The rise of the Internet has brought with it a world of possibilities. Not just on a personal level, but on a professional one too. Things that once seemed unattainable to the ‘everyday’ person are now within reach thanks to the web. Take publishing our writing, for example.
In the past, authors would spend days, weeks, months, or even years trying to get their work noticed by an agent or publisher – and in the majority of cases, it didn’t end well. Now the internet has given authors the ability to publish their work all by themselves completely free of charge. No longer do writers need to catch the eye of a publisher, they can simply upload their work and watch it sell.
It may seem obvious, but the downside to this open market is a high level of saturation. There are countless self-published writers all vying for the attention of a small audience. This brings a whole host of different problems for self-published authors. One of the biggest questions that faces these writers is ‘how much do I charge for my writing?’ So let’s take a look at just a few things to consider when you’re pricing your work.
Check out the competition
Because of the huge amount of competitors in the world of self-publishing, it can be a tricky business to decide which price point is best for you. The marketplace that most self-published authors go for first is the Kindle Marketplace, Amazon’s very own publishing platform. This is a fantastic tool for authors, giving them the chance to actually sell their work with only a nominal percentage being taken from each sale.
This percentage is another thing to consider when setting a price point – at present it’s around 30% per sale, so over time it could add up. The first thing to do before you start tapping numbers in is to check out your direct competition – this means you need to look at the books that will stand shoulder-to-shoulder with yours, by genre. If you’re writing in a highly saturated genre (like ‘paranormal romance’), it will be a lot more difficult to set a higher price and get results.
On the other hand, if your novel or short story is targeted at a niche market, you could probably get away with a higher price. Look at the other books that are in direct competition with you, see how popular they are, and how much they’re selling for – then set your price to just below that. It will give you the edge whilst still retaining a lot of the perceived value.
The myth of ‘99 cent’ books
There is a lot of speculation about self-publishing and the money that’s to be made in the market. On the one hand, there are top-selling authors that have millions of people lying back on their catnapper sofa to read the latest book, but on the other hand are the countless authors trying to scrape by. One of the key ‘myths’ that has caused this disparity is that 99c (or 59p) books are a great way to make millions of sales.
Unfortunately, it’s just not true. OK, so it may have worked for a few people at the very beginning of the e-book trend, but now there are so many people buying into the 99 cent myth that these books are becoming worthless. Don’t sell yourself or your work short by believing that you can ‘make it up in volume’. The chances are it will never happen, and your readership will start to view you as cheap.
The best thing you can do is consider the amount of time and effort you put into writing your book. If you value that at 99 cents, then so be it – it’s the perfect price point. But, like most authors, if you’ve spent months working on a piece, 99 cents just won’t cut it. It needs to be sold for at least a few dollars per copy. That way, you retain your integrity, and you need less sales to justify the launch.
Selling your e-book at the right price is somewhat of an art form. It may take a few goes to get it right, but remember the golden rule: never sell yourself short. Your work is your pride and joy, so you want to be doubly sure that you sell it at the right price. With a little time, effort, and fine-tuning, you’re sure to find the right balance.