBook before you write it.
Price Your eBook Before You Write It Most authors who are trying to make money online will price their ebooks after they have written finished their products.
They know how much time and effort they put into writing and creating their product and they want to get paid for their efforts.
I do not blame them - after all, you have started an online business to make money, not to go broke.
If you started with the knowledge that you would only charge $7, how would this change your approach to the creation of your product and website? You would focus on getting your product out quickly and you would not write a lengthy ebook, right? Of course not.
You would focus on getting to the point, write only a 10 to 20 page eBook and give your reader the exact information they are looking for.
You would keep the graphics and sales letter simple.
In fact, instead of a lengthy sales letter, you might do a quick video explaining the benefits of your product and use that to convince your readers to buy your product.
In Conclusion - Price Comes First, Product Creation Second Decide now if you are going to write a low-, mid- or high-priced product and plan accordingly.
If you are going to create an entry-level product, limit your research time and developmental costs so that you can focus on getting that product out the door.
If you are going for a higher priced product, take the time to do it right.
Remember, each level product has its role in the pricing pyramid and you should have all levels in your product funnel.
I know this sounds a little backwards, but if you wait until you are done writing your ebook, you might be working harder than you need to.
Let me explain why with the pricing pyramid.
The Pricing Pyramid To have a successful online business, you need to have products that are priced at the entry-, mid- and high-level.
This is what major manufacturers do and you should follow their lead.
When you have an entry level product, you can attract the greatest number of buyers.
Having a buyer list is extremely important online because you can market your additional (and higher priced) products to them.
Does this make sense to you that you could charge less and have more buyers? It stands to reason that the less you charge for a product, the more people you can find who would be willing to buy it, right? For instance, an eBook priced at $7 would sell better than an eBook priced at $19.
95, all things held equal of course.
Some online marketers have found that their $7 special reports have sold 3 to 4 times more than their products priced in the $14 to $19.
95 range.
Now that we have covered the pricing pyramid, let's get back to the comment I made about pricing your eBook before you write it.
Price Your eBook Before You Write It Most authors who are trying to make money online will price their ebooks after they have written finished their products.
They know how much time and effort they put into writing and creating their product and they want to get paid for their efforts.
I do not blame them - after all, you have started an online business to make money, not to go broke.
If you started with the knowledge that you would only charge $7, how would this change your approach to the creation of your product and website? You would focus on getting your product out quickly and you would not write a lengthy ebook, right? Of course not.
You would focus on getting to the point, write only a 10 to 20 page eBook and give your reader the exact information they are looking for.
You would keep the graphics and sales letter simple.
In fact, instead of a lengthy sales letter, you might do a quick video explaining the benefits of your product and use that to convince your readers to buy your product.
In Conclusion - Price Comes First, Product Creation Second Decide now if you are going to write a low-, mid- or high-priced product and plan accordingly.
If you are going to create an entry-level product, limit your research time and developmental costs so that you can focus on getting that product out the door.
If you are going for a higher priced product, take the time to do it right.
Remember, each level product has its role in the pricing pyramid and you should have all levels in your product funnel.
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