Once Your Project is Finally Done, Here’s Some Tips On Pricing Your eBook
By Space Coast Daily // July 19, 2018
How do you assign a value to something upon which you’ve labored long and hard? Pricing your ebook certainly falls into this category. After all, with so many hours of work represented, you’ll likely feel its value is considerably higher than the market is willing to bear.
And that’s what it always comes down to—what the market will bear.
If your project is finally done and you’re ready to make your first foray into selling ebooks, here are some things to keep in mind.
What Is Your Primary Goal?
When you’re considering your price point, a key question to answer is what you want the book to do for you. Are you hoping it will help you build an audience, or are you looking to maximize your profit on this one work? If you’re trying to build an audience, a low entry price will attract more people willing to take a chance on an unknown writer. If you’re trying to make that one book do all it can for you, a higher price might get you to that goal more quickly.
If you’re using this first book to launch your writing career, or as the beginnings of generating a secondary revenue stream from writing on an ongoing basis, you’ll probably be more interested in developing a following than making all you can off your first book. If so, set the lowest price possible. In most cases, this will be .99 cents. Amazon’s KDP Select program will also allow you to give the book away for free for a specific amount of time. This can be very useful when it comes to attracting first-time readers.
If you’re considering this option, you’ll also want to get your title listed at:
- Free Book Dude
- Free Kindle Books and Tips
- Indie Book Promo
- Indie Book of the Day
- Kindle Freebies
These sites aggregate free titles and are usually trafficked by readers looking to find new authors to follow—as well as load up their devices with free books (of course).
If this is the one book you think you have in you and you need it to do all it can do, you’re going to be more interested in this second approach. Start by surveying the competition to find the price point at which you can be competitive.
This will usually vary according to genre and length. As an example, romantic novels tend to attract the best sales volume between .99 cents and $2.99. Other genres generally play well between $2.99 and $9.99.
Keep in mind; if you’re planning to use Amazon, you can expect to recoup 70 percent of the sales price if you stay between .99 cents and $9.99. If you price outside of that range, your cut will fall to 35 percent. Clearly, their intention is to keep you at or above .99 cents and at or below $9.99.
Other bookselling sites offer a similar split, with a few notable exceptions.
Your best bet is to consider each seller individually and decide where you want to land. However, whatever number you settle upon should be the number wherever the book is sold. Amazon’s watchdogs get irritated if you undercut them anywhere else, as will the keepers of most other platforms.
Another thing to take into consideration is the number of books you can sell at $1.99 vs. $9.99. You might well come away with more profit in the long run at the lower price point. After all, unlike traditional publishing, your costs are largely the same whether you sell one book or one hundred because you don’t have printing and binding expenses.
The Bottom Line
Ultimately though, how you go about pricing your eBook comes down to your overarching goals. Consider your long-term strategies first, then price your work accordingly.
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