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How to Price Your e-Book to Sell

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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?

 

Check out my book on listening

5 Travel Tips for Your Next Flight

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l’ll admit I don’t fly much. However, I just returned from a trip to Northwest Arkansas, where my nephew got married. Because of this excursion, I picked up a few travel tips that I thought I would pass along.

  1. Download the app of the airline you’re flying on

Because US Airways and American Airlines are going through a merger, I wound up downloading both of their apps. The US Airways app has a Boarding Pass Wallet that, after I entered my contact information, I was able to load my coordinates into.

Fortunately, I wasn’t checking luggage, so I didn’t need to use it to track our bags. But a bag-tracking feature is available and I understand it comes in handy. For instance, since airlines scan your bag a) when you check it, b) when it goes onto the plane, and c) when it comes, off, you should know with the app whether your bag made the connection or not.

Another benefit is you can actually use the app for free while flying. This is very helpful to see if your next flight is on time or not as well as to see what gate to make it over to.

  1. Use mobile boarding passes, if possible

I may be one of the last holdouts to do away with paper, but I thought I would take the plunge and go paperless this time. It all worked out fine.

When I checked in the night before our flight, I found out that I had a new frequent flyer number and that I didn’t have a mobile boarding pass. I chalked this up to the merger. Interestingly enough, I did have mobile boarding passes on the return flights and they worked pretty well.

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  1. Don’t just jump at the first opportunity to go a different route

When we found out that we were waiting for a flight attendant to arrive at the airport and that our boarding time and flight would be delayed, they called me up to the counter. They offered to reroute us through another city (Charlotte, instead of Dallas), I was tempted to leap at the opportunity. The proposed flight was already boarding and, I was told, we could get on it. But we had to hurry because it was leaving from a different gate. Well, I stayed and asked a few questions and, sure enough, a few minutes later, they had released the seats to other passengers, so they were no longer available. Had I leapt at the offer, we probably would have had to run to catch it – and it got in an hour after we eventually arrived. So my takeaway was “Don’t panic, ask questions.”

  1. Put your luggage in the overhead bin across the aisle and in front of you

As long as I’ve been flying, I’ve subscribed to this method. Most people put their bags directly above their seat and sometimes behind it. If you do that, you don’t know who is rummaging around in your suitcase right over top of you. And if you put it behind your seat, you have to “fight oncoming traffic” after the flight, which isn’t fun. If you wind up putting the suitcase behind you and insist on getting it while people are filing out, I guarantee you won’t make many friends. I retrieved a bag for someone a few rows in front of me who had moved closer to the cockpit after she had stored her luggage in the overhead bin. While I was happy to pass it up to her, don’t expect others to be so willing to pass your bag over the heads of others.

  1. Consider using Uber

The hotel where we were staying did not have an airport shuttle. I was told that a taxi to the airport would cost between $30 and $40. I’d never tried Uber before and thought I’d check it out. The Uber fare turned out to be $7.03 (that low apparently because it was the first time I used it). The driver was on time. And he even spoke English and shared with us a lot of local knowledge.

Seasoned travelers may scoff at these tips as being rudimentary. Nevertheless, I thought to myself that “If I help one person, then it’s worth it.”

A Good Match

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LinkedIn’s acquisition of Lynda.com is social media’s fourth biggest deal ever (behind Facebook’s purchase of Oculus and WhatsApp and Google’s buying YouTube). They paid $1.5 billion for the eLearning company. The deal tops the one billion dollar acquisition of Instagram by Facebook four year ago.

What does this mean to us? Lynda will become a household name and many of us will have access to the over 6300 courses and more than 265,000 video tutorials they provide. LinkedIn, already a household name, has over 300 million users. The partnership makes sense since they’re both focused on professional development.

LInda

Now, don’t expect to see videos on how to trim bonsai trees or improve your golf game. Lynda.com is primarily good for multimedia skills. The videos focus heavily on business, technology and creative skills. Want to learn more about Photo Shop, Create Space or Final Cut Pro? Lynda can help. Or how about Adobe, Articulate, Google or Microsoft? Ditto.

One way LinkedIn is promoting Lynda.com is by offering a 21-day free trial of it (better hurry, it expires soon, if it hasn’t already). I sent the 21 day free-trial information to my sister, who is a photographer. She responded that she’s  been using Lynda.com for a few years now and that they have great courses.

Lynda Weinman, cofounder of Lynda.com, wrote in a LinkedIn Pulse post some time back that she and LinkedIn CEO Jeff Weiner “both believe the skills gap is one of the leading social issues of our time – technology changes fast and people need to keep their skills up to date.” No argument here. Lynda.com has been a tremendous resource with tools for designers, coders, video editors, photographers and entrepreneurs.
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Reid Hoffman, Peter Thiel, et. al, offered early juice to LinkedIn. Lynda.com has been the sweetheart of eLearners for years. Having been in the Training & Development space for a number of years, I had certainly heard or it (her?). But I’d never sampled the courses. Now I have and I’m hooked!

They even have German, French and Spanish content under the Video2Brain brand name. So, if you want to learn those languages, you could listen to videos in them. The visual element will certainly help you with the comprehension, especially if you already have some understanding of the content.

I remember when I went to Germany on vacation, although I had listened to audio of the language prior to arriving, I still had trouble carrying on a conversation of any length with another individual. Yet, when I watched German language television, it really helped. TV wasn’t nearly as intimidating, probably because I didn’t feel put on the spot. No response was needed from me.

With Lynda.com, you can also create playlists based on your interests or skills you want to acquire immediately. Additional resources such as worksheets and templates are often included.

The self-paced, subscription-based service costs as little as $25 per month or $250/year. Online learning is hitting its stride. Neglect it at your peril. Learning is literally right at our fingertips now. All we have to do is take action.