In this blog series, I’ve been going through results of a survey by Written Word Media conducted in September of 2019. In it, they surveyed Emerging Authors who make less than 60k a year and have 6 or less books in their catalog, 60kers who have 22 books in their catalog, and 100kers who have 28+ books in their catalog.
The last point in the survey is pricing.
In their findings, they discovered 20% of emerging authors have a book priced at $10.00 or more. I’ve come across this attitude many times, even from some of my writer friends. Their attitude is this: I spent a lot of time writing that book. I want to be compensated for it. The first book is always the hardest. Sometimes it takes the longest to write. But, unfortunately, a first book is usually the weakest of the collection as well.
Usually, after not selling a book for a while, or after more than a handful of people telling them that they’re crazy, those authors drop their prices to something a little more competitive. I mean, if you can sell an ebook for $9.99, would you rather sell one copy, or sell three copies at $2.99? The amount you earn is the same, but you have two more readers who may end up being lifelong fans.
The survey also says that 50% of emerging authors think a free book is a good marketing technique, whereas 63% of 60kers and 100kers think giving away a free book is a good idea.
Of course, that makes sense. The reasoning is the fewer books you have, the less likely you are to want to give them away.
Authors who are wide and have several series out are more likely to have a permafree first-in-series. If you’re exclusive with Amazon, if you want to do a free book, you can only do a promo with the free days KDP allots you.
Pricing low or free is helpful for a first in series, proving your first book is strong enough to entice your readers to read the rest.
It wasn’t until recently that I learned that traditionally published books will have a higher ebook price because those publishers want you to buy the paperback or hardcover edition. Their whole business model is based on print. So if you’re looking at trad pubbed pricing, keep that in mind while pricing your book.
I would say the easiest way to price your book is to do what other successful indie authors in your genre are doing. A 100k word epic fantasy is going to be priced differently than a 25k word romance novella. Readers won’t show you any mercy, and they’ll be quick to give you a bad review if they feel like you’ve ripped them off.
What can you do?
- Price competitively. Do research and find the most popular price point in your genre, then stick with that.
- Realize readers don’t care what you went through while writing the book. They want a good read at a fair price.
- If you don’t want to give your book away, then don’t. No one’s forcing you. You may not like the idea of KU either, and that’s fine. Do what is best for you. It takes 24 hours for a price-change to take effect on KDP; you’re not bound to a decision.
As for what I do? I’ve learned giving my standalones away won’t do too much. The survey implied readers will read your other books, but that’s not always true. Especially a reader who has never read you before. They don’t feel a connection to you, or a loyalty to you yet.
Probably the most successful time I’ve ever gave my book away is when I used a free day in Select and paid for a Freebooksy. Because the book I gave away was the first in a trilogy, I made the promo fee back with KU reads over all three books. I broke even which is better than losing money, and I got some reviews out of it, too.
In truth, set a book or two at 2.99 or 3.99 depending on genre and word count, then go write more books. Worrying about the price of one book isn’t going to do you any favors, and paying to give one book away if it’s your only one doesn’t make sense.
Save the strategy for when you have a few more books in your library.
In the next blog post, I’ll wrap up this series, and we’ll explore the extra data WWM supplied after the survey came out.
See you then!