Friday, July 15, 2011

How to Set a Price for Your Self-Published E-Book

Congratulations! So you've made the smart decision of self-publishing your e-book, and now all you have to do is come up with the right price to sell it for. You don't want to sell your e-book for too low a price; yet you don't want to scare potential buyers off from setting too high a price.

Whatever price you designate, keep in mind that going the e-book route will allow you to keep the majority, if not 100% of your profits. Generally, if you had gone the print route with a publishing company, you would have earned about $0.64 for each $8 paperback sold, $0.75 for each $13 trade paperback sold, and $2.50 for each $25 hardcover book sold. You would have to sell an EXORBITANT amount of copies to earn a respectable profit that you deserve.

Here are important points to consider if you're at the stage of setting a price for your e-book. Use these tips to designate a price that is comfortable for you!

1) Use the psychological pricing method. Experts say you should always end your price in the numbers 5, 7, 8, or 9 because they are the most visually and mentally appealing. Stay away from the numbers 0 or 1 because they are the least appealing.

2) Determine the value of your e-book. Put yourself in the buyer's shoes when measuring the value. A perfect example is pricing an e-book that explains how to start a llama farm business. Imagine the time you would have to invest in researching how to even begin to start a llama farm business, but you can buy the e-book that explains the process and breaks it down into a simple step-by-step procedure for $8.97. Wouldn't it be a relief and much easier just to spend $8.97 and learn everything you need to know versus spending hours on research? It's best to measure the value of your e-book when setting a price.

3) Set a price within the impulse-buy threshold. People will usually make purchases based on emotion first and rationality second. Impulse-buy prices are usually set between $1.99 and $4.99. Some authors believe that buyers may not read impulse-buys and setting too low of a price may deter people from actually reading the e-book after being purchased. These are points to consider when setting your price within the impulse-buy threshold.

4) Compare your e-book to others in its genre or competitors. Take a look around the web and see what other self-publishers are charging for their e-books. Take note of their sales numbers and strategies to get a good idea. Stay away from e-books through publishers because their prices are usually grossly inflated. Remember -- since you're a self-publisher, no price you choose is set in stone! Perform tests and change your pricing later on if you feel it's too high or too low.

Are you a self-publisher with any best practices for determining e-book prices? Have you learned anything new about e-book pricing? Share it with us!
      How to Price eBooks for the Kindle: A Pocket Pricing Guide for Authors and Publishers to Maximize Sales and Royalties with the New 70 Percent Royalty Option    How To Really Sell EBooks    How to Market and Sell Your eBook - Everything You Need to Know to Make Money with ePublishing

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