All resources sold on My Music Resource are unique and it can be difficult for creators to decide how much to charge.
Remember that the value of a resource is essentially dependent upon the price that customers are willing to pay for it. Looking at prices of similar resources, either your own creations or from other creators, can help you to establish a selling price.
You should consider the cost of producing your resources, both financial and in terms of your time, and ensure that your selling price covers these costs and make allows you to make a profit. Remember that all resources sold through My Music Resource are digital (not physical) so can be sold numerous times without any additional work or cost. When selling physical products, it is advisable to cover your costs on every sale. With digital products, you can consider achieving your desired profit over multiple sales.
You should also bear in mind that digital resources sold through My Music Resource come with a Studio Licence. This allows customers who purchase your resources to copy and redistribute the licensed material to any number of their own students that they teach in any medium or format for the purpose of their teaching and/or their private study (but does not allow them to share the resources with any other teachers in their own studio or different studios).
To reflect the fact that customers are granted a Studio Licence when downloading resources from My Music Resource, the minimum price you should set for any resource is £3.
Below is a table that shows some pricing guidelines for various types of music resources:
To assess whether you are charging a fair price for your work, think about the following:
- Is your resource a single sheet or multiple pages?
- Can your resource be used for just one lesson or for several lessons?
- Does your resource cover one specific musical concept or multiple musical concepts?
- What are similar products being sold for?
- What would customers be willing to pay for your resources?
You should regularly review your prices and amend them if you feel that they are too high or too low.
You can change your prices temporarily by putting them on sale and seeing whether this has a positive impact on your sales. Continue to monitor your sales throughout the sale period to get an idea of how successful the sale has been.