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 Digital
Products
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Price Points For Digital Products - What
You Need to Know
By Matt Bacak
Having your own digital product is an excellent concept because
it allows your buyers to instantly gain access to your product
without the disadvantage of having to wait for it to be
delivered via mail. They also gain access to the information
right away so that they can instantly begin putting it to work
for them. This is a huge advantage especially if you're offering
a "how-to" type of product or offering a product where you're
teaching your buyer something. Digital is the way to go not only
do you gain something out of it by getting instant sales with
very little effort, but the buyer also gains by not having to
wait for the product. They can begin using it as soon as they
pay. Think about this, imagine you are selling a marketing
product to other online businesses. You know how quickly the
internet changes. Imagine offering them access to proven tools
and strategies that they can instantly use to grow their
business.
If you're offering a very good product with a strong offer, I
bet most of those businesses would not hesitate one second to
buy from you. They'd want to instantly put into action your
strategies right away so that they can begin making more money
as soon as possible. Digital products would allow them to do
this. The instant download would allow them to implement what it
is you teach within minutes and not have to wait a week or two
for your product to arrive in the mail. That one or two weeks of
waiting could cost them hundreds or even thousands of dollars
simply because they'd be losing time - the time they could of
spent implementing the strategies you teach with your digital
product.
Of course, you'll also have to price your digital product well
in order to gain sales. So, what's the best rule of thumb for
determining the price point for a digital version of a tangible
product? If your tangible product is let's just say $997, what
should you sell the digital version for? Well, the first thing
you need to realize is that if you have a tangible product, and
if you can create a digital version, this can work to your
advantage.
What you can do is strategically create two different price
points. For the tangible product that you'll send them in the
mail (which will take them a bit longer to receive), but they'll
have the convenience of having the hard good with them anywhere
they went. They could comfortably read it on the sofa, relax at
a local cafe or take it to the beach. They'll have the
convenience and comfort of the hard copy. So, you could offer it
to them for $997. A lot of people place more value on hard
tangible goods.
You could then offer those people on your list who refuse to buy
a discount of 50% if they decide to purchase the digital
version. So, you're offering it to them for $497 - a $500
discount off of the retail price because you're giving it to
them digitally. That's what I recommend since you'll be able to
make sales off of those customers who initially refused your
offer because it seemed too expensive to them. The digital
version gives them the option to still gain access to the
product although they won't have the advantage and convenience
of the hard good. That's actually how I did it on one of my
product offerings.
What I did was I sold this package for $997. I made the offer
online. I said, "...hey, this package is $997." And then if they
said no to it, what I did was I dropped it down to the digital
version and they got it for half-price and they got it
instantly! And I just realized I should've done that for all of
my product offerings because that's just quick digital cash! I'm
just hitting myself right now for not using this strategy on all
of my products, but better late then never.
So, if you want to tap into a market that may not have the
ability to pay for your initial product offering, if you have a
hard good consider a digital version. You'll be able to gain
access to cash that would have otherwise been lost. Look at all
of your options and look at your market from every angle. There
may be opportunities that you never knew existed.
There are many strategies to making money on the internet, but
nothing makes sense unless you have a big list. Email Marketing
is the most profitable way to make money on the internet. When
you build a list of hot and hungry prospects you control your
future. Discover how to use the internet and turn your computer
into a cash gushing machine. Sign-up right now for Matt Bacak's
FREE online newsletter to find out how to do exactly that - Go
here: http://www.promotingtips.com
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