How much should I charge?
Putting it simple, when you are trying to determine the price for a product, one would normally ensure that all expenses are covered, plus a markup. In the case of a book, especially that of an ebook, that model may not apply here as it may be priced out of the market and you may not generate any sales.
Here are a few suggestions to determining how much you should charge:
- Do some online research. It doesn't have to be in-depth, but I leave that to you. Have a look at what other books similar to yours are selling for in that category on the particular publishing platform; for example, Amazon, Lulu or Barnes and Noble.
- Ask your friends or do a survey of your list, if you have one. I am sure they will appreciate you seeking their input. You can use seurveymonkey.com to generate your survey or even use your Facebook page and create a poll.
- Test the market. Try different prices at different times. Amazon allows for that, and see what works out to be the best price point that the market can bear. Remember, you can also use this approach to test special events or holiday times throughout the year.
- Try a special price now on offer. It's another way to test out the market, but with this approach, you may run the special offer for a limited time - say for two weeks - with the intention and knowledge that the price will change after. There may be spikes in sales, meaning persons may take up the offer and then, depending on the price after, sales may decrease. It is then up to you to determine if you wish to go back to the special offer price for the long term.
- Another way to gauge the best price is to determine the value your book will bring to the marketplace. If, from the research you have done, you realise that no one else is offering what you offer and there is a market for it or a market can be created, then name your price and put it out there.
What's the worst that can happen? Yeah, you may not generate sales to meet your expectations or maybe your sales can explode! Keep a positive attitude. If it doesn't go the way you would like, you can shift the price upwards or downwards, depending on the results. You must be able to stand behind your work, and while you may wish to charge all of US$40 for a 100-150 page book that is of value to you, you still have to keep in mind what other books in that genre are asking for. In time and with practice, you will learn to strike a balance.
I am taking my own advice of doing a survey here as well. I would like to know what areas you need help with so that I can further meet your needs and customise programmes, online courses and even my articles to assist you. Here is the survey link: http://svy.mk/1Oj8tpd
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- Corine La Font is a speaker, author, coach and self-publishing consultant. She is also an award-winning publishing resource in the 2013 Small Business Book Awards. Get a copy of her book at http://amzn.to/TFHQka, Subscribe to her magazine at http://bit.ly/1IDj7pQ. Tune in to her radio programme at http://www.blogtalkradio.com/helpdeskja and check out her website at http://www.helpdeskja.com She can be reached at email@example.com.