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How to price your ebook

How to price your ebook

How to price your ebook can be a tough decision.

Which is surprising since there aren’t many standard price points to choose from!

$.99 – $9.99

That can be broken down in fifty cent increments or one dollar increments. ($1.49, $1.99, $2.49, etc.)

Sure, you could charge $1.27, or $6.73, but price points like that tend to make customers think they’re buying a used item.

So with a max of 19 prices, how do you price your ebook?

What does the competition charge?

Get a clear picture of what people expect to pay for your kind of story.The best place to start is to look at what the competition charges in the Top 20, then price-match the books that you’d like to compete with.

For those of us who write in those annoying little gray areas where it’s tough to find the competition… well… we need to dig a little deeper to find good facts to work from.

My Shirley Link mystery series for Middle Grade to Young Adult is a perfect example. Not many indys write in this specific category, which makes it hard to price match with competitors. I’ve found that most people just won’t pay a Nancy Drew price for an indy book.

Not enough competition to price-match? Try, and try again!

After a lot of trial and error, I’ve settled on my latest pricing strategy of:

Shirley Link & The Safe Case (#1): FREE

Shirley Link & The Hot Comic (#2): $.99

Shirley Link & The Treasure Chest (#3): $2.49

Shirley Link & Black Cat (#4): $2.99

It’s a cross between the pricing strategy of Romance ebooks and Kids ebooks. Start free, make #2 cheap, then crawl up to $2.99, where I can start to make some good money.

Frankly, it’s been a tough road to find the right price for Shirley Link! But I’m definitely getting closer as I try different prices and roll out new books.

Should I go free?

Perma-free is the term we use to describe a book that is free “forever.” Many series authors make the first book in the series free because it helps increase visibility. Going perma-free, when done right, can mean higher sales for the rest of your series.

If you write a series, then do the following to decide if you should go perma-free on Amazon.

1) Do 3 Free Promo Days with book #1.

2) Measure the sales of the entire series post-promo.

3) Answer this question: If your entire series did this well all the time would you be happy? If the answer is yes, then ask a follow-up question. Would you be happy if your series did half as well all the time? If the answer to that is yes then make the first book perma-free. Why? Because the book is strong enough to act as a good entry-point for your entire series. So it’s likely that it will drive satisfying sales. If the answer to either question is no, then perma-free is probably not for you.

If your free book doesn’t rocket readers into your other books, then permafree is not a good pricing strategy.

The bottom line is this: your audience will send strong signals if your price is wrong. For instance, if you see slow sales after a successful free promo day on Amazon, then one reason could be the price point. “But I charge one buck for my ebook!” you might say.

The problem could still be with your price.

Your price may be too low.

Try jacking it up 50 cents. Yes, really. It worked for my third Shirley Link book.

One last tip is to reach out to fans. Ask them what they think the book is worth. Your readers can offer some keen insights on topics ranging from pricing to book description to, of course, story content!

How did you decide the price for your ebook? Do you experiment a lot, too?

Check out my post on how to make your book free on Amazon.

by Ben Zackheim

You may also like:

Prepare your book for its KDP Select free promotion days

Amazon KDP Select has a bridge to sell you! No, really.

The $11 Million question: Is KDP Select worth it?

 

Want to do more research on pricing your book? Here’s some good reading:

Smashwords survey 

PBS

Nick Stephenson (with nifty graphs!)

 

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What’s your Digital ID?

What’s your Digital ID?


 

NOTE: In the coming months I’m going to write about how we present ourselves online. Digital ID, as I call it, is the sum of:

After two decades of doing business online, I’ve realized that we must know who we are offline to establish the strongest Digital ID. I’ll set out to prove that thesis in my articles.

We’re all learning how to maneuver this wonderful, liberating mess together! So I look forward to hearing this community’s opinions. 

I like the image above because it’s how I feel when I wake up in the morning and put on my marketing cap and get on Facebook. I feel like I’m immersed in a pool of people, some of us connected, some of us not, some of us wanting to be connected, some of us not. And I think it’s important to recognize that mess. I think understanding how messy things are makes it easier to understand how we feel about establishing a digital ID. And, just as importantly, what we need to do to set up our own Digital ID.

What do I mean by that?

Here’s my best explanation: I’m a strong believer in the independent storyteller’s power. Not just the power of moving people to think and act and feel, but the power to find an audience on your own that you can tell your story to.

 

The Slow, Agonizing, Delightful Death of the Gatekeeper

For a long time, storytellers have been ruled by gatekeepers who got to tell us, “That story is good enough and worth this much. But that one sucks and good luck!”

Those days are coming to an end.

And how do I know this?

Because I was a gatekeeper.

I told some brilliant people that their stuff wouldn’t make it in today’s market. Sometimes I was right, sometimes wrong. But the powerful emotions I felt when I saw some of them move on and do great things were undeniable.

I wasn’t regretful.

I wasn’t envious.

I was inspired.

I saw them leveraging brand new tools, online services, ways of connecting that no one had thought of. They found their audience without Viacom, ESPN, AOL, Sony and all those other places where I worked.

Those gatekeepers were wrong.

I was wrong.

For my part, I had enough confidence in my own writing talent to strike out and try this new world on for size myself.

Now, the jury is still out on whether that was a good idea. While I’m doing great, I’m not making a living wage at writing my books. But I like the trajectory and I love the process. The freedom is exhilarating.

And it’s messy. Like this post’s image.

 

So what does this mean for working artists?

We’re living through a fundamental shift in how people learn about us and how we learn about them. As a writer looking for an audience I know in my heart that I’ll find my readers only if I stay true to myself.

To be clear, I find the incredibly detailed tracking of people by big companies creepy. I don’t trust them with the information. The counterpoint is that most of them are sharing that data with everyone. Some charge (like FB) and some don’t (like Google). Does that make it okay? I don’t know the answer to that.

I do know that I can go online and have a universe of data on my target audience at my fingertips. If I work hard, stay true to myself and my work, I can reach them and I can make a living telling my stories. The sacrifice I make is that my interests, preferences, friends and behavior is also thrown into this messy pool of data — slicing my identity into little pieces for another artist or writer or entrepreneur to scour through and evaluate.

[Tweet "I'm a data point for someone else. And they're mine."]

It’s a fascinating, liberating, terrifying time. And I’m delighted to be a part of the mess every single day.

 

8 tips for a powerful book description (video)

8 tips for a powerful book description (video)

Welcome to the first in a series of video tutorials!

The series will cover best practices for today’s author. I don’t want the information to be useful to one type of writer or another. I don’t care if you’re self-published, small press-backed, big publisher-backed… good info is good info. Authors are in this thing together. The more we share our common experiences, the better we’ll steer our own boats.

Let me know what you think in the comments!

 

Choose the best genre for your book on Amazon

Five steps to choose your book genre on Amazon

Cheat sheet. Use it once you’ve read the rest of this post!

 

In my last post, I covered the general rules of choosing the right genre for your book. I spoke briefly about Amazon’s categories. I’ll go into more details now.

The ground rules for Amazon categories are simple:

Every genre on Amazon gets to have its own tidy list of popular titles.

Each of these lists is often visited by fans of those genres.

Amazon scours their popularity lists for books to promote.

 

So how do you show up on a popular Amazon list?

Choose the right genre when you publish your book on Amazon.

Once you’ve identified which genres you belong in, you need to decide which genre is easiest for you to get in the Top 20. We’re shooting for the Top 20 because that means your book would show up on the first page of that genre’s Amazon page.

Good place to be…

After we find the easiest genre to place in, we’ll shoot for a tougher genre. Just to keep things interesting!

 

How to choose the right genre for your book on Amazon

Okay, let’s say we write a Mystery ebook for kids with a female detective (like oh, say, Shirley Link). Here are some of the possible categories on Amazon. I dug these up by rummaging through Amazon’s genre lists (seen on the left hand side of this page)

Kindle ebooks/Children’s ebooks/Mysteries & Detectives

Kindle ebooks/Children’s ebooks/Mysteries & Detectives/Detectives

Kindle ebooks/Children’s ebooks/Action & Adventure

Kindle ebooks/Children’s ebooks/Literature & Fiction/Beginner Readers

Kindle ebooks/Literature & Fiction/Chapter Books

Kindle ebooks/Literature & Fiction/Women’s Fiction/Mystery, Thriller & Suspense/Women Sleuths

Any of these genres would work for the book. So how do we choose which genre we can get to #20 in?

Using Theresa Ragan’s sales estimator, I get a ballpark idea of how many books I’d need to sell to crack the top 20 of each possible genre.

So the #20 book in Kindle ebooks/Children’s ebooks/Mysteries & Detectives/Detectives is Nancy Drew & The Bungalow Mystery.

But, more important to us is the book’s overall Kindle rank of 39,589 (see image below).

Checking Theresa’s sales estimator, this means the book sells between 3-15 copies per day.

Nancy Drew: The Bungalow Mystery sales rank info from the book’s product page on Amazon:

nancy-drew

 

On the other hand, Kindle ebooks/Children’s ebooks/Mysteries & Detectives is a tough one. The 20th ranked book has an overall Kindle sales rank of 3,239. This means the book sells between 30-50 books per day.

Spirit Animals Book 1 sales rank info from the book’s product page on Amazon:

action

I think I can manage to sell 3-15 books per day, but 30-50 will take some ingenuity. If I can find a way to crack the tough Action & Adventure Top 20 list then that will mean much more exposure to more people. I’m willing to claw my way up that genre’s listings over the long haul. One good sales day could be a game changer.

Conclusion

It’s fine to choose low-popularity genres for your picks. You’re more likely to be seen by fans of those genres if you rank high! But don’t be afraid to experiment if you’re not happy with sales. Yes, it’s possible to lose sales because you’ve changed genres, but if you do it with a marketing plan to back it up then you can gain crucial customer knowledge.

If you have any questions, please ask them in the comments. Don’t forget to use the cheat sheet above. And pass it on to a writer friend.

Thanks for reading!

By Ben Zackheim

Helpful tool: Sign up for EBookTracker to get details on any book’s ranking over time. The tool won’t help you see actual sales, but it will give you insights around your favorite genre’s movers and shakers.

 

You might also like:

Amazon has a bridge to sell ya!

The $1.1 Million question: Is KDP Select worth it?