Whether you’re a self-published author with titles on Amazon or selling a non-fiction book on your website, product pricing is a major component of your marketing plan and income projections. I’m guessing you’ve spent a lot of time considering price point tactics. But let’s face it, the cost of ebooks – both theory and advice – is all over the board. What’s an author to do?
Just before the recent release of one of my novels, I went looking for guidance that would help me build a workable pricing and book promotion strategy into my business plan for next year. What I found was surprising: it seems free ebook giveaways are out of favor, and authors who select the 2.99 price point for a well-written novel might be leaving cash on the table. And there’s more. Let’s break it down.
Per Kobo’s Mark Lefebvre, the move away from $1.99 is clear
Publisher’s Weekly ran an article about Kobo Writing Life (KWL) that included a great sound bite about ebook pricing trends from Mark Lefebvre, Director of Self-Publishing and Author Relations. Per Lefebvre, the $1.99 price point is “dead … not just for us, but also, it seems, on other platforms,” pointing out that 99¢ KWL titles sell twice as many copies as those at $1.99, and that “$2.99 sells more than four times more.” Authors most often start at $2.99 “and walk the prices up,” he said. About 80% of the KWL titles that sell consistently are priced in the $2.99–$5.99 range, and he also pointed to “a bit of a lift in the $7.99–$9.99 price range.”
When you’re deciding on a promotional plan, remember that KWL allows authors to give away titles for free. Authors can distribute to Kobo via Smashwords or publish directly on the KWL platform.
Note this important takeaway: “A low price point may be a hook, but it’s the quality of a work that attracts readers, not the price.”
Per Smashwords’ Mark Coker, authors may be underpricing
Smashwords CEO Mark Coker’s May 2013 Booklovers Convention presentation revealed important points gleaned from his platform’s data. In the presentation he ponders the question, “… is $3.99 the new $2.99?” noting there are “fewer titles to compete against at $3.99, and authors appear to pay no penalty in terms of sales volume.” Per Coker, “I see untapped opportunity [at the $3.99 price point], where indies may be able to raise prices but not suffer unit decline.” He concludes “some
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