Most authors (especially first-time authors) price their book too high. They think they’ll make more money that way. Rarely is that ever the case.
They often correlate the amount of time that was put into the book with the sale price, knowing that books take a long time to write and produce.
The majority of successful new authors price their books at $3.99 and below. According to Amazon’s KPD (Kindle Direct Publishing), the sweet spot for an e-book is $2.99. This is a far cry from the $9.99 that many newbies try to get.
You can set the price of your e-book to anything you want. The million dollar question is, “Will it sell?” Consumers of e-books, as the industry matures, are getting more and more price sensitive. An e-book is a digital file. There is no shipping involved and it doesn’t take up any space on a bookstore’s shelf.
Big Publishers
When the world’s largest publishers struck e-book distribution deals with Amazon last year, they seemed to get what they wanted: the right to set the prices of their titles and avoid the huge discounts the online retail giant often applies. So they raised their prices. What the publishers realized was that Amazon is willing to sell books at a loss, to maintain market share and goose sales of their Kindle e-reader.
But that strategy didn’t pay off. The big publishers reported e-book revenue fell almost immediately afterwards. The major publishers were trying to sell e-books for more than $10 and consumers were pushing back. People would say to themselves, “Let me think about that,” and then go on to buy something else.
Codex group LLC reported some time back that e-book prices found in the Kindle bookstore from the five big publishers cost, on average, $10.81, while all other 2015 e-books on the site had an average price of $4.95. What is not factored into these numbers is the fact that there are many self-published e-books that sell for less than $1.
A Lot of Competition
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There are some 4500 books published every day. This means that consumers have options. How is yours different from your competition?
There’s a saying that “The best way to sell your first book is with your second one.” You don’t just want fans of your books – you want raving fans! Raving fans are more likely to review your book, which can help boost your book. And reviews trigger the Amazon algorithm.
Not that all e-books are sold on Amazon. More books are being sold on Apple ibook these days than ever before. Sure, Amazon still accounts for most book (as well as e-book) sales, but the other sites, including Kobo and Nook, can’t be neglected.
If it is a first book, you might want to price it low with the thinking that the more you win over your readers (as time goes by), the more money you will make.
E-books made astronomical sales gains between 2008 and 2010, after the introduction of the Kindle, the Kindle 2 and the Apple ipad. But they haven’t overtaken print books, as some had suggested they would.
If you have a high price on your book, and you are getting a lot of 1-star or 2-star reviews – or it just isn’t selling – you may want to reconsider how you have it priced. Going high as a debut author could equate to fewer people buying your book.
Has your e-book consumption changed over the last year or two? How so?
