That’s the question that is confounding a great many authors who are self-publishing via the Amazon Kindle Direct Publishing (KDP) program.
I’m one of those authors. I have several books on Amazon already, priced between $2.99 and $9.99. But what is the right price? Where’s the sweet spot? What price works the best?
I will share with you which price I have had the most success with, and I am going to ask for your help in pricing my new Book “Happy Every Day”.
Since I have been offering free review copies via Story Cartel in exchange for honest reviews I have set the price of “Happy Every Day” at $3.99.
There’s nothing scientific about the price I chose. I simply considered it a reasonable price, and I didn’t need to give it too much thought because I realized most people would download the review copy and not buy it during the Story Cartel offer.
Since today is the last day for reviewers to download the book from Story Cartel, it’s time for me to start considering the price.
The first price that comes to mind, and the price I have had the most success with on Amazon, is $2.99.
According to Joe Konrath, on his blog, he states quite convincingly that $2.99 is the new eBook standard. If you don’t know who Joe is, just know this: He’s sold over one million eBooks.
$2.99 is an impulse buy. It’s no-guilt. It’s a bargain. It encourages people to buy, rather than discourages.
–Joe Konrath (If you agree, then tweet.)
But I know there are authors who disagree, and understandably so, because they’ve put so much time and effort into their work. Many of them feel as though $2.99 is short changing their work. Is it?
On Amazon there are many books rated far lower than similar books which are much cheaper. So in the case of eBooks the price does not equate worth.
It became the most popular book on Story Cartel.
The majority of reviewers of “Happy Every Day” loved it! As I write this there are 40 – 5 Star Reviews and 32 – 4 Star Reviews.
That’s quite revealing considering the book went out via Story Cartel to readers who had no personal interest in the book.
Should I take it’s popularity on Story Cartel into consideration? Rising to #1 on Story Cartel is no easy accomplishment.
If I go by the reviews and success on Story Cartel, should I charge $9.99?
Or, do I consider that “Happy Every Day” is a non-fiction book that provides valuable strategies and can genuinely help readers?
How much is a book worth that provides simple, effective ways to happiness?
And maybe I really should consider how many nights I burned the midnight oil working on the book.
Writing a book about any subject and making it simple is hard work. (Tweet This)
Then I should charge, $22.99. Right? Well, no, probably not. I’m not crazy.
Let’s look at royalties:
KDP offers 70% royalties for $2.99 to $9.99, and 35% if the price is below $2.99 or above $9.99.
When comparing to traditional book publishing royalties 70% is a darn good percentage, more than you would earn selling a mass market paperback at about 8% royalties.
However, just because the royalties for KDP are higher, it won’t help if you price your book at $9.99 and no one buys it.
For a $2.99 Kindle eBook you earn $2.09 per sale. To get an idea how much that really is, consider that a traditionally published mass market paperback selling for $10.00 at 8% royalties gets you only $0.80.
When I look at it like that $2.99 seems like a pretty good price point.
It looks like we are back to square one and I haven’t even scratched the surface of all the factors, possibilities and arguments for one price or another, because frankly it’s overwhelming.
And that’s why I want your help.
I think the best price is the price in which the majority of readers feel the most comfortable purchasing at.
But what is that price?
I’d really like to know what you think:
What do you think is the best price for “Happy Every Day”?
Let’s say you’re the author and it’s your book, what would you price it at and why?
Have you published a book via KDP? What price point has worked best for you?
Share with us in the comments.