Reply To: Setting Pricing
While I like the idea of researching the market and other products, I have to say that it is just as important that you figure out what makes you unique in the marketplace. The more unique you are and the more value you bring to the table, the higher the prices you can command.
I’ll give you a personal example. A few months ago I was helping someone who was getting started in blogging and writing emails. When she kept asking for more help, I gave her my rates. When I calculated the effort I put into what I did for her (email writing), I realized I had underpriced the project. Not only because of the effort, but because when I am writing or editing for someone else, I can’t write for myself. When I completed that project, I increased all my rates to reflect my knowledge and decades of experience as a writer, as well as the opportunity cost of writing for someone else.
Information products are different, yes. But don’t automatically participate in the race to the bottom, especially if you are in the IM niche. Yes, people will buy a $7 product more quickly than a $27 product, but if they see value in what you have, you should still see some sales.
