How to Price Your Self-Published Book
Picking a price for your book is a decision that every author needs to make. But when it comes to selecting a price for your self-published book, many authors feel uncertain about how to make this decision.
When I was first deciding how to price my books, there were three main things I considered:
The psychology behind purchasing decisions
Options for future sales
Industry standards
Let’s take a look at these book pricing strategies one by one.
3 Things to Consider When Pricing Your Book
First, there’s a bit of mind play that goes into pricing a product. In fact, there’s a lot of research out there that shows people are more likely to buy items that end in 99 cents. There’s something that makes $9.99 seem like a much better deal than $10.00, even though you’re only saving a penny. So if you ultimately want to sell your book for $14.00, you should instead price it at $13.99.
Second, at certain times of the year, you will want to do sales and promotions for your book. So if you start off too low, your sales price might negatively impact your ability to make a profit on the sale, especially if your margins for profit are really small. So if you’re debating a price, I suggest going one or two dollars higher so that you have the ability for sales.
Third, and most important, is to do your research and see what other books are selling for. This means checking out bookstores, going online, and looking at publishing reports. And here’s some good news; I know you’re busy, so I’ve already done some of this for you!
Price Ranges by Book Format
If you’re wondering, I’ve priced all my books at $15.99. And don’t forget; you need to determine the price of your book before you purchase an ISBN!
Questions about book pricing? Leave a comment below!
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