Tag Archives: pricing

Answers to Questions About Non-Bookstore Marketing

“Because of high costs, I need to price my book at $19.95, but my competitor’s book is $14.95. How can I compete with that?” George Lascar   The price of your book is a feature; the value of your book is a benefit. Customers attach value to books in proportion to the extent they believe it will help them solve their problems. If your book is more expensive than competitors’ books, your promotional material must translate the price into value for the consumer. One way to do this is to describe the incremental difference and what the reader receives for it. Since your $19.95 book is $5 more than the competition, demonstrate to the potential buyers what they will gain in exchange for paying $5 more. Or, you could appeal to their fear of making a wrong decision and how much they will lose by not spending the additional $5. In either case you will be more effective if you communicate the value your book offers your customers.   You can also use a surrogate indicator, a cue that takes the place of a buying criterion, to demonstrate the benefits of your higher price. These cues include endorsements, guarantees and slogans. Even the way you write the price makes a difference. For example, which looks like a larger figure, $5 or $5.00? If you want to make a price look smaller do not include the numbers to the right of the decimal point. On the other hand, if you want to accentuate the difference, include the decimal point and zeroes.

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