When pricing digital products, you can employ numerous strategies to maximize sales without sacrificing profit margins.
With this in mind, sometimes pricing digital products is a matter of trial and error and figuring out which strategy works best for your product offering.
Regardless, in this post, we'll cover some of the best strategies to help you get the best price for your digital products.
So roll up your sleeves, and let's get started.
Consider Tiered Pricing When Pricing Digital Products
Tiered pricing can work exceptionally well when pricing digital products because consumers value things differently.
Moreover, offering tiered pricing allows you to sell to a more extensive customer base.
With this in mind, some buyers will spend more than others, so having multiple packages can prove advantageous.
Take an ebook as an example.
You could offer the ebook for the lowest price possible; however, adding a few additional resources can enable you to sell it at a slightly increased price.
That way, those who don't need or want the additional resources can purchase only the ebook, while those looking for more value can pay a premium.
High Price Strategy
Another option you can utilize when pricing digital products is the high-price strategy.
Notably, this strategy involves assigning your product a higher price to give it a greater perceived value.
Though this strategy doesn't always work, when a customer sees a digital product with a higher price tag, it often creates a perception that the product provides tremendous value.
Think about it: when you see a course for $50 and then another one for $150, which do you automatically think will deliver the most value?
Try Before You Buy
Another common pricing strategy that can prove highly effective is offering a try before you buy option.
In reality, this method works well because it provides peace of mind to the customer.
That is to say, customers can gain an appreciation of the value of their purchase after understanding what they are investing in.
Thus, offering a free trial of your product is a great way to build up trust.
The Bonus Strategy For Pricing Digital Products
The Bonus strategy is a highly clever sales strategy for digital products.
Specifically, the bonus method involves including a bonus item when a customer purchases your product.
For example, you could offer a free worksheet or ebook with each purchase.
To be sure, customers are more likely to make a purchase when they see bonus items offered.
Yet, this also means you can sneakily charge more for the product.
Additionally, you can combine the bonus strategy with the tiered pricing strategy by offering extra bonuses for an additional cost.
Psychological Pricing
Finally, psychological pricing is another effective digital pricing strategy you can utilize in your small business.
In particular, this strategy involves selling products for prices that appear more reasonable to prospective buyers.
For example, offering your product for $29.97 will likely appear better to a customer than $30 despite there being very little difference in the cost.
In conclusion
In the final analysis, understanding the strategies associated with pricing digital products is paramount for placing small businesses in a better position to maximize revenue.
Yet, pricing digital products requires careful consideration and evaluation of strategies.
Regardless, it's worth testing different strategies to determine the ones best suited for your products and customer base.
Talk Soon,
Erik
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