Pricing physical products is easy. You know how much it cost to produce the product, and you base your price on how much profit you want to make. With digital products, it’s a whole different ballgame.
You can’t price your digital product the same way you sell physical products. They’re different beasts altogether. Many new merchants make this mistake, and it costs them, vital customers.
There’s an undeniable allure of digital products. There are no materials (other than digital applications needed, of course), no shipping costs, no manufacturing, no complex storage, etc. You make it once and you sell an unlimited supply.
With so many benefits, it’s easy to see why digital products are becoming a huge trend in eCommerce. So what are people selling? These are the digital products we’ve been seeing all over the web recently:
- Online Courses
- Graphics and Digital Arts
With so many options, how do you know where to begin when it comes to pricing? The go-to philosophy of pricing physical products doesn’t always translate. Where does that leave your online store?
If you’re trying to break into the world of eCommerce for digital products, you need to get your pricing strategy right. Pricing is one of the famous Four Ps of Marketing, so don’t overlook its role in your business.
Here are six strategies guaranteed to sell your digital product.