Mark Coker addresses the topic of e-book pricing on the Smashwords website, “This is a personal decision for the author or publisher, but here are some recommendations to consider:
1. Your e-book should be priced less than the print equivalent. Customers expect this, because they know your production cost (paper, printing, shipping, middlemen) is less.
2. A longer book deserves a higher price than a short book.
3. Consider the value of your book to the customer. As self-publishing guru Dan Poyner notes in his Self Publishing Manual, for a customer to buy your book at any price, they must believe the value of the book is greater than the cost of the book.
4. Just as over-pricing can be bad, so too can under-pricing. Consider the likely market of your book, and the cost of competitive books, and then price accordingly.
5. A higher price is a double-edged sword. It implies potential value and worth, yet it can also price the customer out of purchasing it. Set a fair list price, and then consider using Smashwords coupons to let the customer feel like they're getting a discount on a valuable product.”
Coker presents some points that are worth considering and don’t rush into a hasty decision. That said, you can change your pricing at any time with the e-book publishers so the initial price you set your book at doesn’t have to be the final price.
Of the five e-books I currently have for sale, two are priced at $2.99, one is $1.99, and two are 99 cents. I think they offer a great value at those price points, considering the amount of time and research that went into them.
As a fellow writer, I can’t suggest vehemently enough that you do not even consider making your book available for free. Value your words so other will, too. Marketing experts say the only time it may be logical is when you have a number of books or a series available. You could offer one book or the first book in the series available for free in an attempt to draw in the readers. It may also be advantageous to offer the e-book for free if it is a value-added item when people purchase something else. Even then, be certain you want to offer your words for free before you take that step.
How much money will you make? It depends on the website and the price you pick. At Smashwords you get 85% of all your book sales that go through their website. You get anywhere from 60% to 80% of the sale price for books that Smashwords sells through it’s affiliate websites like Barnes and Noble, Apple, etc. If you go through Amazon’s Kindle Direct Publishing program, you get 35% of the book’s sales. For a book priced at $2.99, you get $1.05. For a 99 cent book, you get 35 cents. Payment is made to you through PayPal on Smashwords and Kindle although payment by cheque can be arranged for a fee on Kindle. Of course, this can change at any time so double check before publishing if how much of a cut you get and payment options are a concern for you.
Good luck with your e-book sales no matter what price you choose for your e-book!
Toby Welch - Toby is a full-time freelance writer who specializes in magazine articles, online writing, e-books, and manuscript editing.
