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.
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.
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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.
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.
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! Click HERE to get started for FREE!