When it comes to marketing and selling your book, pricing is the first dilemma you are faced with.
And it's quite the balancing act. You are effectively trying to translate value into price. And not only that, but you are also trying to figure out how your readers perceive this sort of trade.
How much are they willing to pay in order to receive the value you are offering them through your book?
Well, in order to figure it out, we're going to have to try to better understand the book we're trying to sell, who we're selling it to, and who else is trying to sell books to them.
But first, let's talk about a couple of popular shortcuts and why they're usually not the ideal way of pricing your book.
The Lowest Possible Price
When I first started self-publishing back in 2011, quite a few indie authors made the headlines by pricing their titles at the lowest possible price, which is 99 cents.
For instance, Amanda Hocking. She priced the first titles in her series at 99 cents each in an attempt to hook readers. She priced the rest at $2.99. And it worked. She sold around 1.5 million copies through this strategy.
But this strategy no longer does the trick, mostly because the general mindset of readers has changed drastically in the past couple of years.