Pricing digital downloads is one of the most pressing issues facing online sellers – and for good cause. In many ways, the digital download has replaced the traditional print file. We design beautiful graphics, worksheets, and ebooks on our iPads and iPhones. We fill out those worksheets and read those ebooks on the same devices. We store thousands of photos on them, rarely printing out actual photos.
With digital products becoming increasingly popular as technology expands, many designers and entrepreneurs are turning to these digital downloads as a way to monetize their talents and business.
While we can’t tell you exactly how pricing digital downloads works for you individually, we can help with a few tips! Keep reading for our top four tips on pricing your digital downloads.
Pricing Digital Downloads Is All About Value
When setting the price for your digital download, it is important to keep in mind the value of your product. Your products should be designed to solve an issue your customer is having or designed to save them time. Pack value into your product and your customers will be willing to pay a higher price.
If you are looking to create eye-catching designs while upping your customer’s perceived value, we recommend checking out Skillshare for online training on creative topics such as graphics, design, music, crafts, and photography.
Time Is Money
Time is our most precious resource. When pricing your digital assets, consider the time you put into creating each item you will list in your shop. While a simple graphic may take less than 30 minutes to design, something more complex like an ebook can take hours, if not days, to complete. Use your design time to help price your products for sale and consider the complexity of each design. In addition to the time you’re spending on creation, consider the amount of time your product will save the consumer. Value that time accordingly.
Also, keep in mind the number of times a digital product can be used. If we use our party graphics example, they can be use multiple times over a long period of time. The user can reuse graphics over and over and over, using them for multiple parties and realizing sales at each party. This makes the cost per party a lot less for the customer, but something to consider as you think through pricing.
Offer Options At Different Price Points
Each customer that encounters your products will be at different places in their personal journey and as a result, will be attracted to different options. Consider offering several similar products at different price points to appeal to a wider range of customers. For instance, you may sell an ebook at one price and then offer a second bundle at a higher price point that includes the ebook as well as a workbook. Or for a graphics pack, you may sell the graphics at one point and then bundle them with a party script for a higher price.
It’s about appealing to different buyers and levels of experience. One customer may be comfortable with her party script and copy writing, another may struggle with putting the party in order and what each post needs to say.
Pricing Digital Downloads Too Low Can Hurt Your Sales
Generally, people love a great deal. However, when it comes to pricing your digital downloads, setting the price too low can be detrimental to your overall sales. Pricing your digital downloads competitively shows potential customers that your product has value and is worth being purchased. Pricing your products too low can also make customers second guess your quality of work and push them towards your competition.
Now that you have some helpful tips on how to price your digital downloads, start listing your product on Direct Creatives! Visit our Sell with Direct Creatives page for more details!