Before you can put your booklet in the market place, you must first determine it’s value. What most authors do is base the value of their product according to what similar products sell for in the market place. This may seem like a good idea in theory, but if you do this you’re probably selling too low. There are many variables that should factor in to how your price is determined. One of the main factors for consideration is just how much your market needs your information.
When A Lower Price Is An Advantage
One question you must ask yourself before you can determine any kind of value for your booklet is how much information on your subject is already available. If there is plenty of information written that is widely available, and your booklet is a repeat of that information, your booklet’s value will be on the lower end of the scale. This, however, can prove to be an advantage as many people may prefer your lower priced information to someone else’s with a higher price tag.
When To Charge A High Price
On the flip side, if there is little information on your subject, or you are able to provide more specialized information or give new information, or present your information in a new way – such as being simpler to understand – then you have something of great value for your market place provided the market place truly has a need or deep desire for your information. In this case, you must consider what your market is willing to pay rather than what similar products are selling for. If your information is truly unique and cannot be bought anywhere else, or if it can but it is difficult to come by and not easily found, then your information should come with a high price.
Never Sell Out On Price
If your booklet is in the latter category and you are able to demand a high price for your information, you should never sell yourself short. If you do, it will cheapen your product and your market will never want to pay you a higher price. They will always expect you to come down.
This means you must know how much your marketplace needs your information. If there is no other information like yours in your marketplace, they may be unaware that such information exists and therefore they may be unaware that they need it. But, when you dangle the carrot in front of their nose, if it gets their attention you’ve got ’em. They can try to find the information elsewhere, but you already know they’ll come up empty. They will have to come back to you to get it. And when they do, they’ll have to pay your price because you won’t back down. You know what your information is worth.
High Does Not Mean Unreasonable
Selling at a high price doesn’t mean selling at an unreasonable price. You don’t want to price yourself out of the market. But, it does mean that you don’t have to price your booklet the same way everyone else does. Yours should stand out as something remarkable, and price is part of what makes it stand out.
One example of this is Tiffany’s jewelry store. Tiffany’s is one of a kind. This separates them from all the chain stores and allows them to demand a much higher price for their jewelry. If you want a cheap piece of jewelry, you can go to any of the chain jewelry stores, including department stores that carry jewelry, and get something at a very inexpensive price, up to a moderate price. And there will be many other people wearing that same piece of inexpensive or moderately priced piece of jewelry.
But, if you want something that is really special, you can go to Tiffany’s and get something that is the only one in existance. You’ll pay an exquisite price, but you’ll have something that nobody else has. And while Tiffany’s prices may seem unreasonable, their market doesn’t think so or Tiffany’s would not be in business today.
Know what your information is worth and charge accordingly. Never sell out on price.
To your riches!
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