Josh Freese, former drummer for Nine Inch Nails has come up with an innovative take on "pay what you want". For $7, you can download his new album. For $50, you get the album and a "thank you" phone call. For $1,000 you get the album and he'll come over to do your laundry. The entire list is hilarious and worth reading, check it out here.
This was partially a publicity stunt, but the idea of having multiple price points is a good one. Businesses do this all the time -- it's called merchandising.
Instead of just selling a CD, can you throw in something unique to add value for your fans? How about an acoustic track recorded just for them, a CD-R of studio outtakes, or even a living room concert for different price points? Some "out of the box" thinking can help you create a product that is exciting for your fans, and get them even closer to your music.
Chris Vinson is the creator of Bandzoogle.com the leading website builder for bands. Before launching Bandzoogle he worked as a web designer for a major record label, building dozens of sites for multi-platinum artists.