Daily Growth Tip: Increase the price of digital products as sales go up to invoke urgency
Scarcity does not apply to digital products in the same way that it does to physical products. Consider raising urgency and sales by increasing pricing as more products are sold.Steph Smith In just 8 months, she earned more than $130,000 with her ebook, Doing Content Right. Her innovative pricing plan, which increased as sales increased, was one of several factors in her success. She stated that the price will begin at $5 and rise by $5 for every 30 copies sold, up to $25. She would then sell 1500 at $30, 500 at $50, 100 at $60, 100 at $75, and lastly at $100. As Austin Rief points out, this produced a sense of urgency that isn't typically associated with digital items. There were other advantages as well, according to Steph, who believes it helped her better grasp the optimum price to utilize in the future. However, this strategy should be utilized with caution. Others, including Daniel Vassallo, jumped in to say that the opposite worked for their products. So, if you try it, test it, and keep in mind that your pricing plan does not have to be definitive.