Pricing strategy for digital marketing

Well, to begin with, I would say that even I never had a hobby. Hobby is to do something at your leisure. Mostly it’s specific. Like I said, I never had anything specific rather I preferred to do what I feel like doing. Sometimes I liked to read articles on internet and sometimes I wondered seriously, I am reading? (Reading was never my hobby) Anyways, recently I have been working a lot on digital marketing. I must say, it’s not easy at all. But I kind of liked it. Watching tutorials, reading articles and so on. It gave me more pleasure when I found out, they actually works. Plus, I always had a knack of watching and trying. I have learned basics on website types, requirements for websites, SEO, keyword selection, social media marketing and so on. You can read those articles from my blog.

Then I switched to digital product from digital marketing. It was more fun. I had ideas on digital products, how to make them best for customers, how to reach those products reach to customers, how to present them in a way that will turn the visitors into customers and other tips on how to increase sale of your digital products.

Would you believe I have learned these all only from the internet. Not from any institution or from any class or from any specialist. That’s right, Internet is so powerful these days that you can find anything here. Have you heard about virtual class? Ah! What a smart way google has discovered, no wonder why they are on the driving seat. All I am trying to say is, all you need is will and internet connection!

Almost everything you see in the net are … free or paid. Well, actually the service providers actually put it in that way. If you are an individual then free is good but if you have a company then you have to buy the paid services. I use dropbox a lot. I used it from long on my phone to store my personal photos and videos or songs. But as soon as I started using dropbox for my company, I had to buy the premium. How amazing business is these days!

I am asked to design service packages for my company. The idea of price package is to increase sale. Did I forget to mention that among all the tasks I prefer planning the most? I love to bring out ideas. I get idea and I like to try them all. May be most of them are not useful but I have learned you will never be successful unless you try it out. Anyways, so how do you create a package? There are several strategies but I think the most important one is when price the packages in a way that people get totally confused which one to get. For example, you can make an offer for a box of chocolate and select the price is $10, then you can offer buy 2 at $15 and you can buy 3 at 18$. So people will surely choose 3 over 2 because the gap is so minimum. The average price becomes 6$ while your 1 box was $10 so its not a bad move, don’t you think, if customers go for 3? When you plan for a package make sure they are

Confusing: Make sure your price for each package are unique and offers in each are so close that customers would pick more costly that is anything but the basic ones. For that keep a vast distance among basic and second package but keep less pricing distance between the second and the third one so that customers always choose the 3rd package. Also setting many prices aside will always confuse buyers. For example, its always a good idea to keep a $500 shirt beside a $100 one.

Attractive: The main idea of package is to sell more. But customers would always want to pay less. To solve this problem you must provide your customers a price which will attract them to buy more than one in less price.

Offering extra: Its just like the last point I made. Suppose your manufacturing cost is $3 in each unit of soap so if you offer a soap for $5 then offer 2 soap at $8 in this way you are staying on profit at the same time you are offering extra unit to customer and you yourself is selling one extra unit with profit!

Sale ‘em all: Another way to utilize price plan is that you can sell even those products which are bit less demanded. It’s just to make the package a bit heavier. For example, you see that your resume templates are hotcakes but your brochures are not doing so well. In this case, you can create a bundle for resume plus brochure and set a price for the bundle in a way that you get profit from selling the package.

– And more volume less price to inspire customers to buy more. Because you won’t mind if you product is selling 100 piece than 50 or more. Of course you need to calculate that you are getting profit from selling those 100 piece in less than the unit price. Don’t forget to mention how much customers are saving in each package!

price

Often customers are not sure what they want and that’s the best chance. You must provide them the best value. Usually customers think that basic is too small, standard is perfect and premium is too high. If the service is being purchased for the first time then customers best choice is basic! Yu must make sure that each package is balanced and customer. You can earn much more than you think buy using package.

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