In our last post, we discussed the need to select just the right price for your ebook. But it’s important not to feel like your price, once chosen, can’t be changed. That’s one of the great things about digital media, really. If you change the price or have a graphics issue, you don’t have to worry about the cost of reprinting the covers; you simply make the change, and it typically updates overnight or even sooner if you’re selling from your own website.
There are two schools of thought for pricing:
Price Low for Exposure – Price High for Profit
If you price your ebook low, under $2.99, you are likely to see more purchases. People are more willing to take a risk on a book that is priced lower. However, you won’t make as much per sale, so this can be perceived as a drawback. You can definitely make more per ebook if you price the book higher. After all, you have to recoup your editing and marketing costs, as well as costs associated with your invested time, before you really make a profit. Higher-priced ebooks might logically seem like the best route to rapid profitability.
Best of Both Worlds
We believe the best way to price your ebook is to select a lower price point for the first few weeks in conjunction with a large-scale marketing effort via social media, your website and your blog. Give those early purchasers a discount, and let them know that they’re getting a discount in order to get them to buy it early and (hopefully) let you know what they think of it. Then you can raise the price a few weeks into launch, once you have some positive reviews and readers.
At what price do you sell your ebooks? Have you tried different prices? What have been the results? Let us know!