One of the great things about being a freelance writer today is how easy — and potentially lucrative — it is to create our own products.
No longer do a few gatekeepers hold writers’ dreams hostage.
If you want to write and publish an ebook or print book, a e-course, a Webinar or podcast, well, you can write that sucker up and get it out there.
The means of production and sales are now within all our hands.
Many of us are grabbing this opportunity and creating our own products. So far, I’ve written an ebook — with more to come this year — and created scads of online classes.
Once we’ve created a product comes the next challenge, though: figuring out what to charge for it.
There are many theories about digital product pricing. Among the popular ones:
- Price super-low so that you get a bazillion sales.
- Price high so that customers perceive the value.
- Price in the mid-range so that it’s affordable, but still seems to offer “quality.”
- Make A-B or “good-better-best” offers that give buyers options at different price points
You can take your pick. All I know is what I’ve discovered from what is still the best method of figuring out your ideal price:
Trial and error
That’s right — you’ve got to keep experimenting until you figure out your product’s best price.
Here’s my experience:
I probably should have made the ebook shorter or split it into two or three products. It sells fairly steadily, but maybe I would make more sales and end up netting more if the price were lower.
• When I first started selling my live Webinars, I charged $29. Then $36. Then $47.
I made the most money at $47. I actually made substantially more sales at that price than the lower ones, eventually earning ten times what I did with the initial price.
It seemed like below $47, people didn’t think the Webinar would have great information.
• By the time I launched Freelance Writers Den, I had learned enough to do some market research and ask my readers what they would pay for the range of services the Den offered.
My $25-a-month price was informed by the survey data I collected. I’d say it is working out great — we’re at more than 350 members less than a year after launching.
I know clubs that ask $5 a month, and ones at $47 a month. I feel my price is right because members keep emailing me, begging me not to raise it! That tells me it’s a great deal at this price and is fulfilling my mission of delivering huge value for Denizens.
• My Freelance Writers Blast Off Class started off at $225 and has since risen to $275. I teach this 6-week small-group coaching class with Renegade Writer Linda Formichelli.
We raised it because we discovered our price was too low compared to other courses on the market, so maybe the value wasn’t evident to writers. Most similar classes were around $375. We sold roughly the same number of slots at the higher price.
A price experiment
It’s important to keep experimenting with your pricing to find the sweet spot, where you are able to offer the best value to the most writers (and you also hopefully make the most).
For instance, I have a writer friend who recently did an experiment with the “audit” level of one of her coaching classes, where purchasers get the recordings and handouts and work independently.
Instead of charging her usual price of nearly $100, she decided to set the price at “pay what you want over $30,” just to see what would happen.
She brought in ten times as much money on this formula than at the old price. Not to mention being able to help many more writers. She was blown away.
So now, I’m going to try that experiment, too.
If you’re interested in getting a boatload of training in how to find great clients, market yourself to them, and get good-paying gigs, here’s your chance to get the learning while you save a lot of money.
Our 1-week-only offer:
Linda Formichelli and I are offering the Audit level of our Freelance Writers Blast Off Class for one week only at “pay what you want over $30.” It’s usually $97. Note: This offer is no longer valid. You can check out the courses we have available at Useful Writing Courses.