As a first-time indie author, it’s a common mistake to price your book too high. You may think a higher price is the best way to make more money, but it will actually hurt you way more than it will ever help you. Pricing your book higher than the average market price for your genre and page count is an immediate turn off for readers. Unless you’re Diddy or Michele Obama, don’t expect people to pay premium pricing for your book.
If the average romance novel is $15, the average reader isn’t going to pay $25 for your book, especially when they’re unfamiliar with you and your work. Unless, of course, you’re a celebrity, a public figure, or someone who already has a huge platform and following.
But let’s keep it real, if your primary reason for doing this is to make a quick buck, you’re in the wrong game, and you’re probably going to fail at the very thing you want the most — MONEY!
The most successful authors — self-published or traditional -- are passionate about their work and the impact they know they’re making on readers’ lives. So if you’re passionate and believe in what you’re doing, you know the immediate goal is not to make a quick buck; it’s to get your book into readers’ hands.
However, you can still secure the BOOKbag when pricing your books by following these two simple steps:
Price your book within the average market price or lower.
If readers don’t know you or your work, they don’t trust you yet, and they’re not going to pay premium pricing for your book. By making your pricing reasonable, something they’d expect for your genre and page count, they will be more likely to give you a shot. Or consider going a little lower than average market price, which may further entice readers to try your book, figuring it as a low risk with not much to lose. The goal here is to get your foot in the door and get your book into readers’ hands so they will read it, love it, and spread the word.
Research other books in your genre.
Look for other books for sale online and in bookstores that are similar to yours in genre and page count. Pay attention to their pricing and use them as benchmarks for your own retail pricing. Stay away from the big names, and focus on the average authors’ books. Jot down the prices of 10 books, and take note of the price range. Staying within that range is a safe bet.
Remember, your primary goal is to get your book into readers’ hands, gain their trust, and build your platform. Focus on your visibility and growing your readership, not the money, and the sales will follow.