How Do You Price Your eBook?
You've written and compiled an ebook. Now you have to decide how much to charge
for it. Finding the right price is essential to the success of your product. If
you charge too little, people will think it's of little value, and they won't
purchase it, or even it they do buy your book, you will have to sell thousands
of copies to get to the point where you can begin to see a profit.
If you price it too high when compared with your competition, you will find
yourself steadily lowering the price, which will cause you all kinds of new
problems in the future. For example, if you sell your ebook at first for $39.99,
and later reduce it to $24.95, don't you think the people who bought it for
$39.99 are going to be PISSED?
Choosing the right price for your ebook is one of the most critical parts of the
marketing process. The first rule of pricing ebooks is to never underprice.
Determine the highest price your audience can afford, and then if you find your
book isn't selling, you can always reduce the price. Before you take that step,
make sure you are promoting your book like crazy on the Internet and on websites.
The price should be aimed at bringing in profits, but you should never forget
that price is one of the factors that people use in judging the value of your
ebook before they buy it. So always start with the highest price, and then
launch a mega-marketing campaign.
Pricing an ebook is particularly difficult because ebooks are a fairly new
commodity. Since they are digital, the value of an ebook is as confusing as the
understanding of what digital actually is to the average layperson. This means
that we must look at ebooks in a different light in order to determine their
actual worth in this brave, new cyber world.
Let's look at the difference between a book in print and an ebook. A printed
book is an object you can hold in your hand, store on your bookshelf, even hand
down to the next generation. It is priced on factors such as paper stock, design
and production costs, and marketing.
But the fact that unites ebooks and print books is that they are composed of
ideas. It is the ideas in these books that have the ability to change, or
possibly transform, people's lives.
What do you think an idea is worth when evaluated against the cost of paper and ink?
It is the IDEAS that are valuable! That is how you determine the cost of your ebook.
What should I charge for my ideas?
There are all different formulas and methods for determining the correct price
for your ebook. Let's begin with honing in on your ultimate goals.
Decide if your goal is to get wide distribution and maximum exposure. This goal
is aimed at drawing customers to your business or service, or to establishing
the credibility of your reputation. If this is your main goal, you should aim to
keep your price on the low side. Some authors have even priced their ebooks at a
profit loss to draw a high number of new customers. The key is to find a price
that maximizes your profits and the number of books you sell.