The general ebook royalty secret to consider when determining the online retail price is the $.99 cent price point. But first, some background…
A few months back I was consulting with a client on how to increase the sales of her book. It did not take long to figure out why the book was not selling. The retail price was $43.00. How can a self-published author or even a published author expect to to be a best-seller with such a high retail price?
Let’s breakdown the book to see why the author placed such a high price on the book: The book’s dimensions were 8.5”x11” and had 213 pages of full color illustrations. When punching in the specs of the book using CreateSpace as the printer, the break-even point with all distribution channels is $39.58. After building in a small profit the author felt that $43.00 was a logical price point to ensure a profit. Makes sense, right?
Now let’s look at book pricing from a consumer standpoint. Consumers do not care how much it cost to print your book or how much profit you want to make. If a book is not priced competitively chances are it will have difficulty selling.
Having a good idea of how much your book will cost to print and distribute is a good idea when you are in the planning stages of your book. Consider points like illustrations (black & white vs. color,) page count, paper vs. hard back, paper type, etc. All these contribute to the overall cost to produce a book. Find a balance between what you want and what your consumer will pay for.
Fiction and Non-Fiction Pricing
Is pricing different for fiction and non-fiction books? Yes. Non-fiction books usually have more research involved and consumers are willing to pay more for that added value. Generally, non-fiction books retail for around $24.95 for a 325 page book.
For the most part, fiction books are priced at about $16.95 for a 325 page book. Keep in mind that some fiction titles can have a higher retail price. Historical fiction books are included in this small category as they generally have the “value added” of great historical research entwined with an equally great story.
General eBook Royalty Secret
Generally eBooks are priced considerably lower. Due to price controls for self-publishers the top of the line is $9.99. Try out a few prices and see how the pricing helps or hurts your sales. For first time self-published authors that have not had any professional help with their book consider putting the eBook on sale for $2.99.
Many people choose to sell their book for a $.99 price point not fully realizing that they get only 35% royalty instead of the roughly 70% royalty you will get for the $2.99 price. This little secret can increase your main by 100%! Always consider your available royalty when considering the price of your book.
Don’t think like an author. Think like an entrpreneur. You need cash flow in your pocket to support yourself as you begin writing your next big hit.
Research
Lastly, research your genre to get a better idea of where to price your book. Professional assistance will help you command a higher price point to compete with the big boys. People will pay a small premium for a book that exudes quality because, although subtle, this sends a message to the reader that this book will be worth the time of your reader.
If you chose to go it all alone, we recommend you do the research to give you an idea of your competition to better set your price point. Also, remember to build in a small cushion to allow for a 55% wholesaler discount to give an incentive for bookstores to sell your book.
Izzard Ink Publishing is here to help your book become a grand success. Our experts consult with our clients about the retail price of their books to maximize distribution, sales, and profit.
