We’re guessing that you want to make as much money as possible on your eBook. After all, you’ve just made an investment publishing it! In order to make money, there are some important factors you have to consider. You can have the nicest looking eBook, but if the price isn’t right most people won’t buy it. There are several things to keep in mind when determining how to price your eBook.
If you wish to sell your eBook on a retail website, such as Amazon.com, your eBook must be a minimum of $0.99. This is because online retail sites charge a download service fee. Aggregated sales data shows that eBooks priced between $0.99 - $3.99 have higher unit sales, on average. You can, of course, charge a higher price if you wish. When considering royalties, some retailers will pay out higher royalites if your eBook is priced between $2.99 - $9.99. For example, if your eBook is priced in this range, Amazon will pay out 70% of the download price. However, if you set the price higher or lower than these prices, Amazon lowers their payout to 35%.
Not only is the $2.99-$9.99 price range important to retail websites, it is also relevant to your customers. Research has determined that people are more willing to buy an eBook if it’s priced lower than a print book. This makes sense, because rather than buying a physical book, readers are only receiving a digital copy, which has a lower value. Now, if you’re still wondering how to price your eBook so it falls in the given range, it’s time to do some research.
One thing it is important to do is determine the atmosphere of the general marketplace. You have to research your target market to see what they are typically willing to pay for eBooks comparable to yours. Once you figure this out you will have a better idea of how to price your eBook, preventing you not only from overpricing, but also from underpricing it to the point where it is impossible to make a profit.
Second, research your competition. With sites like Amazon.com, Barnes & Noble, and Google Books, it’s easy to go out and search for books on topics or themes that are similar to yours. Sure, this may take some time, but the more time you put into finding the optimum price, the more success you’ll have in the end! This research will allow you to see the prices of the books with the same genre and category as your book. It will also give you a better idea of how to price your eBook in comparison to the competition.
Finally, you need to understand the third party fees that will be taken off your listing price. As we mentioned above, Amazon will pay out 70%. In other words, they will charge you a 30% fee to sell your book on their website. Most retailers are different, so you have to find out what percentage they will take from you. Here is an example that shows the estimated amount you will get back based on both the price of your eBook and retail locations you choose to sell your eBook through. In the end, when you are deciding how to price your eBook with Publish Green the ultimate decision is always yours!