Pricing It Right
A key to selling your eBook to as many people as possible, besides the content inside, is to highly consider the price you will sell your eBook for. Don’t just slap a price on the eBook without giving it some consideration. Take the time to do your due diligence before pricing your eBook.
To price your eBook right, think about all of the following:
Do Your Research
Look up what eBooks are selling for in your niche. Don’t just look up their prices but find books that are actually selling by looking at the top 100 books as well as the ratings and reviews of the books being offered.
Know Your Commission Rate
If you are going to sell on Amazon or another seller, it’s important to understand what you will earn after the platform takes their cut. There is a lot of information on Amazon about the Kindle’s pricing structure that sells best and earns you the most commission. Less is not always best; the right price is best.
If you are selling your eBook on your own platform with affiliates promoting it for you, consider a pricing structure that will be fair to the audience as well as encourage affiliates to want to promote your eBook to their audience.
How Advanced Is the Information
How long did you have to study this topic in order to be an expert enough to provide a book about the information? Can the information be found easily elsewhere? If not, you can likely command a much higher price for sought-out information that is hard to find.
Your Experience and Expertise
If you have a Doctorate degree and ten years of success in your niche, for instance, you can likely command a much higher price for your eBook than if you are relatively new to the subject.
What Your Audience Wants to Pay
Understanding who your audience is can help you know what they will pay, want to pay and can pay. If your audience consists of housewives and unemployed people, it will need to be priced lower than if your information is designed for the six-figure earner.
What Your Competition Is Charging
Go straight to your competition and buy some of their work. Not only will this help you understand what they are charging, but it will also help you know what they are actually providing and how you can do better. You can make your products better and fill the gaps that your competition is leaving at a price point either right below, the same or even more expensive if you’re offering more.
How Large Your Following Is
Do you have a really large following? If so, you can actually risk offering your product at a lot lower price than if you have a smaller audience. Understanding the lifetime value of a customer, as well as how many people may purchase your book, can help you know where to price it to ensure maximum profit.
EBook readers are price sensitive and expect a lot for their money. If you ensure that you always under promise and over deliver, you’ll rarely suffer from a return due to over pricing. If you do your research so you know where to price your eBook, you will not miss out on sales due to under or over pricing.