There has been a debate about the pricing of electronic books for several years. How much should they cost? Do customers mind paying more? Do the government and courts have any plans for monitoring the situation properly? Everything can seem complicated and lead to confusion. Learn E-books: What they are worth and how they are priced.
What can independent authors do in the face of ongoing litigation between courts, online retailers, and large publishers? The best way to determine a reasonable price for your e-book is to use common sense, experiment with the price a bit, and understand the industry. A good price for one book may not be good for another. So remember, there is no perfect price for every book.
The following questions should be considered when deciding on the price of your e-book:
Does your book have value?
To determine the value of your book, you will need to do some research. Do you have a short erotic novel that you spent maybe a month or less writing that competes against the other one million already out there? If its price is low due to the lack of demand, its value is probably very low. Your thesis may have high value even if your reading audience will be small if it is on a topic that has never been published before. Was your book written in one week, or did you spend ten years researching and writing it? Does your book provide information that readers can find elsewhere?
How much should your e-book cost?
You should never charge more than $9.99 for an e-book. Although some major publishers can get away with charging higher prices for best-selling authors, for most authors, $9.99 is the ceiling because Amazon decided that the cut-off point for paying out higher royalties was $9.99. The price point for paying out higher royalties was $9.99. For books priced between $2.99 and $9.99, Amazon pays 70 percent royalties, and those over $9.99 pay 35 percent, meaning a $15 book would earn you just $5 to $7. You will need to review each retailer’s pricing model separately. However, $9.99 is the most you should spend on an e-book.
Pricing a book high will net you more money, but it will also result in fewer sales. Low-priced books, however, may be seen as less valuable, unpublished, poorly written, or short in length. Whenever something is priced under $2.99, I assume it is of lower quality, and the author does not view it as valuable.
As an established author, you probably won’t discourage most readers from buying an e-book if you charge a price that is between $3.00 and $6.99. Price your book in the $7.00-$9.99 range only if it offers a high value to the reader. The book should be in that price range if it offers information worth buying or has a large following of thousands of readers, meaning it is an established author.
What is your goal in terms of selling books?
It will take ten e-books to equal one e-book if you price your book at $0.99 instead of $9.99. You may gain ten times as many sales if you price your book at $0.99 instead of $9.99. Wouldn’t you be better off if you sold ten books for $0.99 since now you have more readers who are more likely to buy your future books?
What do the competitors charge?
See what they charge. What do other new romance authors charge if you’re a new romance author? It’s probably ok to charge more for your business e-book if it’s your third one and your first one has become recognized in the area. Ensure your price is the same or slightly lower than your competitors for the same genre or similar books. In the case of two books about Lady Jane Grey, if yours is $1 cheaper, the reader is more likely to purchase yours unless the other book appears to have more information.
What are your readers buying? What are your readers buying?
I’m sure many e-book sellers do not spend the time to compare what your e-book sells for at various online stores, but you should still make sure you charge the same price wherever you sell it. Nevertheless, just because you have your book listed on Amazon does not mean your readers will buy it there, so do sell it on several sites, such as Barnes & Noble, Kobo (a Canadian e-book vendor), and Google Play (where people with Android devices buy). If you’re selling to twenty-somethings, you’ll likely find them on Google Play. If you’re selling to the elderly, Amazon may be more familiar, which may mean they’d rather purchase it? Check all the stores and price your book properly. As a college student, your twenty-year-old has little money, so $0.99 seems more appealing, but e-book sellers will typically want you to sell at the same price everywhere they sell it.
What are your other books, especially a series?
You might consider lowering the price of one of them. You may want to offer the first book in a series for free or at a low price to sell it. Readers will read the rest of the series if you hook them with the first one. For authors who have written multiple books but not a series, I recommend pricing the book that many readers consider as your best to be the lowest because, after all, you want your very best to be what people experience first. Hence, you make the best impression and gain their loyalty.
Could you sell individual chapters of your book or serialize them?
It has been centuries since serialized books- particularly novels- have been sold. In recent years, many authors have begun selling their books as short installments or chapters. The first in the series should be priced low-e.g., $1.99-and be followed by the next at a slightly higher price or the same price. You’ll still make $7.96 if the reader decides to buy all four books at this price if he likes the first one, and he’s more likely to buy four books at this lower price if he likes the first one.
How well do you market your book?
The key to success is marketing. No matter what you charge for your e-book, just because you have written a book doesn’t mean anyone will read it. If you take the time to promote it, you’ll sell more books. People may stumble upon it at an online bookstore and buy it, but if you make an honest effort to market it, you’ll sell more. You might be able to price your book higher based on the perceived value and higher interest of your book if you are effective at marketing. The lower price will help compensate for the fact you won’t be spending much time on marketing.