4 Efficient Tips for Pricing Your Self-Published
If you’re releasing your self-published book for the very first time, you would most likely have a lot of questions. One of the main questions being how would you price your work? Remember that most self-published books are held at a different standard to traditionally published books. And if you make your prices too high, some readers may deem it too expensive. On the other hand, if you make it too low, you would end up losing money. So you will need to find a balance. You will need a set strategy.
Here are 4 efficient tips for pricing your self-published books.
1. End your prices in odd numbers
When you price your self-published book, it always pays to end them in odd numbers. This is because potential buyers are always drawn to a bargain. So for example, you price your books $3.99 instead of a clean $4.00. From a numerical standpoint you are getting almost 4 dollars in profits. But to a buyer they feel like they are getting a bargain because it is still in the 3 dollar mark. Overall, when it comes to pricing your book, it is always a good idea to make your potential buyers feel like they are getting a bargain.
2. Do thorough research on your competition
If you want to make your prices as competitive as possible, it is important that you do thorough research on your competition. Remember that there are a myriad of other books out there. And some of them are in the same genre as your book. And if a potential buyer goes into a bookstore or checks an online shop, your book will not only have to compete with the quality of the other book but the price as well. So before you even think of pricing your book, you should check out your competition. Check their prices, and see if you could make your book prices lower. Because if both books are of the same quality story wise, then the price of the book will tip the scale in your favor.
3. Be realistic with your expectations
When you price your self-published book, you should really be realistic with your expectations. Remember that your book is self-published. So you will have to try harder when you market it. You should also not price it too high because you are just starting out and you have yet to make a name for yourself. Overall, when you release your book, you should hope for the best. But if you come up short, don’t get discouraged. Just try again. You will eventually achieve your goals.
4. Take your book format into consideration
If you are going to price your books, you should take into consideration the format that your book is being published in. For example, your books are being published in the hardcover form. Aside from the dust jacket, your hardbound books are also more difficult to make, and use materials such as cloth and leather to bind it. As a whole, it makes sense that your hardbound book will be more expensive compared to your paperback versions.
If there is one challenging aspect of self-publishing a book, it is the pricing. It is tricky because self-published books are usually held at a different standard compared to traditionally published books. With these tips, you’ll be able to price your book efficiently.
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