1. Bakkerbaard

    Bakkerbaard Contributor Contributor

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    Pricing formula?

    Discussion in 'Self-Publishing' started by Bakkerbaard, Aug 17, 2021.

    Sorry for flooding the forums with these questions, but I have the release of the book clearly on the horizon now. And not like the previous time either, when I said I was getting close right after writing The End.

    Anyway, I've been looking around a few sites to try and determine what my book might be worth and all I've learned is that nobody really knows. Prices are all over the place, especially on Dutch sites. I guess we price by the speed of our windmills on any given day.
    Is there some sort of formula that can be applied? A rule of thumb, maybe?

    Actually, I'm kinda hoping someone is going to say "Yup. A word is worth X amount of cents. Multiply your count by that."
    Obviously, a paperback needs to account for POD costs and then a little sumtin'-sumtin' for yourself, but how much sumtin'? Some stunting on KDP tells me my book is gonna be 5 bucks and change to print, roughly, and I'm of a mind to double it.
    And what about ebooks? Mine smells like it should be 4,99.

    I'm not expecting my book to get out of the red, mind you, but I don't think I should sell myself short either.
    Anyway, if you need me I'll be pretending I want to buy a book everywhere.
     
  2. dbesim

    dbesim Moderator Staff Supporter Contributor

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    I would price it at the lowest available rate to attract more buy. People seem like they’re more interested in reading books that they can afford and more likely to read a book that was a free giveaway or more affordable than it seems, especially if they’re unsure about whether this is going to be a book they will enjoy or not. They’re not likely going to know what the read is going to be like based on the book cover and the synopsis only. Also, how are you going to attract reviews?

    Once your book sales start taking off, you could always mark up the price or continue to keep it low to please your fans?
     
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  3. NigeTheHat

    NigeTheHat Contributor Contributor

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    I think if anyone here had the perfect pricing formula we'd be a lot richer than we are :D

    The general pricing theory I use (in my day job, not for books, though this is general principles rather than market-related so probably carries over) is:

    - Try to be a bit cheaper than the prevailing market if you're looking to shift units. You need to change the first number to be noticeable.
    - Keep in mind psychological barriers. $10.00 looks a lot more expensive than $9.99 to most people, but $9.99 and $9.69 are basically equivalent
    - If the platform lets you, set a perceived value price as well as the one you actually want to sell at (e.g. have it on sale for $15.00 for just long enough that you can reasonably say $15.00 $9.99)
    - Don't feel like it's set in stone. Try a price, if it doesn't work for you, change it.

    A lot of publishers use the system of having book 1 of a series be stupid-cheap and the other books be higher-priced - the 'drug-dealer' pricing strategy. If you're doing a series you could consider that.
     
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  4. Bakkerbaard

    Bakkerbaard Contributor Contributor

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    I'm just gonna give the local millionaires some time to reply. They're probably busy, you know how it is.
     
  5. Naomasa298

    Naomasa298 HP: 10/190 Status: Confused Contributor

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    Production cost for 1 copy + as much as you think you can get away with, aka as much as you think people will pay to read your book.
     
  6. marshipan

    marshipan Contributor Contributor

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    Ebooks... I'd price it the same as other self published books in your genre. 2.99 - 4.99 is the standard in romance. I don't know if that's the same with others. 2.99 is generally the standard low ball price because anything under that on Amazon and you get 30% royalties instead of 70%. So people only price at .99 if it's a tactic for grabbing a good rank or for qualifying for ads and newsletters that want cheap books.

    Hardcopies have more variation because print cost varies. I try to price the book so I'll at least make about the same off it as the ebook, royalties wise.
     
  7. Bakkerbaard

    Bakkerbaard Contributor Contributor

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    Alright. So, spitball it, is what I'm taking away from this.
    The 'size' of the book doesn't factor into this? Obviously, it does for a print version, but with ebooks a 99k story does the same as 60k?
     
  8. Steve Rivers

    Steve Rivers Contributor Contributor

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    You're looking for rhyme and reason where there is none, Bakk. Some people have "loss leader" books that sell for nothing, because they are part of a series and the first one is to entice people into reading, get them hooked, and charge them increasing amounts for each new installment, regardless of the size of the book.

    Some books are standalone and charge twice the amount. Some are standalone and charge half. There are so many factors that if you try to find any logic to it you'll go mad. Professional published books tend to go for more because they can advertise their books to a large audience, and they are seen as quality control.

    If you're looking for generalizations, then I would say a 50-100k novel goes for anything from 0.99 to 2.99. But you *will* find ones that are 3.99 and 4.99
    Epic tomes like Brandon Sanderson novels which are 350k+, or big names like Stephen King or Patterson? 5.99 to 9.99 or above and even higher.

    The question you have to ask yourself is - do you want people to read your books or are you trying to make the most bang for your buck for every purchase?

    Because there is one simple fact you're going to have to face - Unless this book gets signed up by a trad publisher, this novel will not sell much, at all. Self published novellist's first novels are always a write off. It is not about this first book if self-publishing is your intention. It is about setting the first brick down of building a reader base, learning the lessons of how to do things better, and then doing better with your next book, and so on, and so on - with each new book having a larger and better launch and selling more than the previous. If your goal is making money with this first book, you will be severely disappointed.

    I could go on about how to take advantage of KDPs free promotions for your book and how to make the most out of them, but this post of mine is already derailing itself.

    The long and short of it is - this novel is your debut novel. You are unproven in the eyes of every customer who will come across it. Think of how a *reader* will feel by looking at your price, bearing that in mind.
     
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  9. Bakkerbaard

    Bakkerbaard Contributor Contributor

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    Yeah. You'd think at this point in my life I would stop being disappointed by the lack of both rhyme and reason.

    Before I settle on a price, I hoped to find a way to get on the middle ground of that equation.

    Nah. From chapter one on out I never expected to make money. I will be happy if one stranger buys it, but basically this whole endeavor boils down to vanity. I think it's gonna be more impressive if I tell the production assistant girl at work "I published a book" rather than "I finished GTA. Again."

    Well, if you feel like it, you have my OP Seal of Approval.
    At this point I'll take any education I can get and I prefer human/forum interaction over dry website reading and dodging ads.
     
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