Your manuscript is finished and you’ve had it produced. The booklets have arrived and they are beautiful. As you look over your creation, you’re filled with pride and a deep satisfaction of knowing that you created this and you will prosper from it. But, then, a new thought comes to your mind and you find yourself perplexed by it. Just how much should you charge for this wonderful new creation of yours?
A Ridiculous Method For Pricing Your Booklet
Most authors will look at similar products on the market that deal with their topic, and they’ll charge accordingly. They’ll often consider the highest and lowest prices, and try to place their price somewhere in the middle. This is a ridiculous way to price your booklet! Why? Because this is what everyone does. You are simply follwing the “herd.” And the herd is leaving alot of money on the table!
Are You Making This Mistake With Your Pricing?
Following the herd won’t make you rich, nor will it make you profitable. How many rich authors do you know? There are only a handful of authors, of the thousands who write books, booklets, and other materials, who could be considered wealthy by American standards. Pricing your booklet the way these people do will bring you the same results these people get. What you want are better results!
Often, in addition to pricing according to what other authors are doing, many booklet authors will consider their own finances. But, what is expensive to you may not be to your market. You may feel that a particular price is good for your booklet because it’s a nice, round number and therefore easy for people to pay you, or because that price simply seems acceptable to you. But, if your market won’t pay that price for your booklet, you’re going to lose sales.
On the flip side, what if they would gladly have paid you more than that nice, round number you chose? Then, you’re leaving money on the table. Most authors who are self published make this mistake. But, traditional publishing houses make the same mistake, because they price according to what else is on the market and how it is priced.
A Better Way To Price Your Booklets
When you price your booklets, don’t go with the flow or with what is comfortable for you. You are after better profits than what most authors are making. A much better way to price your booklets is to consider your market and what they are willing to pay for your information. Within your market there are people who can only pay a little, and there are people who can pay alot. The majority will be able to pay a price somewhere in between, but that in between price is usually higher than you think it is, and it is usually higher than the middle price between the highest and lowest prices that other authors are charging.
Don’t trust that other authors in your genre or subject area know what they’re doing. Don’t price your booklets according to the way they have priced theirs. Take your market into account. If you’re selling to doctors you can charge a little more, perhaps even a great deal more than you think you can. If you’re selling to single mothers on welfare, you will need to charge less in order to make the sale.
Price according to what your market is willing to pay for your information and you’ll make more sales.
To your riches!
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