Veronica sez: Thoughts on eBook pricing from our Contributor Virginia Nelson - here's hoping for a lively debate. Take it away, Virginia:
Flying Books by josterix - sxc |
A few years ago, when I received my very first Kindle I was
thrilled to learn there was an enormous amount of e-books for free and for just
99 cents I could fill my imaginary book shelves. Did I take advantage of what
was offered? Heck yeah, I did; everyone loves a great deal…
Sadly, title after title, left me somewhat empty and I found
myself wading through all those imaginary shelves struggling to find something
worth while to read. I began to believe cheaper is not necessary better…
…but then again, every so often I would stumble across an
exemplary book which took my breath away. It was about this time I began my in
depth investigation on e-book pricing. I knew my print books would be hitting
the shelves soon and their pricing would be based upon standard page and word
count for their genre. So where would that leave my e-books? I began to ask
myself questions like…
If someone offered me a chance to
pay 99 cents instead of twenty dollars for the same merchandise, what would I
do? And what would this do to my print sales?
To satisfy my own curiosity, I began to investigate e-book
pricing further. Article after article written by experts in the field of
publication continued to debate the same questions I was asking myself.
Would pricing an e-book for
pennies less than the paperback guarantee more sales?
Would pricing an e-book for
pennies less than the paperback reduce your paperback sales?
The answer to these two questions was unequivocally YES…
…and then I read a couple of
articles which I strongly agreed with.
By now, e-books had gained popularity and other readers were
coming to the same conclusion I had. In addition, the free and 99 cents books
were acquiring a reputation I wanted no part of… that being, most of those
books were less than desired or at best contained sub-standard writing.
This was attributed to anyone and everyone who ever dreamed
of being an author was suddenly claiming the prestigious title with a few
clicks of the keyboard. Word began to spread that e-books were not as well
written as print books, especially the cheap ones.
Please do not get me wrong, I am still talking in
generalities, there are plenty of great well-written e-books out there
for a decent price.
The articles I refer to gave me hope by stating e-books
pricing should become somewhat
standardized within a few years based upon genre and length. The general
synopsis was, since there was virtually
no cost in producing e-books, pricing would always remain less then their print
book companion, but an author should see substantial profits from their e-book
sales. In addition, they gave several recommendations for the self
published author, including how to price their e-books and what the effects
might be for each. This of course grabbed my attention and I eventually applied
what I learned from the articles to my e-books.
A synopsis of their
theories for self published authors follows.
If you are self published, but have followed traditional
publication practices by hiring professional editors and cover artists then you
should NOT price your 300 page e-book
99 cents merely to make an abundance of sales, especially if you are writing a
series. Chances are you will make sales, but your book will remain on their
kindle or other e-book reading device and never
be read. Deal shoppers tend to purchase things they never use or it may be
returned for a full refund because the reader grabbed the cheap book thinking
it was something other than it was.
They, in turn, suggested the e-book version of any
well
written book regardless of genre or publication method be priced similar to other
traditionally published well written books. Not having a publicist or staff to
handle things a self published author is required to do a little research to
make this system work.
First and foremost, one must correctly identify what
sub-genre the book in written in. You would be surprised how many times I have
been told, “I really don’t know what
sub-genre my novel is… well it’s sort of a romance, kind of a mystery, but it
has this and that…” Yes, I know lots
of us cross the genre lines, including me, but you will need to identify genre
and sub-genre before you proceed with using this pricing method. If you are
still unclear, try looking up your favorite author who you write similar too –
or one you have been told by one of your beta readers you write like. This is
actually the beginning of the second step in their pricing method.
Now go to Amazon and find a similar e-book by that authors
whose page count is similar to yours… make a note of the price. Do this again
at least three times with different authors whose work is similar to yours.
Total the amounts and divide by the number of books you targeted to get an
average sale price.
If you are a first time author and this is your very first
book, they suggested you deduct a small amount from that price, but not too
much. You may also deduct a small amount if your page count differs. Remember,
you may not be on the N.Y. Times best selling list, but you hope to be
someday… The thinking is, when a loyal
reader of that favorite author of yours’ googles new books, your title will
come up. If the pricing, word count and blurb are similar to theirs, there is a
good probability the consumer will take a chance on your name and buy your
book. Best end result, you just gained a new reader and fan who doesn’t mind
paying a little more for a quality enjoyable well written book.
There is also
the good probability your book WILL NOT BE
returned. The consumer knew what they were looking for and you correctly
identified and priced your book—they received what they paid for and are happy,
unlike the deal shopper who had no idea what he or she was getting. I’m extremely happy to report that out of all
the e-books I have sold on Amazon to this date I have had only two returns. And
one of the two returning consumers’ sent me a note apologizing for the return;
she meant to purchase the second book in the series, but clicked on the first
one. My sales record confirmed her statement.
Additional things I
have noticed. (Some tried – some I’m still thinking about)
New York Times and Best Selling author’s new releases sell for more than their
older books – even in kindle format. If you are trying to gain new readers and
this is your first book, I’m not so sure I would attempt this. If you already
have a following and your readers are anticipating your next installment in
your series, by all means try raising the cost of your e-book a tiny bit for
the first 30 days. When all the hoopla is over, remember to bring the price
back down to match the others.
Need to gain a reader
base? Try writing a novella or short story and offer it for free or a
discounted price. Right before I released my paranormal romance series,
Sekhmet’s Guardians, I released a little novella in print and kindle format and
signed it up for KDP select. Although, Cupid and Penelope is an urban fantasy
and not a paranormal romance I use it as a promotional tool. Although priced
like similar novellas I have offered it for free twice, once right before a
release, again during Valentines’ day. How many readers my series actually
acquired I have no idea, but the response I received was great – that little
novella shot up quickly in the rankings during Valentines’ day to number
twelve.
The NEW Kindle Countdown Deals – I was thrilled
when I discovered this. There have been many times I wanted to offer book one
in my series for a discounted price to gain additional readers, but I have
never even considered giving a 571 page book away to the general public. This
may sound egocentric, but I put way too much work in that novel and I think
more of it and myself for that. I choose who gets my books for free. Setting up
a sale for a limited time seems like the perfect solution. I can’t give you any
specific feedback on this at this time but I should have some data for you soon
as I am in the middle of a deal right now.
Update: My deal
ended just before I uploaded this article and I’ve already been notified by
three of the readers who took advantage of my deal. After reading the first
book in the series they sent me a message letting me know they were purchasing
the next one in the series. Sales for books 2 & 3 are showing a climb.
A REMINDER Check the
similar authors you used in getting your sale price every so often to see if
there are maintaining their pricing. While writing this article I revisited my
list. Much to my surprise the number one author on my list dropped her older
e-published books by $2.00 and she doubles the price of her new releases. She dropped her older titles from 7.99 to 5.99, matching
numbers two and three on my list who haven’t changed a thing. It appears I will
be adjusting my pricing accordingly.
I’d love to hear from other authors on how you obtained your
e-book pricing.
VS sez: And Virginia welcomes feedback from Readers on the topic as well!
5 comments:
Great blog. As someone who just self-published the second book in a series I placed the 2nd book at $1.00 more than the first book for several reasons. One of which it was a little longer but also because it cost me more to publish. Publishing quality e-books aren't free or cheap. But I also tried to compensate by offering the first book in the series which has been out for a few months in eprint at half the price for a limited time.
When I was a complete unknown and first publishing, I priced all my books at .99, I made more money in January and February of 2011 than at my full time job off of one novella. (Not anymore since there's more competition.)Since then, I've been pricing novellas at $1.99 and novels at $2.99. Amazon gives a bigger percentage when your price is at least $2.99. But you know what? My .99 books still sell better than the others, so I'm making more money off of those. There have been times I've been frustrated enough that I've almost lowered them all to .99. But I worked too hard on these books to price that low. When it comes to BUYING ebooks, I'll almost never buy one that's priced higher than $5.00, unless I REALLY want to read it. I think $2.99-$3.99 is a good price point. You get your 70% from Amazon, but you don't price it so high that people can't afford them. I read a LOT, and if I paid too much for ebooks, I couldn't afford to buy many. I don't download too many free ones anymore, though, just BECAUSE they are free.
Thank you both for your comments... Know what you mean about not buying that many books over $5.00 unless you are familiar with the artist/author and want to read the next on in the series.
Since I am about to self publish (out in March) I found this interesting and I agree with everything you said. I rarely take 99 or free books now because so many were rubbish. But I also think an author must consider her work valuable for a reader to consider it valuable. I have seen it work very well to make one novel from the beginning of a series cheap or free for a very short time, that it often boosts sales of the rest of the series but if you make it cheap too often if diminishes the 'sale'.
Consider a shop that always has a "sale' and the one that has a genuine one a year sale - which one do you flock to???
Really thoughtful article -- gave me a lot to consider! Thanks!
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