You’ve created the perfect planner, now the big question is how much to charge for it? It’s like a scary math problem where the answer isn’t always clear. Price it too high and no one will buy. Price it too low and you devalue your work and your profits. Finding the right price doesn’t have to feel like a guessing game, though, especially if you follow these steps.
(btw, these work for any product – books, journals, card decks, etc.)
STEP #1: Research similar products and see what they are charging. This will give you a starting price range and an idea of what customers are willing to pay.
A note about pricing: If your community is relatively small and you’re planning on printing a small batch, for example less than 500 planners, don’t compare your product and price point to planner industry leaders Emily Ley or Erin Condren who both print thousands at a time, making their costs significantly lower.
STEP #2: Calculate your costs including printing, production, and fulfillment to get a break-even baseline. If you plan to sell on Amazon, remember to add in 15% commission for Amazon. If you sell from your own site, include fees such as credit card processing and other merchant fees.
STEP #3: Consider the value your book, planner or product is offering to your customer. Will this product help them save time, money, stress? If you deliver a lot of value, this in turn raises the value of your product and the price you can charge.
STEP #4: Set a price that feels right to you. If you think you’re charging too little, then you’ll feel resentful and that will come through. If you think you are charging too much, you might feel nervous, unsure or scared to put it out there.
STEP #5: Poll beta testers. Reach out to friends, colleagues, anyone who might fit your target customer demographic and ask for feedback. A soft-launch is a great way to test the water. Pre-orders are another great way to test your product, price, and even help determine how many to print. The other added benefit of pre-orders is that it helps offset the cost of the print run.
STEP #6: Relax that this isn’t set in stone. Pricing can be nerve-racking, we know, but you can always adjust. You might start out with an introductory price to test the waters and then adjust it to fit demand. Coupon codes, special packaged deals, and other similar methods can be used until you’ve got it just right.
STEP #7: Add value to support your price: Make the price you set a no-brainer by adding so much value that your customer is excited to buy! Create packages to make it unique and different than anything else – and add value with extra products that complement it. For example, for daily planners you could include extras like pens, clips, bookmarks, notepads, stickers, card decks, or even experiences like an introductory coaching session or limited-time membership in a mastermind or online program.
Adding a little something extra like this will elevate your planner's value in your customer's eyes. Yes, there might be similar products with lower prices (that are most likely bulk-produced in China), but you have the ability with self-publishing services to create something unique, elevate your customer's experience, and make yours the choice they want.