Pricing strategies for self-published authors.
When it comes to self–publishing an ebook title, one of the key questions that most authors come across is “how do I price my ebook?” While there’s no one right answer to this, there are a few wrong ones. It may sound funny but, the goal is to price your ebook like an ebook. What does that mean? Well, for example, $99.99 is probably way more (unless you’re selling a college–textbook) than any potential customer would be willing to pay for an ebook. On the other hand, a virtual price tag of $14.99 will all of a sudden widen your customer base and potential sales. Long story short, the best way to succeed with your ebook pricing strategy is to think like a reader.
Sounds simple enough, and it can be, but there are a few guidelines you can use to help identify a close to perfect price–point strategy for your ebook.
-Find Your Genre and Fit in
-Experiment with Different Prices
-Consider How Different Markets Affect Price
Look at what is working in the market. Decide what is selling and what isn’t. Look at both big publishing houses and indie-published titles and find where your book fits in.
Pricing strategy tip: Don’t underprice! If you price your book too low, you may develop a low perceived value. People may look at your book with an abnormally low price and decide it must not be that good.
Is it a good idea to set your ebook and print book at the same price? Not typically. This strategy is sometimes used for non-fiction books published by university presses. These presses tend to work with colleges that include titles in coursework, meaning students HAVE to buy the book. The university presses want to make maximum profit and can get away with charging the same price for every format – a classic case of supply and demand.
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