I’ve been meaning to write a post for a while about the various price points to sell eBooks at. One of the joys of self-publishing is that you can choose this vital marketing element, but one of the downsides of self-publishing is that you have to choose this vital marketing element.
Do you need to be a pricing specialist, understand market forces and get a heads up when the rubber hits the road? Or, should you just take it as it comes, trial and error, and learn by mistakes? Well, I don’t know really, there’s probably an answer to this but I don’t have it. Like everything, I think you have to jump in, give it a go and learn from experience. But here’s some help…
Check out the other books in your genre and compare yours to them. Which ones look like good value? Which ones look cheap and nasty? Which ones are way too over-priced?
Find the price that seems to have been accepted by the market for what you’re offering. You’re probably not Charles Dickens, but don’t under value yourself either. If you give something away for free then where’s the value for either the writer or the reader? Are you not worth more than that?
A Table of Prices and Volumes
|Books Sold||Price Point $||Price Point £||Total Money $||Total Money £||Royalty Payment $||Royalty Payment £|
This works on the royalty rates provided by Amazon KDP.
What Do You Want?
How much do you need to earn from your writing? Have a look down the end column and you’ll soon realise how many books you’ll have to sell to get there. Don’t forget supply and demand though, and price elasticity. Oh yeah, I hear you say.
The more something costs the less you will sell. So, you need to find the sweet spot and that’s where looking around the market can help.
Also, it’s going to be a lot easier to sell 20,000 books a year if you have 100 books published. The model will always be the same. The more books you have out there, the more books you will sell. Get writing.
All of this is so much easier to preach rather than practice. I constantly find myself stuck between spending longer on improving quality rather than churning out the volume. I think there’s another sweet spot to be found on the perfect time to spend on each book before publishing, but that’s for another post. Undoubtedly though, we will all give ourselves the best possible chance of making a living at this craft if we stick at it for a while. Good luck everyone.