In April, it will be two years since I published First
Visions. Two freaking years! I can hardly believe it, but in some ways it feels
much longer than that. If you know me, then you’re probably not overly
surprised that I wouldn’t dare call myself an expert on anything—but I have
learned a few things about successful marketing techniques along the way.
Today, I wanted to talk a little bit about pricing and book sales.
First Price Point
You’re about to hit publish on your latest masterpiece and
you find yourself stuck on what the heck to price your book at. Although you
may feel like you should be charging $10 for your eBook, you may not generate
any sales. If you’re a first-time author, this is especially true. Why would I
buyer take a chance on an unknown author when their favorites are offering
books at $5 or less?
Another consideration is how much you’ll make off of each
book sale. Authors who have been signed to publishing houses are not taking
home 70 percent of each book sale. Their royalty rate may be in the range of 10
to 20 percent. When you self-publish, you’re bringing home a higher royalty
rate. Yes, you’re putting out your own money to cover publishing and marketing
costs, but you’re having more control over how your money is spent.
According to a study conducted by Smashwords in 2013, books
priced at $3.99 earned an average of 55 percent more than other price points.
Keep in mind that any price over $2.99 is making you eligible for Amazon’s 70
percent royalty rate.
Price Drops
A sale is a great way to start off your promotional efforts
for your new release. To drum up interest for your book, consider offering the
book for 99 pennies for the first week or two. Later, when you have sales, make
sure you promote the heck out of them to spread the word. There are free and
paid promotion sites where you can advertise your sale price. You can also use
your blog and social media to spread the news. I found that having a giveaway
associated with the sale is a good way to get more exposure.
Holy Free Book!
A few people outside of the publishing world were horrified
when I announced I was making First Visions permanently free. To be honest, I
was leery at first. I worked for months on the book and poured my heart and
pocketbook into putting it out there. However, I didn’t go the permanent free
route until I had the entire series published and had a solid fan base. Keeping
First Visions free has been a great way for new readers to discover my books.
If you sign up for KDP Select and have free promotion days,
you need to find ways to maximize your exposure on those dates. If you have the
funds in your marketing budget, I urge you to use sites like Kindle Nation
Daily and Book Bub. I promoted my free days on both and broke into the top 100
Free on Amazon.
Finding the perfect price is tough, but after some
experimentation on your part, you can see what price increases sales while also
improving your readership. Just keep in mind to remain consistent across all
sales channels. Amazon price matches and will lower the price of your book if
it’s found to be different on another website.
