Wednesday, November 27, 2013
How to Price Your Self-Published Book
One important part of marketing your book is pricing. Some self-published books have really taken off, and sometimes a good pricing strategy is part of the reason. As an indie author, your book could very well be just as big of a success as those by authors who are published via traditional means.
Target Price For Your Self-Published Book
As an author, undoubtedly you are concerned about how to price your self-published title to enhance sales. An industry survey revealed that in 2013 the preferred self-published book price was $2.99. In 2012, the most favored price was 99 cents! Luckily, authors, like yourself, immediately caught-on that pricing books so low undervalued their book content and began pricing books higher, mainly because readers were prepared to pay more. It’s good to know that it is not required to “price yourself under the table” in order to sell your book on the market. Price does play an important role; however, superb content and giving the public what they crave counts even more.
Pricing High or Low
An interesting discovery from the same survey mentioned earlier is that on average books priced at $3.99 sell more units than those priced at $2.99. This is more than any other price point outside of free downloads! Therefore, if you price your book below $3.99 you may be selling yourself short because readers respond well to the $3.99 price point for self-published books.
Naturally, it seems to make more sense that cheaper books sell more, but $3.99 seems to be an optimal point, on average. At this price point, for a typical book, your revenue is 55% above the average of all price points.
Keep in mind that every author has a different sales approach. Nevertheless, the shared strategy is to start low and afterwards increase the price after discovering your market.
There’s room to be optimistic! There are many self-published authors who are actually earning a living from their book sales. Self-publishing isn't exactly something new, it’s just that today you have more opportunities to have your voice heard.
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Self-publishing your own book or writing book can be a lucrative endeavor, but it isn’t free. There are certain costs you’ll incur in the process that you’ll need to consider when pricing your book. The question is, “How do I initially price my self-published book?" The answer is simple: Base it on these four elements (or use this 4-step process to determine how much your self-published book should cost).ReplyDelete
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As mentioned by noorani qaida page 10, The goal should guide your book pricing strategy. If your book sales are more important to you than your profits, consider lowering the price of your book. Lower prices are more attractive to potential book buyers, so if your book is cheaper than average, you're more likely to sell more copies.ReplyDelete
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