As a published author, your goal should be to sell more copies of your work. Therefore, at whatever price you are able to sell ebooks, you should consider it to be a decent price. You should not be concerned about your 70% royalty rate with KDP or if you are at the top or low end of the price range for ebooks that go from $2.99 to $9.99.
Price your eBook to Maximize Sales, altering your pricing should be a component of the marketing strategy for your book. You are free to make adjustments to the pricing at any time and as often as you choose. The following are some ideas that you might put into practice to assist boost the sales potential of your ebook.
Here are 7 Tips to Price your eBook to Maximize Sales and Profits;
1. The Low and the High
Utilizing this strategy might be of assistance to you in determining the optimal selling price for your ebook. The Price of your eBook to Maximize Sales should be decreased by $1.00 every three days until it reaches $0.99. After three days have passed, you should start increasing your price by $1.00, all the way up to $4.99. Whether you see an increase in sales at a certain price point, you should carry out the same experiment again to determine if the rise follows the same trend. If you don’t observe enough sales to draw a conclusion, try again with a longer frequency, say five days, and see what happens.
2. Increase your price
If you are having trouble making sales, raising your prices may seem strange, but doing so might really be beneficial on two fronts. A higher price of an item (or ebook) will often offer a prospective customer the impression that it is of greater quality. Secondly, sales at a higher price will boost your ranking much more quickly. Pricing is determined by psychological factors.
3. Prices in the US and UK are not the same.
These two marketplaces for ebooks are significantly distinct from one another, especially with regard to how sensitive they are to price changes. In a previous article, I discussed the pricing disparities between ebooks sold in the United States and the United Kingdom. In that piece, I also discussed how customers in the UK are far less likely to purchase ebooks that cost more than £1.99. In point of fact, the price of $0.99 accounts for the vast bulk of ebook sales in the UK.
Since Amazon UK is a geo-locked shop, there is no issue with providing your ebook at a cheaper price (referred to as economy pricing) in comparison to the US store. This is because the only customers who may purchase ebooks from Kindle UK are located in the United Kingdom. If you turn off the option that says ‘Set UK price automatically based on US price,’ you will have the ability to set multiple prices on the KDP pricing page for your book.
4. Make it possible to hire one at a low cost.
If you have released a series of books, you might consider selling the first book in the series at a reduced price, such as $0.99, in order to attract new readers. After then, increase the price of each successive book by one dollar at a time, all the way up to, say, three dollars and ninety-nine cents for the most recent title in the series. It’s a standard marketing tactic that’s used to increase a company’s share of the market.
5. Set a high price for your paperback.
On the book page for a given title, Amazon will always provide a comparison between the price of the paperback edition and the price of the Kindle version by placing a line through the print book price that is located above the Kindle price. It gives the impression that there was a reduction in the premium price. Why not raise the Price your eBook to Maximize Sales to make it seem as if there is a larger discount being offered?
6. Prior to the beginning of your free ebook days, raise the price.
If you utilize KDP Select and have the ability to give away five free ebooks during each enrollment session, you should raise the price of your book before you begin giving it away. This is of utmost significance in the event that your regularly offered price is $2.99 or less. Make your free ebook offering appear like a genuine deal by setting the price at $3.99 or even a bit more than that. This will give the impression that the ebook is worth paying for.
Please take notice that if you are registered in KDP Select, your ebooks are now accessible to users who subscribe to Kindle Unlimited. If you Price your eBook to Maximize Sales a bit more than usual, it may give the impression that it is a great excellent value to readers who subscribe to KU.
7. High and low
According to conventional thinking, setting a higher Price your eBook to Maximize Sales, while setting a lower price would bring a greater number of customers. Having said that, it is important to check and verify whether this is the case with your ebook. If your ebook costs $2.99, consider lowering the price to $0.99 for two weeks, then raising it to $4.99 for the next two weeks. It’s possible that the outcome of using this pricing strategy may surprise you.
To Know More About eBooks Visit: 5 Essential Steps to Create the Best eBook Covers on a Budget