Price is a critical factor in the success of your ebook, so you need to get it right. If you don’t charge enough for it people won’t buy it, because they’ll think it’s of little value. When it’s priced too low, it takes a lot of sales to make any meaningful amount of money. If you set the price too high however, competitive pressure will force you to keep reducing the price. Those who bought your book at the higher price, will be angry if and when the price is lowered.
Setting the appropriate price is a vital aspect of bringing your ebook to market. Setting the price at a level too low, undermines your ebook’s value and should be avoided. You need to ask what’s the highest price your customers will pay, while being careful of charging too much.
The price can always be adjusted if sales are low, provided that the initial promotional effort was satisfactory. The reason it isn’t selling, might have to do with a lack of promotion, rather than too high a price. Launch your ebook with a huge promotional campaign, and consider reducing the price later. Selecting the right price is difficult because ebooks are still relatively new.
The concept of digital is still foreign to many people, so setting a price isn’t the same as marketing a conventionally published book. Bookstores provide a visual browsing experience. Being able to hold a book within their hands is important to a lot of people. The price tag is subject to such things as design, paper stock, the cost of production, and what it costs for advertising. Although an ebook can be viewed on your computer screen, it can also be printed and made into a hefty book.
A book’s price should be based on the value of its content. What commercial value does one attach to a book that transforms people’s lives? How much is the idea worth, than the cost of paper and ink? The power of the printed page is what decides its importance.
If your long term goal is to write numerous books, you could utilize a loss leader technique. Sell your early books at a loss, in order to gain a reputation. Once your reputation is established, the later books you sell can (and will) bring in higher earnings. Satisfied customers who return repeatedly is what you’re after.
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