You’ve got a product that you’re getting ready to sell. But before you can do that, you need to set the perfect price point.
This is a price point that your audience is willing to pay, one that you’re happy to accept (e.g., good profits for you), and one that produces high conversions and low refunds.
Setting the right price for your digital product can make all the difference in its success. Finding the perfect balance between profitability and customer satisfaction requires careful consideration and analysis.
This worksheet will help guide you through the process of determining the optimal price for your digital product, whether it's an e-book, online course, software, or any other type of digital offering.
Before diving into setting the price for your digital product, it's crucial to lay the groundwork by conducting comprehensive pricing research. By understanding the market landscape, competitor pricing, and customer expectations, you can make informed decisions that will set you up for success.
Your first step is to see what business owners in your niche are charging for similar products.
You’ll want to focus on exact-match products first (e.g., products on the exact same topic in the same format), but then you can expand and look at other products as well.
For example, if you’re selling a video course, you’ll want to first focus on other video courses on the same topic. After that, you can look at other digital products on the same topic, such as text courses.
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NOTE: Here you write down the broad range of prices that various marketers are charging. For example, reports that are similar to yours might range from $5 to $50. That’s the range you’d write down in the blank above.
NOTE: Check sites like Udemy and Amazon for pricing research. You’ll also want to go directly to your competitors’ sites to see what they’re charging.
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NOTE: Here you’re looking for the median price. While there may be quite a large range in prices, many products will be right around the same price. For instance, if the range is $5 to $50, you might find that most products are right around $20. Or if you can’t pinpoint an exact median price, you might find most price points fall into a narrower range, such as $20-$30.
Consider this median price your starting point. You’ll refine this price point in the next step…