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Authors Can Learn From A Pay-What-You Want Pricing Model

Kickstarter has given many authors and indie publishers the motivation that they have needed to turn a project from an idea into a reality. For Linda Formichelli, a freelance writer that teaches courses in magazine writing, the site also taught a lesson in the pay-what-you-want pricing model.

In a blog post on Copyblogger.com, Formichelli explains how by offering her courses at various price points via the Kickstarter model, she was able to sell more of her content and get more people interested. Instead of getting three people to sign up for her basic course at $120 a pop, she got 128 people to pay a minimum of $30 a pop. She then opened up her course to a pay-what-you-want model and found that people paid more than was expect.

Formichelli explains in the blog: “I’ve now offered the course with this payment model three times for a total of $10,134 from 228 students. That’s an average of $44.45 per student. Which means students paid an average of $14.45 over the minimum asking price.”

Formichelli’s story is just one example of how content can prosper when customers are given a choice in what they want to pay. Have you tried a pay-what-you-want pricing model to sell your book? Please share your story in the comments below.

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Lauren Berger Writes New Book for Young People Entering "Real World"

Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.