Many authors struggle when pricing their books. On one hand, you are providing extremely valuable information to your readers. On the other hand, books have a perceived value that is less than a coaching session or a live event.
For many of you, pricing will not be an issue. You will work with a publisher who will determine the price of your book for you. However, if you decide to self-publish your book, or work with a publisher who allows you to set your price, you may find yourself in a quandary over the pricing of your book.
Proceed cautiously. There are many important factors to consider when pricing your book. I know an author who wanted to make her book very attractive to buyers. She set her price so low that she lost money on each book sale. Other authors repel sales by pricing their book too high. Pricing requires a delicate balance.
Consider these things before you set your price:
1. How much does it cost to produce your book?
There are many hard costs associated with producing a book. You should know the price of the printing as well as how much you've spent for editing, cover design, and marketing. Then estimate how many books you will sell in the first six months after your book launch. Divide all the production costs by the number of books you plan to sell. That will give you a rough breakdown of the hard costs for each book.
2. Remember that bookstores and other wholesale outlets will buy your book at 50-60% of the cover price. Set your cover price high enough that your hard costs are covered at the 50% wholesale price with a bit of profit built in.
3. Determine the pricing of similar books. Amazon.com will give you excellent information. Look for the high and low prices on similar books on Amazon. Note the retail price, not the discounted price on Amazon. The Amazon discount may change daily as Amazon adjusts prices to sell the maximum number of books.
Depending on your genre, you will find that most non-fiction book sell from $14.95 to $29.95. Notice that most book prices end in five not a seven.
Self-help and spiritual books sell at the lower end of that range. Business books are generally on the higher end of the range.
4. Be aware that book sales depend on volume. It is better to strive to sell many books at a small profit per book than to sell fewer books and make more per sale. Remember that your book is a marketing tool for your business so you want to sell as many copies of your book as possible.
5. Once you have a price range for your book from Amazon, set your price in the middle to upper end of the range. If your book is too cheap, buyers will assume that it is not worthwhile.
6. Check your numbers. Will you cover your hard costs at this price?
7. Then, practice saying, "My book sells for $xx.xx." Can you say that figure with confidence? If not, determine why. Adjust the price until you can say it with confidence and sincerity.
8. Finally, ask your heart. Do you feel that this price is a fair exchange, one in which the reader gets great value in return for their money? When in doubt, err on the side of a slightly lower price. Aim for a fair price that feels like a great deal for the reader and a good deal for you.
Setting the price of your book is an art and a science. Combining the facts of hard costs and profit margins with the more heart centered feeling approach will give you the ideal price for your book.
Author Resource:-
Want to create a successful book? Discover 8 book marketing blunders that you can avoid. Grab your fre.e ecourse at www.BookMarketingBlitz.com Lynne Klippel is a publisher, author and book shepherd who specializes in helping authors write business building books.
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