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Author: BighamConsulting , Last Modified, 2020-11-27 22:34:59 Category: business Keywords: How-to-Price-Your-EBook
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Correctly setting the price for your ebook is a key part of the formula for success. It is in fact important for any business to get this vital pricing equation right. Price too high and nobody will buy. Price to low and you wont make any profit even if you generate lots of sales.
Successful authors of ebooks seem to choose between £ 3 and £ 9 pounds. Clearly those at the high end are likely to be books that are suitable for e publisher tools such as Kindle and are of a seriously high quality. Consider established authors with large followings probably can charge at the upper end, it would probably make sense for first timers and fairly new self publishers to price nearer the lower end util they are established.
The size of the potential readership is also important as is the marketing reach, or budget you have.A book covering an arcane topic is likely to have a smaller readership. I have paid up to £ 75 for books I wanted to read that are catering to CFOs in the Banking sector to site just one example. Yet this is unlikely to appeal to a wide audience so needs to attract enough revenue from a relatively small pool of reader to be worth while publishing in the first place of course
So ask yourself how broad or narrow your reader base is likely to beAlso a broad reader base are likely to have a much greater choice when it comes to what to purchase, think romantic novels. There are many to choose from and there is only so much time in a day for reading. So If you are writing a technical manual that few people could produce but is potentially high value to its catchment reader base then by all means price at the upper end, but be prepared to back this up with extensive marketing efforts to reach your niche.
Get started today by signing up for a free account. In no time at all you could be well on your way to becoming a successful self publisher. Good Luck..
You will be expected to pay a small percentage of your sales in platform commissions which could vary between 15% and 35%. OnMyBubble.com will return 80% to you when you choose to sell you ebook on our platform by listing in your free members online store.
Did you know that many online sellers do not actually produce any products of their own, yet they manage to generate a living by selling other peoples goods. Yes in the digital word it is possible to sell your work an infinite number of times, in theory at least, and so enlilisting the help of affiliate marketers to promote and sell your work through their store sand to their fan base, which can sometimes be substantial, is another great way to sell, but again this has a cost to it. You will need to pay the affiliate commissions and in this case don't be surprised to pay up to 75% of your income in affiliate commissions.
Whilt this might at first seem steep, it is almost always better, financially to receive a small portion of a larger pie than a large piece of a small one.
Once you have written and poished off your work, each incremental sale is variable income that you would not otherwise have, it costs you nothing to sell each extra copy of your ebook for example, yet each extra copy you sell reduces your average unit cost of production, thus increasing your overall profit and per unit book sold.
So do factor these things into your price before you list. In practical terms this might mean deciding that you are happy to receive 35 pence for each pound you charge.
Remember with books it's all about perceived value. I see books as an investment. I plan to read and make good use of the books I read, but putting the ideas and tools into practice. Books to me are the highest of all investments. A College education is expensive, as are private classes and courses. Self education is huge and today more and more people are finding their education or at least their further education on line. Many people see a book as a great investment so if you have some unique information which is potentially high value, and anything career related usually is. Then don't be scared of pricing at the premium end, just make sure you promote the value in your book before you expect people to part with larger amounts.
PayPal and other payment processors charge a percentage of all transactions and you should also factor this into your pricing decision as well. These costs are a cost of doing business, and although they might at first glance seem steep, just consider what you save but being able to shop online, instead of paying for train fairs, petrol costs and the time it takes to physically walk around a real bricks and mortar shopping mall.
I enjoy visits to book stores and the Starbucks that usually accompany them but the real cost of a shopping trip before the cost of a book! is often £ 20 to £ 30 pounds. The cost of payment processing is significantly less than the cost of a day trip but they are costs none the less and should be borne in mind.
OK So what do I mean by that? Platforms like amazon make the price of books available and the numbers sold. For the mathematically inclined it is not to difficult to derive the pricing equation. This means figuring out the effect of price on the volumes of sales within a particular genre. To simplify the numbers consider that a £ 1 book that sells 5,000 copies generates £ 5,000 but a £ 5 book only needs to sell 1,000 copies to deliver the same income. There are some nuances to this as some platforms like Amazon will vary their percentage payout ratios based on the price you choose to sell at. So at the very low and higher ens of the pricing points, they will charge a higher commission, or you receive less back per sale.
It is possible to put some numbers into you favourite spreadsheet package and do the math, like this you will have a more accurate guide, but the old trial and error approach is likely to work just as well for you.
Finally consider that old trick, the up-sell and or down-sell. Simply put this tactic involves you offering a lower priced item to attrack eyeballs to your page, then selling a higher priced item at a substantial discount if the buyer chooses to make a multiple item purchase. This could be a membership to your subscription website at a reduced cost with every ebook sale. Or if take the other way it might involve setting a high item price but offering multiple purchases of the same product at greatly reduced prices. Although this is more usual with physical goods like creams, pill and potions, I'm sure you get the point.
In the end you are likely to have to experiment to see what works best. The huge advantage of selling on a digital marketplace of course is your freedom to choose the price that suits you. You can change your price as you wish. It is easy to create and add to your products, you might produce a short and long versions of the same book at different prices and it all comes down to testing.
What ever price you choose to sell at I wish you all the luck in the world and hopefully you might consider listing your ebook on our platform. OnMyBubble.com offers a free online store to any seller with our free membership and we support your marketing efforts by providing all members with the ability to blog and promote via our integrated social networking platform. We are keen to help all early adopters of our platform so what have you to loose by trying. Sign up today for a free account list your pdf document on your store page.
OnMyBubble.com is a new platform and we are seeing readers in 150 cities and 50 countries worldwide. This is a great and simple way for you to get your ebook out to a global audience potentially.
Good luck and great sellingBighamConsulting
Keywords:How-to-Price-Your-EBookBlog title: How to Price Your EBook
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