Success as an online business depends on the price you set for your product. What do you charge? That’s the question everyone wants to know, even before they put their item out there. Selling your ebook is the final goal, right? So how to figure out what the buying public will pay for it?
The prices of books on the real shelf and on the digital shelf are determined by publishers and individuals alike. For indies, it should be well-researched, not some thrown together plan that readers demand or writers dictate. There should be reasons for prices to be what they are. At least, that is my take on it.
Remember: I’m not a pro at any of this, and everyone has their own opinions about what constitutes a good price for their own stuff. This is just what I do.
Price: Check Out Other Books
The prices being used by others is important. Especially if the book is selling well. It can be a research point for you, and give you an idea of where to start. Be sure to check out paper, digital, and other methods such as audiobooks. Amazon is a great search engine for this. Type in your research terms and voila!
The pricing of your book in relation to others is your decision, but putting the price up or down will have an impact on how you get the word out. Why? Because everyone is a bargain hunter! Readers aren’t going to buy your ebook if they can get the genre for cheaper somewhere else. Why would you pay $9.99 for a thriller when you can get one for $2.99? (okay, well, maybe for a big name author, but for the rest of us, we have to make a reader or potential reader know what we have done that is worth that price)
Of course, everyone knows that hardback and audio costs more. But for this example, let’s talk about a normal sized ebook.
Your plan is to emphasize some features or benefits that will gain the attention of buyers. Time to USE YOUR SALES PAGE! Make your book’s best features stand out. If it is a thriller, talk about how readers of “insert big name author” will love it. Put up an excerpt. If it is non-fic, talk about how it will change their life in five easy steps – use charts – graphs, and other visuals to encourage them. Pick the thing you want your readers to see the most. Don’t highlight the price. Buyers for anything need to be talked into a purchase. This is not the impulse buying aisle at the grocery store. Make them ooh and ahh over your ebook first, and then when they are in buying mode, that’s when you tell them how much (at the end of your sales page). By then, they’ll have their minds’ set and won’t care if your price is higher than someone else’s.
If your price is lower than another’s
…then you can switch gears and use that to your advantage by highlighting it throughout your sales page. Make it stand out! Your price is your BEST selling point for this type of transaction.
It’s important to remember you have the power to price however you want to as an indie. Not so much if you are traditionally published, and that alone has sent some to try out going the hybrid model. If you believe your ebook should be sold for more, then do it! Try and see if it works. If not, you know you can easily change the price and find that price that works for both you and your readers.
Ack. Here we are at over 600 words again! More next time !