Happy Monday, WG2E-Land!
I’ve been thinking a ton about pricing again lately, thanks to Dean Wesley Smith’s new take on it, which you can check out here:
The New World of Publishing: Pricing 2013
But…I’m pretty sure I’m going to continue to hold steady with my Snickers Bar Pricing Strategy as it’s sooo working for me.
You can read about my strategy here:
Do You Want to be The Snickers Bar of Ebooks? I Do!
Using this strategy, all of my Ebooks are priced between 99 Cents and $2.99. The 99 Cent Price Point is for all of my single title fiction releases. I use the $2.99 Price Point for my non-fiction and Boxed Sets. And I will introduce a larger Boxed Set this holiday season for around $5.99.
Basically, Dean’s cheapest price ($2.99) is my most expensive. He argues that a “professional range” is $5.99 to $7.99.
My gut feeling? It’s total bullshit to say that readers don’t think an Ebook is professional and worth reading unless it’s at a certain price point. In fact, if your price point is out of their range, they won’t read you at all, so, you’ll never know whether or not they think you’re “professional.”
Think of it this way, when readers buy my books, they can buy three at 99 Cents instead of just one at $2.99.
And that’s what they do…they buy multiples from me at one time.
I think that’s why after 8 months, my Boxed Set is still making me around $2,000 a month all on its own…because it’s a Snickers Bar deal. 
(Also, when I see a Boxed Set sale, it’s often accompanied by sales of the latest books not in the Boxed Set…so readers buy it all from me at one time.)
You can buy and enjoy a lot more Snickers Bars than you can a Godiva or even some Dove Bars. You buy what’s easily available, at the right price, and tastes good.
Due to the agency pricing/cost-fixing schemes and the resulting Department of Justice settlement with a few of The Big Six Publishers – with several more holding out for litigation, many Indie Epub Authors, like the superfab Dean Wesley Smith, are now moving their prices up.
But moving your prices up, at the same time everyone else is and at the same time that TradiPubs are experimenting with lower prices (in the $4.99 to $7.99 range, sometimes even lower for short periods), is NOT going to get you visibility.
And, VISIBILITY is going to be the Buzz Word for 2013!
Now, more than ever, if you ain’t got VISIBILITY, you ain’t got sales.
What gets you VISIBILITY?
Answer: Being unique.
You can be a unique standout with your book’s title or cover, your catchy blurb or pitch or high concept or by your packaging (Boxed Sets). But, none of that matters, if your price is at a point where no one will look at you or consider you anyway.
In this faltering economy, during a US Presidential Election year and then possible administration change, and the world’s general chaos affecting peoples’ livelihoods and bank accounts, PRICE is going to be more important than ever.
That’s why I’m hangin’ outside the pack and stayin’ low…as in low price. I like it out there, and I sell a bunch of books and find a bunch of sneezers that way.
People talk about what they find that’s different, not what’s just like everything else. And that Buzz is Visibility, and Visibility is Sales.
Another very important point in all of this is that you’ve got to recognize that readers don’t find books and buy them like they used to, in a physical store with limited shelf space. And readers don’t give a rat’s ass who publishes a book, and for the most part, they don’t even know or bother to find out. They want great books for great prices in the genres they love or even in genres they’ve never read but go ahead and try because the price is right, the cover is cool and the blurb sounds cool too. Plus, they can one-click-buy, on the couch while in their fave pajamas or at lunch, while commuting, at the doctor’s office or in the car pool line or at soccer practice.
I talk a lot more about my Snickers Bar Pricing Approach in my 10 Years and 24 Hours to Indie Epublishing Success:
10 Years and 24 Hours to Indie Epublishing Success
2012 is going to mean over $100,000 for me in sales, over 100,000 books sold, and a readership that’s growing at a rate of over 5,000 to 10,000 new readers per month. All done with books priced between 99 Cents and $2.99.
This is the point at which I take issue with Dean when he said in his latest pricing article:
“If you believe your work is crap, then price it like crap…This article is for writers who believe in their own art. ”
I can tell you all that if I didn’t believe in my work and my own art, I wouldn’t have been writing-for-publication for the last 13 years. I can tell you that going the Indie Epub route in August 2010 (so I could experiment with “pricing it like crap”) is what has allowed me to go from making $3,000 per year on my Ebooks to now over $100,000 per year. I can tell you that my readers (a readership now over 250,000 strong) enjoy “my crap” and tell me that they appreciate knowing they only need a buck most of the time to read me and get a ton of enjoyment. And, they appreciate not having to wait long for my next book (I’ll have 30 Ebooks out by the end of 2012 after just two and a half years of Indie Epublishing).
If I had to pick one thing that’s “made” me, it’s my Snickers Bar Pricing Approach used with my Focus on Readers.
I spend a lot more time with readers than with writers, even with The WG2E, and I make it easy on my readers’ bank accounts to choose my books. They don’t have to save money to buy me or choose my books over others, if they’re on a tight budget. And they know for a buck, they’ll get a load of laughs and fun. They also know I’ll have the next one ready in a month or two. All that, and they can become part of my D. D. Scott-ville world and chat with me each and every day too. Plus, with RG2E, I now introduce them to all of you too!
It’s about building a community of hungry readers, then satisfying their cravings for a great price on a regular basis.
It’s Your Turn, WG2E-Land: What are your thoughts on Dean’s Godiva and Dove Bar Pricing Approach compared to my Snickers Bar Approach? Have you decided what your 2013 Pricing Strategy will be?
The Best of Ebook Pricing Wishes — D. D. Scott
Morning!
After some thinking and a heart-to-heart with my wonderful sister. I have decided to lower my price back down to 99c at the end of the week. After reading Dean’s wonderful post I did have a mini meltdown because I just got confused with all the advice but after some chocolate ice-cream. I had a good think and for me I believe that 99c is right.
Chocolate and ice cream always do the trick, Catherine!
It all about doing everything you can to make yourself stand out from the pack. And if the pack is moving one way, I tend to go the opposite.
Plus, I just truly believe in making it easy on the pocketbooks for readers to buy my books…basically, I’m a Dollar Store player…everyone can relate to finding a great product for just a buck! And if you like it, you keep on goin’ back for more!
They sure do!
I completely agree with you. I know that 99c is the right price but sometimes I have doubts and don’t always go with what my gut says but I am a strong believer in things happening for a reason, so you writing this blog came at the right time. Kind of like a sign from above.
I’m a huge believer in “Signs” too, Catherine! So, cheers to that!!!
I’m going to crash the 99c book pricing code, by saying I don’t buy full length books 90,000/100,000 plus words under $2.99. At 99c the author might just as well give it away… Sounds harsh, I know, but I will pay 99c for a short novella… I’m of the opinion books should be sold on word count = time spent writing and time spent editing !! BTW: on the whole I buy Indie books…
best
F
If you like the short story at 99 Cents, will you buy a full-length at 99 Cents from that author, Francine? Just curious…
I was going to go with both yours and Dean’s pricing, but might stick to yours for now. I currently have my first one as free (like you have done) and keep it that way, my second for 99c because it’s under 10K and my first romance as 1.99 as it’s just under 10K. I might decide next year to change that to 99c and any that come over 10K (like the one I’m working on now) as 1.99. I plan to do some boxed sets as well and might sell them at your price of 2.99. I don’t think I will go over the 3.99 mark with any of my fiction. Thanks for this blog post, DD, it has made me think again about pricing.
U betchya, Julie!
There’s no right or wrong answer to the Ebook Pricing issue…but, there are philosophies to consider that you can structure your entire brand around and all of your promotions and packaging too.
That’s the difference between Dean and I…we just have different philosophies when it comes to what readers want and what they think and feel about various price points.
I have come to a decision about pricing. Probably will go with what you are doing as most of my stories are short stories, under 10K. So, anything under that will be 99c, between 10 and 20K will be 1.99 and above that inc boxed sets will be 3.99. I think that might work.
U Go, Girl!!!
It’s a hard one, and I can see both sides of the argument… I’m only writing my first novel at the moment, so I won’t have lots of books for readers to choose from. I think if you can pump out books regularly, and have one ready every two to three months, then your pricing strategy *might* be different to someone else’s… I work full-time and have a ten month old baby at home, so by the time I have finished my book, it will have taken nearly one whole year, including the planning I did at the beginning with my mentor (when my son was 3 months old)… Each chapter takes me about 10 hours (it’s a 20 chapter book, currently chapter-planned at around 80,000), and with my timetable and commitments, I get about 3-5 hours a week to write. Some weeks I don’t get to write at all.
My ideal scenario is to make enough money to quit my job and write books a lot faster than I do at the moment! I don’t expect that to happen straight away, but the amount of money I’d need to do that is fairly modest. In fact, if I made the $2000 a month you mentioned with your box set, then I’d be prepared to quit work!
So pricing is something I’ve given a LOT of thought to, and put a lot of time into researching. The opinions are of course wide and varied. My thought is that I’ll start off at 99 cents, and do lots of gifting in that time… then raising the price every couple of weeks to $2.99, $3.99 etc… and stopping when I feel I’ve reached the sweet spot, or perhaps the pricing limit for a first-time author (with a kick ass novel of course
. It’s a strategy I read somewhere, and sounds like a plan. Maybe $4.99 would be my limit.
Everytime I see someone reading an ebook on a bus or train, I go and ask them how they choose their books, and most of them seem to choose by recommendation from a friend and/or choosing the same author of the previous book(s) they read. When they run out of books by that author, they get another recommendation and start again. More than one person has told me they’d never buy a fiction novel for less than $8 or $9, or they’d assume it was rubbish… Again, opinions vary on that one! Anything less than $5 would be worth the gamble for me.
Anyway, I’m new to this page, and have greatly enjoyed your articles so far. Thank you!
Welcome to The WG2E, Cathryn! We’re thrilled you’ve joined us!
What’s vital with the terrific points that you’ve made is that you are doing your homework, and that way, you can make a decision that fits your goals and philosophies. So, well done!
I spend 10 to 12 hours per day on my Indie Epublishing career – between writing and the business end (about a 50-50 split), 7 days per week, for the most part. So I end up putting in a ton of time too. But as we all know, as artists, the time it takes per piece isn’t what you can base your price on. We wish, right?! LOL!
I do think old assumptions are changing fast when it comes to the price of everything, not just books. Our faltering economy and online distribution is changing those old ideals big-time and quickly. People know they can now shop for the best price at their fingertips and often expect it to land on their doorstep (via mail, UPS or FedEx) without doing anything more than searching online and then a one-click-buy.
Congrats on getting ready to enter the Indie Epublishing World as a Published Author! We’ll be here to help you anyway we can!!!
I’ve been pricing my novels at $3.99 and my short stories and novellas at $.99 and $2.99. Having to pay high prices, like $8 and up, for ebooks offends me. I only buy a pricey ebook when I have to (like if my neighborhood book club is meeting next week and the pricey book still hasn’t come in at the library).
As an author, I tried to price a novella-length book at $2.99. No dice. I lowered it to $1.99 and sales began picking up. Then I tried $.99 and sales skyrocketed.
You’re additional proof, Tamara, that the volume sold at the 99 Cent Price Point skyrockets and can often more than make up for the money made at a higher price point.
That said, that higher volume also means you are reaching more readers, and that can be its own goal. I know it is for me!
If you want more readers, even if it means less money (because your increased volume doesn’t make up for the higher per unit sold profit), then you’ve got to undercut the market pack with your prices.
Well D.D. I have just released my first boxed set – following your lead – and I am working on a project that should unveil in the next couple of weeks that will likewise follow your pricing standards.
I’ve still got an awful lot of e-books that range from $2.99 to $3.99 to $4.99 – but I intend to create something in the 99 cent to $1.99 and see how that works out.
You haven’t steered me wrong so far.
Sounds exciting, Steve! Go, my friend, Go!!!
Here’s something else that you’re doing in a super-savvy way…you’re varying your product line, which I also talk a bunch about here on The WG2E as well as in 10-24.
It works beyond well to have products at higher price points – like Boxed Sets, non-fiction and more, if those prices too are based on your Snickers Bar Approach. For example, my single-title Ebooks are 99 Cents each. My Boxed Set, which includes 6 Books is $2.99 (so the reader saves about $2.00 going that route, because Bootscootin’ Blahniks is FREE). One of my new Boxed Sets this holiday season will include 10+ Books for around $5.99 (no worries on the file size either as my format guy – Rob Siders of 52 Novels – is an ace at that stuff). So, on these products, I get the 70%+ royalty, but my readers are still getting Snicker Bars Deals.
I agree, D.D. I tried raising my prices over the summer up from $2.99 to $3.99 and boy did I see my sales take a dive. There were many other contributing factors, I’m sure, but as soon as i lowered the price back to $2.99, I saw an uptick in sales. it doesn’t sound like a big difference, but I think “bargain” e-books have come to be equated with that $2.99 price point and are definitely more visible. I’ll set my new release at $3.99 for a while, and keep my other single titles at $2.99, but I’ll be doing a lot of e-book gifting as well–another great tip i learned from you–and we’ll see how sales go. I know for myself, once a book is above $3.99, it’s no longer an impulse buy for me. I think about where I spend 5 bucks. 2-3, not so much.
You nailed it when you mentioned “impulse buy,” Sharon, and thanks bunches for bringing that up!
It is about Impulse Buys…the very heart of my Snickers Bar Approach. Bargain Book prices (99 Cents to $2.99) are impulse buys. Nothing says “c’mon, give me a try” like a great price! And when the rest of your collection is at that same price, it means peeps will come back for more too!
My prices are right in line with yours and what I started doing this summer was some marketing outside the norm. Offering all my titles for .99 for a month. Then repricing back to normal and offering one at .99. It seems to work well – even if it does hurt my pocketbook in royalties – I’m gaining readers.
I’ve also taken advantage of Select – and plan to pull one of a series and replace it with the other. When i take advantage of their free days I see a spike in sales in both the free select book, and the rest of my titles.
I’d love to offer all my books in a boxed set – need to find out how to do that!! Be perfect for the holidays!
I’m a long, long way off from where you are DeeDee, but I am seeing progress.
Boxed Sets are very easy to create, Jamie. In effect, you’re simply creating one file which includes all of your books. You’ll want to make sure you create a nice Table of Contents so readers can go right to the book they want (if they’ve already read one or are in the middle of the set and loose their place for some reason). And you’ll want to do two sets of covers – a 3D one as well as a 2D one. You upload the Boxed Set File, though, the same as you would a single title on all sites. Just make sure your title and description also let readers know they’re getting a Boxed Set.
Progress is the key, Girlfriend! You’re on your way!!! Go, Girl, Go!!!
3D and 2D covers?
Where?
Thanks for the info on putting it together!
Here’s the scoop on that, Jamie:
http://thewritersguidetoepublishing.com/d-d-scotts-ebook-boxed-set-bliss
Here’s more Boxed Set Scoop from Gemma Halliday:
http://thewritersguidetoepublishing.com/gemma-hallidays-dos-and-donts-of-epublishing-boxed-sets
Great post! I love the Snicker Bar Pricing Approach! Congrats on your success!!
Thanks Bunches, Sharon! Being a Snickers Bar of Ebooks sooo works!!!
Great post, D.D.! I think .99 – 2.99 is the ebook sweet spot for most readers. I juggle mine between these points depending on the kind of promotion I am doing. I have noticed many readers seem to be willing to go to 3.99 in the mystery/thriller category and for boxed sets. I also think it is good to offer a few different prices in our book catalogue.
It is all about varying your product line, packaging and price points, Alicia, so that you do have different things to offer in your catalog. Well said!
And if you can come up with a general strategy that you always use, your readers will appreciate that in that they know a new release from you will be around X amount, a Boxed Set Y amount, non-fiction Z amount and so forth.
I have noticed that readers seem to get frustrated when they’ve missed a sale and when they see their fave new authors’ prices going up.
You know what I love about you, D.D.? You know who you are, what you’re about, where you’re going, and how you plan to get there? *THAT* is fantastic, and we can learn a lot from that kind of confidence in this marketplace.
I read DWS’s article and had mixed feelings about it. Honestly, my biggest beef with it is that it’s all conjecture. We don’t know what’s going to happen to prices of traditionally published books due to the latest rulings, so I think it would be foolish to run out and change our prices based on what *might* happen.
I think a lot about myself as a consumer when I’m pricing my product. One of my All Time Favorite authors had a new release a couple months ago and the publisher wanted 13.99 for the ebook. Guess what? I still haven’t purchased that book. I know it’s not her fault, but there are TOO MANY GOOD BOOKS on the market at affordable prices for me to justify that kind of purchase–even from an author I adore.
I also look at comps. Who are the authors having the success I want and writing the kind of book I write? If I follow DWS’s argument and price my books just under what they are, I’m right on by pricing short novellas in the .99-1.99 range, and category-length books in the 2.99-3.99 range. I don’t see any advantage to assuming everyone else is going to raise their prices and trying to be first at the scene.
Right now, I’m trying to be patient while I build my back list. I have another short novella releasing soon, a re-release of a previously pubbed title releasing in December, and a novel releasing in January. It’s coming, but now’s not the time to be pricing my books at 6.99 IMHO. Maybe marketplace changes in the next few months will change my mind, but I doubt it.
But here’s the thing I love about being indie: It’s our choice!
So for those of you pricing books upwards of 7.99 and having success, MORE POWER TO YOU!
Right backatchya, Lexi! Thanks bunches, my friend!
Like you said too, it’s sooo important to think of yourself as a consumer when you’re making your Ebook Pricing Decisions.
I’m cheap and proud of it! And there are a ton of peeps who are right there with me! In fact, here’s a little secret from my psychology degree days…the wealthiest peeps, who could afford to pay the higher prices, won’t! In general, they’re even cheaper than the rest of us. That’s why they have money!
I used this thinking when I took my Snickers Bar pricing to Apple iTunes. Not until I had my “first one is on me” (FREE Ebook) on there and then moved the rest to 99 Cents did I begin to make $500+ there each month. Those are generally more high-end users and readers, but they luuuvvv a bargain too!
And I luuuvvv what you said about the fact that as Indie Epub Authors, it is all up to us!
There are no right or wrong answers here. It’s just what works best for your goals and philosophies!
Excellent points and thanks bunches for sharing them!
It is rare for me pay above $5.99 for an ebook. And my Kindle isn’t 2 years old yet and approaching 500 books. I occasionally get a stinker for .99, but last week I also got a stinker for $2.99. The most I’ve ever paid is over 16 dollars for a box set of the Hunger Games and I did that for a reason, even though I already had one of the books loaded. I love having a collection right together so I can keep reading seamlessly. Your Snickers Bar pricing makes sense to the consumer in me. The writer in me still hasn’t pulled the trigger on self-pubbing. However, when I do, I’m following your model.
I luuuvvv what you said right here, Judi:
“Your Snickers Bar pricing makes sense to the consumer in me.”
Every decision you make as an Indie Epub Author must come from thinking like the consumers you’re trying to add to your readership base.
When you do pull the trigger on self-pubbing, btw, we’ll be here to cheer you on and help you anyway we can!
One other thing…I’ve bought at the 99cent price point and often loved the writer’s voice or series enough to immediately buy more. And most of the time, not always, I’ll go above my comfort level to get more. Does that put me on the other side?
It does not put you on the other side as far as I’m concerned, Judi! And thanks sooo much for bringing up this point.
I’ve been thinking about this concept too in that, yes, my readers would be willing to pay more for later books in my series. I’ve asked them, and they’ve confirmed that.
But…to me, that’s spreading a message I’m not comfortable with. I don’t want my readers to in effect be punished with a higher price because they tried me at a cheaper price and then liked me and came back for more. Instead, I want their buzz and experience to be so great that they’re saying things to their friends like “hey, check out D. D. Scott, she’s got something like 30 books out now and basically, they’re all around a buck each”! That’s what I want them saying, and that’s what will make them continue to buy everything I’ve got and encourage their friends to do the same!!!
Does that make sense?
There is merit to what Dean is saying but it isn’t for me. I price my work totally based upon word count and the highest one I’ll ever do is around $5.99 max but that would be for a very big book like 100K+. When I get to doing boxed sets, they may be a little higher, like $6.99 or $7.99, again for 3 or more books, depending upon the word count. And I will never think that my lower end pricing makes my work any less professional than those charging the higher prices. That’s absolutely crap since I’m sure I spend as much if not more time on getting my books out there. I actually sat on a book once for three weeks because it just didn’t feel like it was ready to go…good thing too…it had a few more needed corrections.
Lynn
I hear ya, Lynn, on a price point being a quality determination. That’s total rubbish.
I think Dean is totally superfab, but I just can’t hang with him on his price point philosophy for 2013.
I think both applies. My kids and I have purchased ebooks at $5.99-9.99 (usually these have wonderful covers and storylines that attract us) if the storyline seems really exciting – even when we don’t know the author. Now, if we see a deal at $0.99-$2.99 we will snap it up whether the cover is rockin hot or not – only if – the storyline is something we like to read. Now if it’s free, we are still story picky and will snap it up in a second if it’s in the storyline we want. Now we range our prices. Have 1 for free or $0.99 then go up to $3.99 for the newest title (with the exception of promo time) We even have a few at $2.99.
Snapping it up when the storyline sounds like something you’ll like is exactly it, LM!
And it makes it much more easy to snap up if the price is lower than another one you’re considering that also sounds like you’d like it…especially, if you don’t know the author’s work.
Hey DD, this is a great post! I’m with you on this one.
I’ll give you my perspective as a newbie e-reader buyer…yup…thanks to you (and Bufo’s review) I took the plunge and got my very first e-reader…Kindle Fire HD…love it!
Excited to try it out, I went to the Kindle store and keyed in “free e-books”…and over 50,000 title showed up! Yikes. An hour later I was still scrolling…barely made a dent. I paused on books based on: 1) Interesting cover, 2) Catchy unknown title, 3) Recognized the title, 4) Four or five of stars rating. Any of those that caught my attention, I read the blurb about the book.
My point to this is that there are a continually growing number of newbie e-reader folks coming along, and unless the buyer is looking for a specific title, they will first want to play with the device…after all, it is a new toy. I would rather play with “freebies” and then move on to lower priced e-books to get a better understanding of, not only the device, but how in the world Amazon ranks and sorts their books when they use the category “relevance”, etc.
This wave of new e-reader owners will be on the upswing for years to come, so I think the lower pricing model addresses this very large market. (It’s the thrill of the penny candy!)
I am also scratching my head over his statement :
“If you believe your work is crap, then price it like crap…This article is for writers who believe in their own art. ”
Then why does he suggest pricing e-books based on word count? “More words” doesn’t mean better quality, nor does that alone justify a higher price. Higher pricing (down the road) may be justified, but I’d rather not pay by word count. (Boy would that put pressure on editors when they suggest that an author “cuts” the fat to improve the story!)
WooHooo on your first Kindle Fire, Monica!!! U Go, Girl!!!
And fabulous that you’ve brought up your “newbie e-reader buyer” example! This is exactly what I’m after here. This is how the new breed of e-reader decides which Ebooks to read!!!
Furthermore, note that you started with the cheaper end…you didn’t start with the higher prices thinking those were of better quality!
These days, peeps want as much bang for the buck as they can get. And higher prices no longer mean better quality.
Just like higher word counts don’t mean better quality either. In fact, writing shorter stories can actually be more difficult because every word does count in a different way than they do with longer stories.
Excellent post and comments by all. Thanks D.D. for bringing this hot topic to the forefront. Although I’m working with an epublisher for the release of my first novel (97K word count), and she’ll likely set the price, her general rule is to keep it below $2.99. This works for me, because I happen to share your “Snickers” mentality. I once read that Walmart keeps their prices competitive because they’d rather sell 10 T-shirts @ $9.99, than 3 @ $15.99. It’s also why we still go to McDonald’s, Wendy’s and other fast food places. Price and convenience, as well as the expectation of the product. I don’t know about everyone else, but right now, we’re really struggling financially, so I definitely have to buy books on my ereader at a price point I can afford, and in the volume I want (I often read 2 books simultaneously). It isn’t that I don’t get what Dean is saying, but today’s global financial reality dictates a slightly different approach to sales. Make no mistake e-books are a product, so as much as I need the money, as a new author I first have to build an audience, a platform, and get the word out as much as possible. I know I have to walk before I can run, and I have to learn the business of book publishing inside and out. I’ve also learned, through experience in buying indie and new authored books, that price does not necessarily equate to quality of work. I’ve bought some ebooks at .99 that rocked, and some at $9.99 that truly sucked. So, like the song says, “Go your own way”, and do what feels right.
U betchya, Debbie!
Walmart, Dollar Stores (and all the off shoots of those like Dollar General, Buck Stop, etc), big box stores (Sam’s Club, Costco), McDonalds (and all fast food Value Meals) and more all thrive on the concept of keeping prices as cheap as possible. They want volume over price profit per unit.
I sooo agree that today’s global financial reality does call for a different approach to sales. People sure aren’t afraid to try a Kindle Fire because it’s waaay less than an iPad, and they don’t think just because it’s cheaper that the quality isn’t as good. Just like Apple is now rumored to be designing a cheaper iPad.
People simply need more for less in our current economy.
HI D.D.
Your post couldn’t come at a more timely moment. I read the post by DWS, and yes, I raised my prices for my two full length His Rom novels (100k+ each) from 2.99 to 3.99 at the beginning of September. The result: half the sales of July and Aug. And no, I didn’t make more money with half the sales. So, I’ve been considering going back down to the sweet spot of $2.99 again for Oct. to see if there is a difference. When I think of my own buying habits, I know I’m more likely to buy at .99cents to 2.99 for ebooks, and I tend to hesitate a little more when we go up to 3.99 and further. The reason I raised my prices was because of the prevailing opinion lately that readers consider imputed value based on price, but my experiment made my income from writing this month half of what it was in previous months, so readers aren’t buying more at the higher price, not unless you are Nora Roberts. For an unknown indie it makes more sense to be priced less than a Big Mac meal so readers can discover you. Well said and thank you for the very timely post.
Lily
correction, that should read 100,000 words each, not 100k
Lily
Pricing less than a Big Mac Meal is right on, Lily! Well said!
In this economy, higher prices are going to lose out big-time.
It doesn’t matter what someone thinks their product is worth if no one is buying at that price, right?
U Go, Girl, and thanks sooo much for sharing!!!
Indies would be smart, with many of the Big Six dropping prices because of the DoJ Settlement and suits, to keep our prices lower. That’s how we’ll stand out from the TradiPubs.
Hi D.D.,
great post! I read Dean’s post with interest, but I had a hard time swallowing his price points. I am totally on board with the Snickers approach – and I plan on setting the first book in my series to free next month. Should be a fun ride!
~Cate
A fun ride indeed, Cate! Enjoy it!
Thanks for keeping us on the right track, D. D.! I’m following your advice, especially today’s on cultivating our readers instead of lollygagging around with authors. A few maybe, but geeze – hours on Facebook?
Have a great day, O Wise One.
~Nancy Jill
Right backatchya, Nancy!
It is about hangin’ with readers and keepin’ ‘em happy and in great books! You do that with each new book you put out at a great price and by chatting with ‘em each and every day!
Thanks DD. I wrote two novellas under a pen name and have had them priced at 2.99 due in part to advice, royalties, and the misconception that anything cheaper would be undervaluing myself. Reviews were good and sales have been steady, but slow and getting slower. I am going to try your approach as it makes a whole lot of sense (especially the impulse buy) and price them at .99 and 1.49 respectively. I’ll let you know how it goes :0)
Please do let us know if this works for you, Natasha! We’ll all be cheering you on!!! Make sure to let your readers know that you’re now using lower price points!
Advice from industry professionals is always a good thing, but no one should automatically follow their advice. What’s important is your own gut instincts and what works for you, and these are only guidelines. Dean does offer some wonderful and helpful advice, but he can be a little obstinate when someone disagrees with him. Yet I suspect there are writers who will do anything he and other influential people with valuable information and experience (J.A.Konrath, for example) advise, no questions asked, without consideration of their own circumstances.
For my own pricing, I don’t like the 99-cent price point. I’m content to keep my backlist titles at $3.29, which is my minimum price. My other books are priced by length, with my most recent original release my highest price, $4.79. I don’t see myself pricing above $4.99 because I want to stay below what trad publishers charge to stress value. My editor, cover designer, and myself work to produce a quality product, for which I charge what I feel to be a fair and reasonable price. And yes, there are plenty of people out there producing crap, and very often crap with little content (150 pages or less) and charging $5.99 and $6.99. If they can get away with it, more power to them…but I suspect that their readers will be one-time purchasers.
It is all about what works for you and is right for you and your gut, Bettye! Well said!
Here’s an interesting note on story length too: I’m finding out that my readers, btw, luuuvvv around 150 pages or less. In today’s fast-paced world, their attention spans are shorter and they’re enjoying fast-paced, shorter reads.
I’ve priced my books at a high of $3.49 and a low of .99 (for specific promotions), along with six Select freebie promos.
Here’s what I’ve found: I sell more books at 99 cents. No biggie surprise.
Here’s what I wonder: if many of these 99-er sales are impulse buys, which seems likely, how many get read, and how soon? That is, reader buys a 99 cent-er on impulse, and a $2.99-er (or above) after some thought. Which one will the reader read first? And will the .99-er get pushed down the TBR list by the next had-to-think-about-it purchase?
Anecodotal evidence: I can say that yes, readers have bought my book for .99 and read it and reviewed. I just wonder how many others bought it and forgot it because it was a cheapo impulse buy.
Clearly, DD, your readers DO read your 99-centers and become established fans.
Anyway, just wondering.
Great question, Toni!
“Here’s what I wonder: if many of these 99-er sales are impulse buys, which seems likely, how many get read, and how soon?”
My thinking on this is that at least they now have you on their Ereader to read! If you were out of their price range, you wouldn’t even make it that far!
My anecdotal evidence is that they do read you, but it does take a bit longer.
>>My thinking on this is that at least they now have you on their Ereader to read! If you were out of their price range, you wouldn’t even make it that far! <<
True. First things first.
Thanks DD, for a opening up a really informative and timely discussion. Right now we have 3 books out, 2 mine, 1 my daughter-in-law’s. I have the Regency priced at 1.99, the YA at 2.99, and my daughter-in-law’s book is at 7.99. I think they are all priced high right now, but I’m not worrying about it, because I want to be able to lower the price on the 2 that are 1st books in a series at the same time the 2nd book in each series comes out. I’m not as concerned about lowering prices as my son and d-in-law are, but because my son also publishes software, he tends to believe that everyone thinks 0.99 is only for crap products. I don’t think that, but believe that it will be a learning process for them to find out that books and software since not quite the same thing, don’t need to be priced the same way. For one thing, once a book is published you don’t have to worry quite as much about the eBook Reader vendor putting out an update that completely disables your product (although it has happened, particularly in the early days of eReaders), so you don’t have to commit to ongoing maintenance on a book the same way you do on an application. I understand my son’s point of view, however, so am letting things run their course, and have already suggested that we lower the prices on the 1st book in each series, in December when we have the second books ready to go. At the same time, my d-in-law’s book is the first in a fantasy world that she plans to cover in depth over time, so her fans ultimately will be people who have invested time in her world, enjoyed it, and come back for more. That’s a different pricing process, but I keep telling them to sell the books more cheaply and make their money on the tee-shirts.
We’ll see how that plays out over time. I do know that even when we disagree, we all agree (my son, d-in-law, and I) that it’s more fun controlling the process ourselves, then having to watch someone else do it and have no say over the direction we want to go. I am really happy that indie publishing is so doable now and am pleased to have found a group that is so open to discussing the process.
U betchya, SK!
Your strategy of lowering the first one when the second one comes out could work well for you. That’s exactly how I started out. In hindsight, I do wish I’d started out at the lower price but I’m definitely glad I lowered it as soon as the first three in the series were done.
Even in software, apps especially, peeps seem to go for $2.99 and under. I know I hesitate myself if an app is more than that.
And I’m with you too in that the beauty of all this is that each choice is our own to make and thanks to sites like The WG2E, we can all share our experiences!
One of the things I learned when working in telesales was don’t put your preconceptions or your values on an item. Just because you wouldn’t buy something at a certain price doesn’t mean someone else won’t buy it at that price.
I know that personally I do have a price point I think it too high. When I can get a paperback cheaper, then I’m going to buy the paperback and wait for it to be delivered. I know I don’t like the serial books coming out for $2.99 each. I think that’s excessive for 3-4 chapters. But what gets me is the people complaining in the reviews for the most well-known serial book, yet they state they’re going to to buy the next one anyway. I think it’s crazy, but that’s my opinion.
I have discovered that non-fiction does well at a higher price point. I’m happy with my non-fiction style guide and I’m going to be following it up with another book soon. The non-fiction sells more at a higher price than my fiction.
Everyone says erotica goes at a higher price point. I’m thinking after January I am going to test that with my pen name’s books. I had two at .99 that barely sold and they’re still barely selling at 1.99. But I also know length of time between releases also impacts sales, which is why I’m revamping my writing calendar for 2013 and focusing first on my pen name before going back to writing as myself.
I think things have changed a lot recently and some of the tips and tricks don’t work anymore or are less effective than before.
I read DWS and Joe Konrath and they are inspiring to me. While I see all sides of these issues and feel conflicted in many ways, I do agree with this:
Joe Konrath – You make your own luck.
DWS – After you write the book and put it out there, forget it. Move on to the next one.
For me, that is what 2013 is all about. Keep writing, move to the next book, make my own luck.
Joe and DWS are both inspiring to me too, Christina, and I luuuvvv what you’re doing for 2013:
“For me, that is what 2013 is all about. Keep writing, move to the next book, make my own luck.”
And yes, I do think there’s definitely merit in not wanting to put our own preconceptions and values on an item. Well said!
Every decision we make as Indie Epub Authors is about helping readers find us, and it takes the next book, great books at great prices and connecting with readers to do that.
D.D. great post. I read Dean Wesley Smith’s the other day and thought yeah, that’s right. Now I read yours and I totally agree. Like the flag in the wind that I am.
So, what to do, what to do? I decided to put two of my four (non-series standalone) titles down to 99c for a month or more and compare with the two I have at 2.99. Did it yesterday p.m. and a couple of sales registered on those 99c titles. By the time I was ready to turn in I had 10 extra on one title and 4 loans (yeah, it’s in Select). Woke up this morning and put off checking the reports until I’d had my shower. Surely this would be the breakthrough? I was already wording my blog post and D.D. would feature big time. All ready for the day job and checked the laptop. Guess what? It was all a £^%&%^ dream! Had a couple of extra sales on those 99 centers but no loans, definitely dreamt it. Gonna stick with that plan though (until the wind changes).
It takes a lot longer than overnight, Ruby, to see the results. So hang in there!
In fact, I’m going to do a post later this week on The Waiting Game. It definitely takes longer than a day, longer than a month, several months and so on to generally see results. Especially now that a cheaper price point and FREE are not as unique as they used to be.
Cheers to you for givin’ it a whirl!!! Now just keep on whirling for awhile and write the next book while you whirl!!!
Great post DD! Thanks for sharing all of the great info and insights!
xx, Lauren
My gut feeling? It’s total bullshit to say that readers don’t think an Ebook is professional and worth reading unless it’s at a certain price point. In fact, if your price point is out of their range, they won’t read you at all, so, you’ll never know whether or not they think you’re “professional.”
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OMG – you are killing me! Yes, totally agree, and I love the way you phrase this. I took today to catch up on all my internet-ing, and so glad I made this blog (as always) my first stop!!!!