How should I Price my eBooks?
Welcome to one of the greatest dilemmas for self-published authors! For a first-time author pricing your eBook can be a bit of a guessing game. You will need to give some thought to how you price your eBook.
Price it too high as a new author and you will likely find that readers skip past your eBook. Price it too cheaply and it may give the appearance of an eBook being sold at a low price because that’s all it is worth. Price it too low and you will also make less in royalties.
When Setting the Price for Your eBook You Will Want to Price it so:
- Readers will buy your eBook
- You maximize revenue
- Your eBook attracts a new audience
- Readers will choose your eBook over others
- You provide value for money
- It attracts high volume sales (important for achieving best-seller status)
What Factors are Involved in Pricing eBooks?
1. Create a pricing plan
As a self-published author you have the control in pricing your eBook. There are some minor restrictions placed on you by some stores but overall you can decide the price.
You will want to have a plan for what price you will initially sell your eBook for and what you will also sell future eBooks for. Constantly jumping around in price will discourage some readers.
2. Measure your results
Utilize the statistics provided on your dashboard (Amazon, Smashwords) to analyze sales. This will provide you with the relevant information for pricing and how successful your pricing strategy is going.
3. Be flexible
You will need to be prepared to react to the market by changing your price if required. If your eBook is not selling it may be because of the price.
4. Learn about ‘Price Pulsing‘
I have written an article on this pricing tactic used by some authors to maximize returns.
5. Price for the present
Take advantage of opportunities and news stories that that might get you more publicity and more traffic to your eBooks. If this occurs you could raise your price temporarily if your eBook is in demand.
6. It might not be the price!
Don’t immediately assume that your lack of sales is due to the price of your eBook. Low sales could be due to a poor title, unprofessional cover, poor description or quite simply not succeeding in getting your eBook into the hands of your target audience.
You need to know what similar eBooks are being priced at. If there are two new and unknown authors, readers may choose the eBook that is the cheapest. Most unknown authors succeed when they generate publicity for their eBook via online marketing methods.
Sometimes authors come to me wanting a definite answer on what to price their eBook. Unfortunately, every eBook is different. Some genre can demand higher prices. Some genres require lower prices due to high competition.
Non-fiction eBooks can often be priced at a higher $ amount. So, do some research and if it is not working be prepared to review your pricing strategy.
Standard for many new fiction eBooks is between the 0.99 – $2.99 range. Non-fiction eBooks will generally be higher in the $4.99 – $9.99 range.