|Posted on June 14, 2016 at 4:30 PM||comments (0)|
You just published your book. You've set the paperback price on whichever publisher you use and now you need to set the ebook/Kindle price on Amazon...but what should you set your ebook price at? If your like me you've wondered this not only while pricing your books before they've come out but even well after you've already published them. With ebooks very much just as popular as paperbacks(if not more) an author has to make sure they have the price of their ebooks just right. As I always like to say you want a price that you can live with and won't lose sleep over although sometimes that may not be up to you which is why you should do some research on how to go about it. Luckily I have some ideas as to how you should price your ebook. Before I give some ideas as to what and how you should price your ebook just remember the following basics:
-Don't set your ebook at a ridiculous price:
You don't want to set your ebook in double digits especially if your an indie author. Lots of times if you see an ebook priced in the $10-15.99 range it's usually because the author is with a traditional publisher or well established enough to do so.
-Don't set it at the same price as your paperback:
This seems like a no brainer to me although it needs to be said. An ebook is different from a paperback and both have different markets so it's not the best idea price your ebook at the same price as your paperback.
-50% of what your Paperback is
Consider at the very least of setting your ebook at half of what the price of your paperback is. For example if your paperback is $9.99 then your ebook would be $4.99. This isn't the most ideal practice but it gives you a base to work with.
So what's the ideal price to set for your book?
Between $0.99 and and $4.99. $2.99 and $3.99 are the most common with $3.99 being the most popular. Why are these good prices to set your ebook at? Well for one it's a price where both you and the reader can feel comfortable. You can get a decent amount of royalties from it based off the 70% on Amazon and your readers don't feel like they are spending all that much and are getting a quality book. Also $2.99 and $3.99 are a reasonable and very happy medium.
How should you determine which price is best for you?
You can determine this by two ways: Length & Word Count and your books Genre. As you may know there are word count's that help determine what a book classifies under. From a short story to a novel. First here is a list of what word counts determine what your book is:
Novel over 40,000 words
Novella 17,500 to 40,000 words
Novelette 7,500 to 17,500 words
Short story under 7,500 words
Basically it's like this, the longer the book the higher the price, the shorter the book the lower the price. Readers expect this whether it's fiction, non-fiction, memoirs or biographies. Typically an ebook under 50,000 words is expected to be listed at below $2.99 and any book priced at $2.99 is considered too expensive. it's also said that if your a credible author with a large fanbase that you can get away with listing your let's say 30,000 page book at $2.99. However I will state this; this is only recommended as I myself believe $2.99 to be a fairly reasonable price for any ebook no matter what size it is but again that's just me, you can take listen to what's recommended and base choose your price on this if you want.
Another way to determine your ebook's price is by what genre it's in. To me this is actually a very good idea. You can very easily determine this and it's a lot easier than word length. Basically what you do is go on Amazon and bring up the books within your genre. Check out the first page and see what each ebook is listed at(note: you should disregard any book with an either high or odball price).Your looking to see which price comes up most often whether it be $0.99, $1.99, $2.99, $3.99, etc. I did this myself and I found that within the two genres my books fell under which were "Horror Poetry" and "Crime Thrillers" the average price was $0.99 and $2.99. This is a very simple way to decide of how to price your book. You can also do this one of two ways: you can take the price that shows up the most or you can add up all the totals and divide at the end for an amount..but this should only be chosen if you have a 50/50 split between two prices.
So there you have it. Two ways to figure out what the right price for your ebook should be. You can use the word count route and do it that way or you can decide based on the genre your book falls under. Remember this though, anything higher than $5.99 is pushing it, I get you want a good royalty amount but consider that a small reasonable price may get you a lot of downloads whereas a higher priced ebook may get you little sales. Dont set it at a ridiculous price you yourself would never even buy, don't make it the same price as your paperback and at the very least consider making your ebook 50% less than what your paperback is. Use the 50% as a template as a place to start of how you should price your book and go from there.