For self-published authors there is a fine balance between looking to get your work out there for your readers and the ambition to make a profit.
Many self-published authors use the services of Createspace, KDP or Smashwords to get their book published – easy enough platforms that instantly ensure your book is loaded up with major retailers online. That’s the easy part…now you need to reach an audience who wants to buy your book. So what about the pricing?
There is such a disparity between quality of work and price when it comes to eBooks and Paperbacks. What is a good price, for all that time spent writing, editing, creating, getting publish ready. Selling a book for 0.99c (less than a coffee) reaps a royalty payment of around 0.35c on an eBook – yet many readers want the quick bargain and it does help get your book quickly out there! But will you sell enough to get a return on your basic investment?
On the opposite end, I see eBooks advertised for $5.99 and above and paperbacks reaching upwards of $20.00 USD. As an avid reader, that is a hefty price to pay – especially for those authors you have never read or heard of before. Yet, I understand and appreciate that even at those prices, the royalties are still minimal per book.
So do you sell more at the lower price and make less, or keep your book high but sell less (if any at all)?
Having researched a little bit further into this – my best advice is to check out your competition. Who are the top authors in your genre, and what is the top ranking book selling at? Like any product, you need to be competitive. You don’t see Coke and Pepsi with major differences in their pricing mechanisms – and so authors need to have this same savvy when pricing their books.
Look at books in your genre, their page count, content, reviews and try to get as close as possible to their pricing. Or perhaps even look at ways to attract readers to one of your books to hook them into your writing. Countdown deals and free promotions are good opportunities, but I’ve also seen mixed results. It’s a constant battle and one that any independent author needs to proactively manage if they want to attract new readers.
As I tell everyone, this is not a ‘get rich quick scheme’ and the worst thing that we could do is have our readers not even bother looking at the synopsis because our pricing turns them off.