How to Price Your Digital Content
Pricing digital content taps into the same purchasing behaviors as marketing other products. Your customers are psychologically drawn to the option that seems like the best deal. Does that mean they’ll always choose the cheapest option? They won’t if you implement a smart pricing strategy.
Several concepts work together to get you the price you deserve whether you sell videos, e-books, software or subscriptions. One is the idea of a price anchor, where you establish an expected price that’s higher than what you actually need to charge. With this price established in customers’ minds, you can set the actual price lower, making it seem like a big discount without taking a loss.
Price framing is the practice of offering multiple options with the preferred choice sandwiched between lower- and higher-priced content. For example, If you have a music video, you can create different bundles set at different prices. The music video alone is priced at $3, the music video plus behind-the-scenes footage is priced at $6, and the music video, BTS, and a concert recording is priced at $15. If you know that most of your customers will want the music video and BTS, set the price for the third option high enough that the real value of the second option is seen as a bargain.
Another way to drive content sales is to use phrasing that makes prices seem lower than they are. A popular tactic is to charge prices that end in 9 instead of round numbers, such as $19.99 instead of $20. Alternatively, try breaking down the value of your product to show the price per day or month instead of the total cost.
Remember when pricing content that people are buying the content itself, not the form it’s presented in. Many consumers automatically expect digital content to be cheaper because they’re not paying for a physical product. Implementing smart pricing psychology helps to overcome this mindset and convince customers that they’re getting the value that they pay for.