Too High or Too Low?
There is a bit of psychology that goes into pricing books.
Having a price that is too low can work against you and have a negative impact on its quality.
Pricing a book too high can deter readers from purchasing it as well. People
tend to feel that they will “get what they pay for” so you want to choose a
good in between price that lets potential buyers feel like the book is worth
the investment. Smashwords did a survey and found
that on average books that were priced at $3.99 sold better on average than
those priced at $2.99.
What Are Your Goals?
After you have worked to get your book ready for publishing
and you need to set a price, you should already be
relatively sure of what you want the book to do. Usually, an author has one of
two goals: more sales or more readers. In most instances, authors are
likely to say that these two goals carry equal weight and they are not mutually
exclusive. You may take either approach successfully and the other is likely to
follow. For authors who are not yet well established, a lower price might be
what is needed to draw in a readership. Authors who already have a solid fan
base often can charge a higher price for their work.
Making Comparisons
One place to start comparing prices is in your own genre.
Romance novels tend to do well in the range between 99 cents and $2.99. But
nonfiction or literary fiction usually tends to run a little higher in price.
In most cases, authors may choose to start pricing at $10 or below. From there,
test out a few different prices and maybe run your own promotions to find out
what sells best. Take some time to research your specific genre to see what is
selling at what price. This can give you an idea for a price range for
your latest book.
The Babelcube team wishes you pricing success!
The Babelcube team wishes you pricing success!
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