Setting the best price for your ebook for maximum profit
By David Hennebery
Choosing the right price is one of the most critical parts of the marketing process. Finding this right price will lead to profit maximisation
Your eBook has been written and compiled. Now you have to decide how much you are going to charge the public for the eBook. It is absolutely essential that you find the right price for your eBook. If you don't charge enough, people will think it's of little value, and they won't purchase it. If you price it too high when compared with your competition,you will have to start lowering it, believe me this can lead to some big problems. For example, if you sell your ebook for $27.99, and later reduce it to $22.99, don't you think the people who bought it for $27.99 are going to be a little annoyed.
Choosing the right price for your ebook is one of the most critical parts of the marketing process. The one thing you should never do is under price your eBook. You should first determine, what would be the highest price your potential customer would pay for your ebook, and then if it doesn't sell, reduce it accordingly. Before you take that step, make sure you are promoting your book like crazy on the Internet and on websites. When trying to set the price always remember that the customer will rate the quality of your eBook according to the price. So what you need to do is start with the highest price and then you should start your launch and marketing campaign.
You must remember when considering your price, that eBooks are not hardcopy books. Let's look at the difference between a book in print and an ebook. A printed book is an object you can hold in your hand. It is priced on factors such as paper stock, design and production costs, and marketing.
It is the IDEAS that are valuable! That is how you determine the cost of your ebook.
What should I charge for my ideas?
There are all different formulas and methods for determining the correct price for your ebook. Decide if your goal is to get wide distribution and maximum exposure. This goal is aimed at drawing customers to your business or service, or to establishing the credibility of your reputation. If this is the route you want to take you should aim to price your ebook on the low side. This is an excellent pricing strategy if you are looking to acquire long-term customers. Long-term customers are extremely likely to buy from you again and again as long as the first ebook they buy is of exceptional quality and benefits the customer.
However, if your book contains valuable information and more importantly NEW information, references, or techniques, then you should aim to price it higher.
After you figure out your goal, you must figure out what your audience's need is for your ebook. For example, does your book solve a particular problem? If it does, and solves it in a way that hasn't been written about in one hundred other ebooks, you will be able to achieve high sales at a high price. If your book solves a problem or answers questions in a new and unique way, you should price your book as high as you can go. You will achieve larger profits this way, but bring in fewer customers. Just make sure the question or problem that your book solves is one that is important and relevant to the majority of your market audience. If your ideas are not common knowledge, or you are presenting a brand new technique, you will be able to sell books at a high price. Just be prepared for your competition to undercut you on price as soon as they hear about your book.
There are several other strategies that can help you sell more books. One is to give something away for free with your book, such as a valuable bonus item. Or bundle several ebooks under one price, which lowers the price for each ebook if they were sold separately.
An effective technique for figuring out a price is to send out a survey to your current customers. If these customers have already bought an ebook from you, ask for their opinion in terms of price. Do this by creating a sales page for the new book, but don't include a price on that page. Instead, add a number of links to survey questions that ask pointed questions to aid you in assigning a price to your ebook.
Another strategy is to test out prices by creating a number of duplicate sales pages with different prices on each page. Make sure your sales copy is exactly the same on every page, and includes your selling-handle sentence. Then figure out for each page the conversion ratio between visitors to your site and sales of your book. This will tell you what your optimum price is.
Ultimately, if you've written a book that solves a problem or presents a new technique, your book will bring in both traffic and profits. So be sure to write that selling-handle sentence that sums up what problem your book solves and what the benefits of your book will be to the customers who purchase it. And then watch your market come to you!
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About the Author
david hennebery is the owner and creator of a very successful eBook called ebookprofitmaker. He is regarded as an expert in internet marketing. To find out more and receive a 70% discount on his ebook for reading this article visit http://www.ebookprofitmaker.com/articleoffer.html
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