It´s really great to see so many $29 tracks are doing well in the popular list as well as new featured tracks. I know we are still early in the ADP world, but it looks very promising.
It would be really interesting if Envato could do a simple customer survey about what most customers are willing to spend on a great track budget wise. We already know now that customers easily spend $29 on a track, but how many falls off at $59 or $99 for example (standard license). A similar survey about sound effects would also be interesting.
Thanks for this excellent article!! Totally loved it!
Well, I am wondering, the first part about similar prices… I used to have different prices, but then I read here several people saying that it was confusing, so I set the exact same price for each item…
Anyway yes, it seems $29 is working. On my side I tried higher prices, just to see…
Nice! It´s an interesting question if setting all your prices identical is a good choice. I don´t know, probably pros and cons. However we have to keep in mind how hard it must be to make track choices in this jungle, and having different price (higher or lower) than your competition certainly draws attention.
As far as I understand one of the strategies of this article: if everybody else is pricing their track $20 it might actually not be the safest option… But what do I know, I´m experimenting myself at this point.
Like many who have raised their prices, I’m selling fewer units, but revenue is higher. While it does clearly appear that there is correlation between the higher prices and the lower sales, it’s important to remember that correlation does not equal causation.
I suppose the trick is finding the sweet spot…If pricing adjustments weren’t so time consuming, I’d be more likely to experiment, but as is…I’ll leave things be.
True, and thats where I think some customer survey could be a helpful perspective. There are probably quite some differences in budget, but there must be some sweet spot, as well as a “pain spot” where the price starts to be to much for most customers.
Personally I think the most challenging with experimenting is… patience. It takes quite some time to get a feel for it, so many other factors to consider why sales are less than normal.
If you look at the latest featured tracks its easier to see the effect in a bit more “fast motion”. They are selling very well so far, and the question is really if they would have significantly more sales priced $19.