It also helps to focus on how the buyer will feel when they experience the work: when you are agonizing over your prices, it’s easy to forget that we all feel great when we buy something amazing.
If you’re an experienced creative struggling financially while getting feedback that you are under-charging, here’s how to start using emotional pricing.
Is emotional pricing for you?
Important. Emotional pricing is not for beginners. It requires a certain level of creative accomplishment, as well as knowledge of your market. And it does not apply to mass markets, such as ebooks, apps, or digital music downloads where you can often make more money by lowering your prices and selling more units.
In these markets, it’s often wiser to ignore how you feel about the price of an individual unit – it may feel “unfair” to charge only $3.99 for an ebook that took you months to write. Your time, effort, and creativity are worth a lot more than that. But you will sell far more copies at $3.99 than $20, so when the money rolls in, you should feel better at a lower price point.
Emotional pricing works best for creatives who are selling “originals” – artworks or creative services. Start by checking whether emotional pricing is appropriate for your situation.
Read complete article here: