How to Price Your eBook
You've written and compiled an ebook. Now you have todecide how much to charge for it. Finding the rightprice is essential to the success of your product. Ifyou charge too little, people will think it's oflittle value, and they won't purchase it, or even itthey do buy your book, you will have to sell thousandsof copies to get to the point where you can begin tosee a profit. If you price it too high when comparedwith your competition, you will find yourself steadilylowering the price, which will cause you all kinds ofnew problems in the future. For example, if you sellyour ebook at first for $39.99, and later reduce it to$24.95, don't you think the people who bought it for$39.99 are going to be PISSED?
Choosing the right price for your ebook is one of themost critical parts of the marketing process. Thefirst rule of pricing ebooks is to never underprice.Determine the highest price your audience can afford,and then if you find your book isn?t selling, you canalways reduce the price. Before you take that step,make sure you are promoting your book like crazy onthe Internet and on websites. The price should beaimed at bringing in profits, but you should neverforget that price is one of the factors that peopleuse in judging the value of your ebook ? before theybuy it. So always start with the highest price, andthen launch a mega-marketing campaign.
Pricing an ebook is particularly difficult becauseebooks are a fairly new commodity. Since they aredigital, the value of an ebook is as confusing as theunderstanding of what digital actually is to theaverage layperson. This means that we must look atebooks in a different light in order to determinetheir actual worth in this brave, new cyber world.
Let's look at the difference between a book in printand an ebook. A printed book is an object you can holdin your hand, store on your bookshelf, even hand downto the next generation. It is priced on factors suchas paper stock, design and production costs, andmarketing.
But the fact that unites ebooks and print books isthat they are composed of ideas. It is the ideas inthese books that have the ability to change, orpossibly transform, people's lives.
What do you think an idea is worth when evaluatedagainst the cost of paper and ink?
It is the IDEAS that are valuable! That is how youdetermine the cost of your ebook.
What should I charge for my ideas?
There are all different formulas and methods fordetermining the correct price for your ebook. Let'sbegin with honing in on your ultimate goals.
Decide if your goal is to get wide distribution andmaximum exposure. This goal is aimed at drawingcustomers to your business or service, or toestablishing the credibility of your reputation. Ifthis is your main goal, you should aim to keep yourprice on the low side. Some authors have even pricedtheir ebooks at a profit loss to draw a high number ofnew customers. The key is to find a price thatmaximizes your profits and the number of books yousell.
This is an excellent pricing strategy if you arelooking to acquire long-term customers. Long-termcustomers are extremely likely to buy from you againand again ? as long as the first ebook they buy is ofexceptional quality and beneficial to the customer.
However, if your book contains valuable ? and moreimportantly NEW information, references, or techniques? then you should aim to price it on the high end.
After you figure out your goal, you must figure outwhat your audience's need is for your ebook. Forexample, does your book solve a particular problem? Ifit does, and solves it in a way that hasn't beenwritten about in one hundred other ebooks, you will beable to achieve high sales at a high price. If yourbook solves a problem or answers questions in a newand unique way, you should price your book as high asyou can go. You will achieve larger profits this way,but bring in fewer customers. Just make sure thequestion or problem that your book solves is one thatis important and relevant to the majority of yourmarket audience. If your ideas are not commonknowledge, or you are presenting a brand newtechnique, you will be able to sell books at a highprice. Just be prepared for your competition toundercut you on price as soon as they hear about yourbook.
Keep in mind that the above pricing strategy istemporary. Eventually, you will cease to sell books atthis high price. So figure out in advance how long youplan to offer your ebook at this high price, and whenthat time is up, change your pricing strategy.
If you want to see large profits over customer draw,aim for an audience that is looking for easy solutionsto their problems at a low price. If your book isaimed at solving one particular problem rather thangeneral advice, then you can charge more. Start at thehighest price the market will bear to bring in thelargest profits, and plan to discount the book anumber of times throughout the year.
The key that unlocks the sales potential of your ebookis to find a single sentence that becomes your sellinghandle. This sentence states what question or problemyour book answers and the benefits your ebook canprovide. Then be sure to use that sentence in everypiece of sales and promotional material, and everytime anyone asks you about your ebook.
Besides promoting your books assiduously online, thereare several other strategies that can help you sellmore books.
One is to give something away for free with your book,such as a valuable bonus item. Or bundle severalebooks under one price, which lowers the price foreach ebook if they were sold separately.
An effective technique for figuring out a price is tosend out a survey to your current customers. If thesecustomers have already bought an ebook from you, askfor their opinion in terms of price. Do this bycreating a sales page for the new book, but don'tinclude a price on that page. Instead, add a number oflinks to survey questions that ask pointed questionsto aid you in assigning a price to your ebook.
Another strategy is to test out prices by creating anumber of duplicate sales pages with different priceson each page. Make sure your sales copy is exactly thesame on every page, and includes your selling-handlesentence. Then figure out for each page the conversionratio between visitors to your site and sales of yourbook. This will tell you what your optimum price is.
Ultimately, if you've written a book that solves aproblem or presents a new technique, your book willbring in both traffic and profits. So be sure to writethat selling-handle sentence that sums up what problemyour book solves and what the benefits of your bookwill be to the customers who purchase it. And thenwatch your market come to you!
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