If you’ve got a booklet on the market, the easiest way to raise your profits is to raise your price. Many authors, and in fact business owners, balk at this idea saying that nobody will buy from them if they do. But, the truth is most of them are selling too cheap to begin with.
The Cost Of Doing Business
Every business has some costs associated with it. While a booklet costs you nothing to write, you will need to pay for design unless you are a professional designer, and if you are printing hard copies you’ll need to pay for those as well. Every business has a price. It’s just that a booklet business has a very small price as compared to book publishing or most other businesses.
Because you do have some costs for doing business, you can’t afford to give your booklets away too cheap. You need to be able to cover your costs and make a profit. If you only cover your costs, you have lost time and gained nothing.
Raise Your Prices And Make More Sales
If you’re selling your booklets and barely getting by, trying to eek out an existence and living like a pauper, your price could be to blame. Charging the cheapest price you can get away with is a bad idea. Charging as much as the market will pay is smart. You must not assume that people won’t buy from you if you raise your price. You can’t know that until you do.
If you raise your prices, it is likely that a handful of people won’t buy from you. But, it is also likely that your information will appear to be even more valuable and sought after, and therefore you will make even more sales than you did before. The extra sales you make as a result of your higher prices will more than offset the people who decide not to buy from you.
The One With The Cheapest Price Always Loses
When you have the cheapest price, you lose. Why? Because someone else can always come along with an even cheaper price than you have. Remember what happened to K-mart when Wal-Mart came along? And who can beat Wal-Mart? Time will tell. They may have actually cornered the market on the cheapest price, but they don’t have the cheapest price on everything. It’s well known that when they sell one item for less than anyone else, they mark up something else to make up the difference. Still, for the most part nobody can beat them on price, so why even try? Wouldn’t it be better to market your products as superior to theirs?
And that’s exactly what you’re doing when you sell for a higher price. Information doesn’t come cheap. Have you looked at the price of college lately? A college is really just one big storehouse of information, because upon graduation that’s all a student has gained. They have a degree which says they are now more knowledgeable because of the information they have learned.
Never sell at the cheapest price. You should always look for ways to add value for the customer so you can charge more. The riches are not in the cheapest price.
To your riches!
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