Pricing your e-book – revisited

When I began this blog, I wrote about pricing your e-book. This was three and a half years ago, and I was new to the industry. Today, many authors still struggle with how to price their e-books.

You worked hard – spending months, even years – on this book. You think it is worth as much as any New York best-seller. The problem is you aren’t Stephen King or John Grisham. No one – or very few people – recognize your name.

Now while e-book versions of New York bestsellers sell from $6.99 to $14.99 (based on my quick glances of prices from three well-known authors), should you expect the same price for your book?

In my opinion, no. You may have a well-written novel but people don’t know you, and many will not be willing to shell out that type of money for an unknown.

There are readers out there who only want discount books. Some will pay 99 cents while others think they can find enough good “free” books. And then there are those readers who are suspicious of a cheaply priced book and consider those not worth their time.

You have to decide what the readers of your genre will pay. And you have to decide what you feel comfortable pricing your book. Sure you want to make money but if no one buys your book because it is priced too high, then even if it is a quality read it won’t sell.

pricingI am among the readers who will not pay high prices for books, whether they are from famous, well-known names or unknowns. I buy books anywhere from 99 cents to $3.99 from an unknown author. And I don’t go much higher for those well-known authors like Nora Roberts. I wait until I see the book on sale (usually in paperback) and buy it then.  I don’t think I have every paid over $7 for a fiction e-book.

How you determine your e-book price is totally up to you. You can price it high because you think it is worth that, or because you know how much work went into writing, editing and publishing your work. But readers typically don’t care much about what goes into writing a book. They only care about the end result. They want to know what is in it for them.

Assumingly that is hours of enjoying a good book. It can also take them to exotic destinations or even to other worlds. It can introduce them to interesting characters. It can provide them an escape from daily life. Your book may be able to offer them all this and more.

But just because you offer all this to your reader doesn’t mean you can automatically price your book at a higher price. Many readers will still not take a chance at a new author with books priced too high. This doesn’t mean you have to ignore your books value to the reader. It just means you need to price it low enough to entice readers to give it a try.

As with anything, there is always an exception to any “rule.” There is nothing wrong with offering a short story or the first book in the series at a really low price to entice a reader to give your work a try. My short story, The Search, is free everywhere but Amazon (where it is just 99 cents). I wrote this short prequel to my The Elemental trilogy to be a loss-leader. I am hoping people will download (or buy it) and enjoy it so much that they will want to buy the next three books (and then my stand-alone book, The Heir to Alexandria). I know many authors that have the first book in their series either perma-free or priced at 99 cents for the same reason.

So bottom line…consider carefully what price you give your e-book. A lot of authors, including myself, price their books at the $2.99 mark since this allows the higher royalty rate on Amazon but is still low enough to entice readers to give an unknown author a try. Is this rate right for you? Only you – and the e-book market – can decide.

 

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3 thoughts on “Pricing your e-book – revisited

  1. Dominika says:

    What’s your take on an indie author pricing a book at, say.. $2.99, then over time slowly lowering the price down to $0.99 or free (for instance, at the 6 month mark, reducing it to 1.99, at the year mark to 0.99).

    I’m considering doing this on Amazon, but I’m not sure if lowering the price in this way makes some kind of statement that the writing isn’t worth more than that or something…? mainly because of some pricing topic articles that say ‘Know your worth and don’t sell it for less than that just because others do’. I enjoyed this post and am curious what you might think about the idea.

    I’m always amazed by e-books that are priced over $6.99 and also seem to sell… like, lol, what are those authors’ secrets? 😛

    • I have never really consider going lower. If anything, I offer my books for a discount when they come out – and then periodically throughout the year for things like my birthday or Christmas. Except for my short story, I don’t expect I will go lower than the $2.99 because I want the higher royalty. I did notice a spike in all my sales when I released another book even though none of the other prices were lower.

      • Dominika says:

        Mmk, thanks for the response :3 Yeah, I personally like the $2.99 price point too, it seems fair for both the author and the reader with how the market currently is.

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