Why I’ll Never Sell An eBook For 99 Cents
February 12th, 2011 . by Peggy
Is volume the name of the game when it comes to eBooks? I’m not convinced that it is.
In this post by Chris Brogan, he makes two extremely important points about pricing digital products.
1. People never truly know what your content is actually worth. Even after they’ve read it.
2. People assume what content is worth based on the up-front price.
If you give a kid a puppy, they will, from day one, forget to feed it, walk it, and they will never EVER scoop the poop. However, if that kid begs for a puppy for 3 years before you finally cave and let him have it, they will feed it for a year, walk it for a week, and scoop the poop once. This is still imperfect, but an improvement. The old adage about people not holding value for something that comes too easily is still true.
It’s rare for people to take the advice of any expert seriously. The real value of the words of great men and women, people who’ve been there, those who are self-made millionaires, the kids who’ve made it, is in the action that follows. Reading Think and Grow Rich once will tell you that. It’s all stuff you already know. (Or at least, that you should know.) Nothing in that book is groundbreaking. But the people who’ve taken it seriously and then acted on it, their success becomes legend. And then, the book gets a reputation. But everybody hopes for a free puppy.
When I price my books, I have nothing like the reputation of Andrew Carnegie nor his student Napoleon Hill to rely on to drive sales. I need to justify right up front why my stuff is good, whether it be an instruction manual or any of my crappy fiction. If it’s 99 cents, more people will probably download it than if I had priced it at $9.99. (Or in some cases, $99.00.) But I doubt ten times more people will. And at 99 cents, there’s nothing for my readers to brag about. No reason for them to tell their neighbour about how great this book was. It will be forgotten because it was not valued before they even cracked the cover.
I’ve had clients who have grossly underpriced their work. Every single time, I plead with them to not do it. Some listen, and some don’t. Before you underprice your next eBook, ask yourself, “Why do I feel the need to do this?” Is it fear that the book won’t sell at a higher price? (Fear motivates rarely motivates us to do anything positive, but that’s another article.) Instead, what about doing the tougher job: demonstrating value. Only a poor salesman drops his price. Demonstrating benefits, offering testimonials, samples, and showing long-term cost savings are the way to come out on top.
Remember, you only have to sell 1/9th the quantity of eBooks at $9.99 than you do at 99 cents to come out on top.
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