How Much Should I Charge For Digital Art?

Confused about pricing your digital art? You are going to get a strategy after which you will never ever have to worry about pricing your digital art or any other digital product.

You might be frustrated about the prices quoted by your competitors. We are dead sure that a great chunk of them have engaged themselves in the pricing war.

What’s the pricing war?

It’s the concept where you see brands charging a lower price for their products than their rivals. This road leads to no end.

You know what a new entrant in the market does here? He typically sees what other brands are charging for their digital paintings, sums up the price quoted by already established competitors, takes average, goes slightly below to remain competitive and lists his price for his digital paintings… Stop! If you have thought to do the same… That’s a complete disaster.

You know what’s even worse, most of the customers know the conditions of the market. Everyone is selling almost similar digital art, so the customer goes to the one charging the lowest.

Let us tell you a fact… The customer who pays the lowest, argues the most. They are never satisfied until your product is free. Chances are you will end up giving a refund. Never ever engage yourself in this pricing war. You can go down to 0% but you can go infinitely high in the other direction.

There is no strategic benefit to being the second cheapest in the marketplace, but there is for being the most expensive - Dan Kennedy.”

Wanna know a better alternative? Read below…

“Be in the category of one” Strategy

What does that mean? It’s where you base your business on a value based system. You will provide your customers supreme value that your rivals can never think of. This way you can charge 10 times of the amount charged by the rivals for digital art prints.

In other words, you have to increase your price only after you have sufficiently increased the value for your digital product. This way customers can get a great deal (Think buying $1000 of value for $100). It’s money at a discount.

Charging a higher price means higher value, literally. In a blind taste test, researchers asked drinkers to rate 3 wines… A low-priced wine, medium-priced wine and a super expensive wine.

Surprisingly, when participants tasted the wine they ranked the expensive one first, medium at second and the low-priced one, third.

What the tasters didn’t know is that all of that time they were tasting the same wine.

So it is instilled in humans that the high priced products are also better one. When you raise the prices it can directly enhance the value you provide. What’s more, the higher the price, the more attractive your product or service becomes.

So how to create value?

The creation of value concept is inspired by the book “100 Million Offers”. This is probably the best criteria which you can ever get. You merely have to input the following 4 things to sell your digital art prints like crazy and create value:

  • Increase the dream outcome of the customer that he expects from your digital arts. This might be the quality of your digital art prints. The customer might be looking for an art that is of supreme quality. He might be looking for getting a super detailed 300 pixels per inch art print that your rivals are reluctant to provide. So if you want to meet your customer’s expectations, provide what others are not providing in terms of value. What else can be the dream outcome of the customer that you can increase? You have to figure it out, our friend…

  • Increase the perceived likelihood of achievement. It’s where you will make the customer believe about how all of the claims you made to satisfy his dream outcome is going to happen. You can do so by listing the customers testimonials here. Provide an unconditional money back guarantee that in digital space, very few have the guts to provide.

  • Decrease the time delay. You have to let the customer know that he will get the digital art instantly. Perhaps in less than a minute by following a secure checkout. Lesser the time delay, more the chances for customer acquisition.

  • Decrease efforts and sacrifice that the customer has to go through to attain your digital art. If you are good at implementing such a process whereby the customer has to do very little effort, you are destined to become a millionaire. Paypal express checkout is one such thing. Make sure to have it implemented on your website.

So our friend, this is it. Grab a copy and a pen. Make a list of what else you can do to create value around your digital art.

Once you are done with incorporating the value addition bullets, it’s now time to tag your digital art prints with the price that it deserves.

You might still be curious about the pricing factor. We will conclude this article with the brief study done by us on “Logo Design” on the freelancing platform…“Fiverr”. This research will let you understand that charging a high price for your product is never a bad idea.

The Fiverr Pricing Study

So here you can see two fiverr gigs (services). Both of them are in the same industry i.e. logo designing. But one is charging almost 14 times more than the other one. Superb isn’t it?

The one charging 35$ has six orders in the queue, so he will end up making just $210. Whereas, the other designer is charging $500 and has 15 orders in the queue, so he will take back a whopping $7500 to the bank.

So, what happens when you charge a high price for your digital products or services?

  • You automatically establish the fact that your product is superior in comparison with other products in the market.

  • You get top of the class customers.

  • You mark yourself as an authority and list yourself in the category of pros.

  • Most importantly, you make much more money. Your competitors can never think of reaching your level because they are already stuck in the pricing war.

So friend, get yourself admitted into the category of one and kill the competition with this exclusive strategy.

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