Choosing the right suggested retail price for your product can be one of the most difficult but important decisions you make as a ClickBank vendor. Unfortunately, there's no guaranteed way to ensure you've chosen the right suggested price. However, the following guidelines may help you in setting your price, especially if this is your first ClickBank product.
- Research your niche – Search the ClickBank Marketplace for similar products in your niche, so you can see the normal range of pricing for that type of product.
- Base it on the value you deliver – Don't be afraid to suggest a high price for your product, as long as you're delivering serious value to buyers. If you save a customer thousands of dollars or solve a significant problem for them, it could be worth it for them to pay $50 or more for your product. The important thing is being able to effectively convince them of the true value of your product on your Pitch Page. In addition, affiliates like to promote high-price products since it earns them a higher commission. Don't sell yourself short when setting your product price.
- Experiment with pricing – Since you can adjust your product prices, or offer multiple versions of your product through a single account, you can test out different prices and see at which price your product sells best. As in the item above, don't assume you have to only test lower prices to improve sales. Sometimes a higher price can make your product seem more valuable to customers, or convince more affiliates to promote it, resulting in more sales for you. The important thing is to regularly make changes and test them, so you can find the most effective price for your product.
- Don't price your product too low – Although it can be tempting to suggest a very low price for your product, this can have a downside. One of the best ways to drive sales of your product is to make sure affiliates want to promote it. Since many affiliates spend their time or money to promote your product, they need to make sure the return is worth it for them. If your product is very inexpensive (for example, under $20), they may not make a large enough commission on the sale to deem it worth the effort. Having a low price might lead to a higher conversion rate for you, but you might get less interest from affiliates. It's important to find a balance.
- On the other hand, don't price your product too high – While some ClickBank vendors are able to offer their products for a high price, this usually happens after they've created several products and have established a reputation for high-quality products that deliver a lot of value. If you're just starting out, a high price can scare off potential customers unless your Pitch Page does a great job of selling them on the value of your product. High-priced products may also lead to more refunds, if customers feel your product hasn't delivered enough value to make it worth the high price. Experimenting with differently-priced versions of your product can be a great way to find the "sweet spot" of maximum profitability.
Making Changes to Your Product's Price
Once your product has been approved, you can change the price in one of two ways, depending on the product type.
For non-recurring products, you can edit the product and change the price. See the Editing Existing Products article for more information.
You can also create a new version of an existing product, but with a different price. To do so, follow the product creation procedures in the Creating Your First Product article, but specify a different price.