So what’s the best price point for eBooks? It’s certainly dependent on type of book and size. But beyond that, let’s look at novel-length fiction: what price is going to sell your novel the best? With what price point are you going to get the most downloads? What price point is going to make you the most money? Drilling down deeper, as an indie author, what price point is going to get you the best ranking and visibility? So much to consider, it makes my head hurt!
Look at the image I’ve used for this post. It helps illustrate my premise that there’s three basic buying groups of “indie” published books (throw in those who buy traditionally published eBooks 99% of the time, and you have four).
This illustration is not size proportionate. Until we have more solid numbers, that is impossible (feedback anyone?). Notice that I’ve not only shown the main three groups, but that they overlap at times, as well.
Initially following ground-breaking indie authors’ leads, like John Locke and Amanda Hocking, I priced my eBooks at $.99 each. By doing this, I believe I did sell more books and enjoyed some pretty good rankings for a while for my books (until Amazon “supposedly” started playing around with their algorithms).
I did a little research and noted the prices of the Amazon suggested books on each of my novels’ Amazon book pages. I was amazed to see that most eBook purchasers who bought my books (at least according to Amazon) were buying books at $2.99 and up, and only a few were $.99 books. So, I checked out the top 100 list for my genres. Guess what? I discovered very similar data!
What did I do the very next day? I raised my prices to $2.99. For nearly two months now, I’ve found my sales to dip only slightly, but noted that my actual royalty $ have gone way up. I think it all goes back to the old proverb about the smart shopper: “you get what you pay for” and it seems that’s the thinking most eBook buyers are following.
Drawing this illustration helps me look at pricing as a malleable thing and not just an intangible, abstract and unclear concept. I hope it helps you.
Here are a few links for some very interesting blog posts concerning pricing:
Give us your learned thoughts and suggestions, you experience ePubbers out there!