Comments on: The Simple Dollar Weekly Roundup: Chain Factor Edition

By: InternetZine.co.uk

InternetZine.co.uk — Fri, 17 Apr 2009 17:53:55 +0000

We hear you on DumbLittleMan.com that told us to visiting you to learn more about finance tips, and found this great great ideas and post’s. Thank to inspiring us.

By: Elizabeth

Elizabeth — Fri, 08 Feb 2008 20:27:41 +0000

Ok, Chain Factor is free and all, but I’ve spent hours playing since I read this post. How frugal is that??

By: Michael

Michael — Thu, 07 Feb 2008 20:22:59 +0000

@!wanda — I didn’t think of payment. I used Paypal, which was very easy. It was more convenient for me than you, so $5 didn’t seem as big a deal.

By: !wanda

!wanda — Thu, 07 Feb 2008 19:02:33 +0000

@Michael: In this case, I’m not sure if people might pay more for the items in the long run. The same material is available in the same place for free, and it’s probably as much work for me to pay for them (dig out my credit card, read off the numbers, etc.) as it is to search for the blog posts and read them. In this case, $2 sounds like “free,” while $5 evidently doesn’t. If Trent were to sell them on another site, for instance, he might be able to charge more.

By: Michael

Michael — Thu, 07 Feb 2008 15:42:48 +0000

@!wanda — In the long run he may not make as much money. Often, fairly priced items do not sell quickly at first, but do well over the long run as word spreads. He might make these sales whether the downloadables are $2, $5, or $10. Also, if Trent may find it hard to sell something much more valuable and expensive if all his other downloadables are cheap. But you are right that he may charge what he likes.

By: !wanda

!wanda — Wed, 06 Feb 2008 22:34:34 +0000

@Erica: If he’s making more money with a $2 price than with a $5 price, because more people are buying it, why shouldn’t he charge $2?

By: ericabiz

ericabiz — Wed, 06 Feb 2008 21:03:00 +0000

Trent,

Assuming $2 is a better price point because more people bought it at that price could be a faulty assumption. I’d do some traffic analysis if I were you, or get a poll up on your site.

Frankly, I think reducing the price for your content is not a good way to go if you want to make blogging your full-time job. I paid the $5 for the Blogging series and I think you should have charged $20+ for it. If people want to be cheap, they can read all of the articles on your site for free. I bought it because I wanted to read it on a plane.

One of the first rules of business is charge based on value, not price. The price of the content is free — people can read it on your blog. The value is convenience and future readability. That value is worth more than $2. I know you want to get your message out there to as many people as possible, but it is already out there for FREE and anyone can read it for that price. The people who are buying are probably long-time readers who want to support you. Those same readers also want to see you turn this into a full-time career. This is a step in the wrong direction, IMHO.

-Erica

By: Trent

Trent — Wed, 06 Feb 2008 19:59:09 +0000

Carrie: it’s because I sold almost ten times the number of the $2 book over the last month than the $5 ones. My conclusion? People liked the $2 price point, not the $5 one.

By: Kaye

Kaye — Wed, 06 Feb 2008 19:52:30 +0000

Okay, so I obviously need help with the whole “focus” thing. I am now caught up in the whole Chain Factor game and I didn’t really completely read the article!

By: Michael

Michael — Wed, 06 Feb 2008 16:27:37 +0000

I, too, wish the downloadables cost more. I bought one for $5 and thought it a good deal. Convenience is worth more than $2.

By: Carrie

Carrie — Wed, 06 Feb 2008 15:53:49 +0000

Why did you discount your books? Thats not good to do. Think about Apple. Pricing your product is about it’s inherint value and people pay the $5 for the convenience. It’s either worth it or not, but a savings of $3.00 is not likely to effect their buying decision and I’m sure you know the value of that $3.00 you could have earned. Besides, if they want it for free they could just read your blog posts. I know your site is about helping people become financially responsible but giving away your services for to little just means it’s a longer time before you can do it full time.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Wed, 06 Feb 2008 14:43:04 +0000

I love the prep card idea. That’s one tip I can put to good use right away.

By: rocketc

rocketc — Wed, 06 Feb 2008 14:35:21 +0000

I hear you on the freelance post. I might have the ability to go it alone without my employer. . . maybe. . .and if I don’t succeed. . . tough decision.

By: Stephanie

Stephanie — Wed, 06 Feb 2008 14:25:14 +0000

My sister showed me chainfactor a month ago…it is so addictive!

(love Num3ers too!)

I was actually thinking about mentioning it in a blog post…but I think you’ve got that covered.

By: Susan

Susan — Wed, 06 Feb 2008 14:12:55 +0000

I like your ideas for staying focused while working. I struggle with this as a self-employed person. Whenever you do choose to go that route, consider incorporating yourself to save on taxes and help grow your ‘business’. Once you’ve gotten together some cash for your business, you can name yourself as an employee and go on a payroll to help keep profit in your corporation as well as ensure you’re getting paid on a regular basis. I wish I had done all that when I started out self-employment instead of blinding fumbling through the financial and tax aspects.

http://www.theinnovativetraveler.com