How do you align your digital products and downloads pricing with your brand and positioning?

The price you ask represents your confidence in the value of knowledge and experience you are sharing and sets the expectation and value your audience is willing to invest to learn from you. Alignment is evidenced in engagement.

It's possible to have different pricings for different customer groups. It could be that some customer groups are willing to pay more for your product than others. You could add value by signing your book, a workshop or additional support. So, your research should include analysis of customer groups and what additional benefits they value. Standing out from your competitors just on pricing is also not a strong start, your value proposition should stand out. (competitors could lower their prices and then is your benefit gone).

Identify Ideal Customers: Know who they are, their needs, and their financial capacity. Competitor Analysis: Review your competitors' offerings and pricing structures. Gather Customer Insights: Use tools like surveys, interviews, and reviews to understand what your audience values. Utilize Analytics Tools: Our Premium Tools like Stealth can provide actionable, data-driven insights for market sizing. Apply Pricing Thermometer: This method gauges the range of prices that your market finds acceptable, giving you a temperature check on customer sentiment towards price changes. By understanding your market and audience deeply, you'll be better equipped to set a price that aligns with your value proposition and helps differentiate you.

Tier Pricing is my favorite, and I use it myself! You’ve probably visited a website that breaks their pricing down into three categories. That’s this strategy. You’ll often see something similar to a Bronze, Silver, and Gold package offering. (By the way, don’t ever name yours that. Come up with something clever that relates to your brand.) The Silver or middle package is always circled with something like “MOST POPULAR!” In reality, the business built the Silver package first, then positioned the other two packages against it. They made the Bronze package a little less expensive but took away all the cool things you want. Then they made the Gold package cost twice as much by adding something cool but unnecessary.

Here is how to do it, A/B Testing: Split your audience to test different prices. Use analytics to see which price drives more sales. Price Sensitivity Analysis: Use surveys to find out what price range customers are comfortable with. Value-Based Pricing: Set prices based on what customers are willing to pay for the value you offer. Use Tools for Insights: Tools like Stealth for breakeven analysis or GTM for market entry can be invaluable. They offer real-time analytics to gauge pricing impact. Review and Adjust: Keep an eye on the metrics and adjust your prices based on data. It's a lot easier to do in an app or with digital products, but it's always worth testing. You never know how much your leaving on the table until you test it.

Digital products are often part of a #consultants Offer Portfolio, and it's typical to include pricing right up front. The transaction is all online, and you would not consider NOT posting the price till the end of the shopping cart. Yet that's what consultants do with their one-on-one programming - thinking that they either need to speak with people to help prospects see the value of engagement, or that it's indiscreet to post a price online. Replace that sales call or visit by demonstrating the value of working with evidence of your impact. Convey personality and style using video. And put your price online. You'll avoid that embarrassing moment for all when after 3 - 6 hours of cultivation, you're work is not in their budget.

Here are some more tips I’ve learned over the years. * Review the competition’s prices but don’t be afraid of them or copy them. * Give a trial period only when it makes sense; never extend the trial period for picky customers. * Use guarantees only when it makes sense; never extend the trial period for picky customers. * End prices in a 9 or 7. (Not sure why this strategy works, but it does.) * NEVER give a discount to someone who promises they will give you a ton of work or referrals later. Tell them you can offer a credit back to them for every bit of business they send your way. You will notice that they never take you up on this offer.