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Book Pricing - How to Price a Book - Marketing 101 for Self-Published Authors
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Book Pricing - How to Price a Book - Marketing 101 for Self-Published Authors
In this video on book pricing, from my eLearning course titled "Marketing 101 for Self-Published Authors," I explain the simple, underlying principle of book pricing... How to price a book!
Have more questions about how to price a book? Leave me a comment and let me know!
Want to learn more about the basics of marketing? Check out my course, Marketing 101 for Self-Published Authors:
VIDEO TRANSCRIPT:
Book Pricing - How to Price a Book - Marketing 101 for Self-Published Authors
We’re going to talk about revenue, profitability, profit margin, and even acquisition cost… but all of those things are trumped by the one essential principle of how to price a book...
The customer sets the price.
At the end of the day, YOU don’t control book pricing, your customer does.
If you want to charge $9.99 for your book, but your customer is only willing to pay $2.99… the book won’t sell.
The customer sets the book price.
Your job is to determine what price the customer is willing to pay, and that’s made more complicated by the fact that customers are all willing to pay different amounts.
So, which amount do you charge for your book?
Let’s look at an example:
Let’s take 10 people who all fit in your target market and are excited about your book. Let’s also say that your book costs you $2-per-book to sell—meaning you have to pay $2 every time you sell one book, no matter how you price the book.
In our example, 1 person is willing to pay: $15.
1 person is willing to pay $12.
3 people are willing to pay $10.
5 people are only willing to pay $3.
At what amount should you price your book?
Well, at $15, you sell 1 book and make $13 ($15 - $2).
At $12, you sell 2 books and make $20 ($24 - $4).
At $10, you sell 5 books and make $40 ($50 - $10).
At $3, everyone buys a book, but you only make $10 ($30 - $20)!!!
Given this breakdown… what should your book pricing be? It’s pretty obvious, $10. Unless you don’t care about making money and your only goal is to get more readers… but if you’re wanting to maximize your profitability, $10 is your best bet. That's how to price your book. That's book pricing.
You can test your book pricing by asking your target market what they’re willing to pay or by testing to see what price point works best over time. The point is, ultimately, your target audience decides, not you.
But in order to break this down, we need to go deeper. We need to understand revenue, profit, and expenses…
More on book pricing, how to price your book, and MORE:
Book Pricing - How to Price a Book - Marketing 101 for Self-Published Authors
In this video on book pricing, from my eLearning course titled "Marketing 101 for Self-Published Authors," I explain the simple, underlying principle of book pricing... How to price a book!
Have more questions about how to price a book? Leave me a comment and let me know!
Want to learn more about the basics of marketing? Check out my course, Marketing 101 for Self-Published Authors:
VIDEO TRANSCRIPT:
Book Pricing - How to Price a Book - Marketing 101 for Self-Published Authors
We’re going to talk about revenue, profitability, profit margin, and even acquisition cost… but all of those things are trumped by the one essential principle of how to price a book...
The customer sets the price.
At the end of the day, YOU don’t control book pricing, your customer does.
If you want to charge $9.99 for your book, but your customer is only willing to pay $2.99… the book won’t sell.
The customer sets the book price.
Your job is to determine what price the customer is willing to pay, and that’s made more complicated by the fact that customers are all willing to pay different amounts.
So, which amount do you charge for your book?
Let’s look at an example:
Let’s take 10 people who all fit in your target market and are excited about your book. Let’s also say that your book costs you $2-per-book to sell—meaning you have to pay $2 every time you sell one book, no matter how you price the book.
In our example, 1 person is willing to pay: $15.
1 person is willing to pay $12.
3 people are willing to pay $10.
5 people are only willing to pay $3.
At what amount should you price your book?
Well, at $15, you sell 1 book and make $13 ($15 - $2).
At $12, you sell 2 books and make $20 ($24 - $4).
At $10, you sell 5 books and make $40 ($50 - $10).
At $3, everyone buys a book, but you only make $10 ($30 - $20)!!!
Given this breakdown… what should your book pricing be? It’s pretty obvious, $10. Unless you don’t care about making money and your only goal is to get more readers… but if you’re wanting to maximize your profitability, $10 is your best bet. That's how to price your book. That's book pricing.
You can test your book pricing by asking your target market what they’re willing to pay or by testing to see what price point works best over time. The point is, ultimately, your target audience decides, not you.
But in order to break this down, we need to go deeper. We need to understand revenue, profit, and expenses…
More on book pricing, how to price your book, and MORE:
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