Friday, January 11, 2019

How to Select the Right Price for Your Book

When you self-publish a book you have no printing costs, publishing fees, postage or packaging costs to worry about, this is all taken care of when you decide to publish your book through a platform such as Amazon.

So bearing all that in mind the list below will help to decide on how you want to price your book.
Here are some of the most important elements to think about when pricing your book:

 1. What is Your Objective as an Author?

A lot of writers see themselves as authorpreneurs than just authors, and expect a large return on their investment.  Their end game is to price their book like any other earnings based business.

Fiction authors want you to love their books and tend to sell their books at a lower price, not minding the low rewards.

The third kind of author falls inbetween both of the above categories, who loves writing but wants their books to make money and be loved by all. 

2. Using Psychological Pricing

Commonly known as charm pricing, this strategy hangs on the theory that certain prices hold a psychological impact on the buyer.

That's why you see a lot of authors, particularly fiction writers who sell their eBooks at $0.99. 

3. Book Production Cost

If you've paid someone else to write, proofread or create an book cover design you need to factor that into your pricing.




4. Pricing Numerous Books

If you've written two books of a similar length and genre, pricing them the same might seem like a good option right?

You could make one $15.99 and the other $10.99, making the latter of the two look more appealing to buyers.  A lot of people will go for the cheaper of the two, but some people will think the more expensive book is a better option. 

5. Amazon Pricing

You have two royalty options when you sell your eBook through Amazon, 35% royalty or 70%, meaing your eBook can be priced between $2.99 - $9.99. 

6. Value and Uniqueness of Content

Does Your Book Stand-Out From the Crowd?

If your book is solving a problem, this is seen as something of value, particularly if it offers a unique perspective, along with your own knowledge and insight on a particular subject, all adding to the value of your book. 

7. Experiment with Pricing

With a platform such as Amazon you have flexibility when it comes to pricing.  For instance, when you first start selling your book you may want it at a lower price, but later on whebn sales really start picking up, you can move up your price on both your eBooks and paperbacks.

8. Is It Your First Book?

If you're a new author and your thinking of pricing your eBook low, think about the time and effort you've gone to to research your book.  Or the imagination that has gone into your novel.  I think $2.99 is a good place to start with a first eBook, even for a newbie.

My eBooks are all priced at $2.99, and paperbacks differently priced depending upon genre and amount of information in each.

Quick Summary
  • Recognise your production cost
  • Are you pricing the same or similar books already published?
  • Does your books uniqueness warrant a higher price?
  • Is it your first book?

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