themusiciansite.com

Recently I discussed setting up a music shop on your online website so that you can distribute your music and make a few bucks to keep you in equipment money. With this I wanted to issue you a warning, don't make the most common mistake of selling your music for too cheap. I have seen so many regional bands that sell their music for $5 a cd just so that they can get the word out. Recent medical studies suggest that when you underprice your product, people do not enjoy your product as much

The Study

This study was done where they gave two groups the same cheap wine but told one group that the wine was expensive. Both groups had their brain wave activity monitored. The group that was told that the wine was expensive had a huge increase in mental activity especially in the areas associated with pleasure and enjoyment while the people who knew that the wine was cheap showed no increased mental activity

The Moral

What does wine have to do with your CD sales? Everything. This study proves that if you price your CD too low, people will associate it with crap and they will not take you seriously. Instead if you price at a fair market value of say 11.99 for a full CD, you will be telling your fans that you have a quality product that they can support, and in the process they will actually enjoy your music more.