Category Archives: Business of Writing

Business of Writing Marketing Self-Publishing Writing

How to Price Your eBook

January 13, 2012 – 1:00 am

Girl ReadingOne of the most common questions I hear from indie authors is:  “How do I price my eBook?”

First, let’s deal with some wrong thinking about price.  There is no one method or approach to pricing that will work for every book.  That’s right.  There is not a single answer to this question.

So, the real question becomes, what is some way I can determine a price for my book that the market will bear?

Let’s consider some of the information you’ll need to come up with a good pricing strategy.

1. How many titles do you have available?

2. What are other comparable eBooks in your genre selling for?

3. What are your distribution channels?

4. What are your sales goals?  Are you looking for a short, big burst of sales or are you looking at building a steady stream of sales over a period of time?

 

Number of Titles Available

If you only have one title available, your pricing strategy will probably vary from an author who has multiple titles.  For example, when my first book, A Dream Unfolding, was released, I priced it at $2.99 until the second book in the series came out.  I chose the $2.99 because a lot of authors talk about that being the sweet spot price for eBooks (more on my thoughts about that later).  My sales were okay – not really reaching over 100 books per month at that price point.

When I released my third book in the series, I dropped the price of the first book to $0.99 while pricing books two and three at $2.99.  I was still working on building my marketing strategy, but I sold over 200 copies of the first book that month and another 150 between the other two.

After a month of some very strong marketing, selling over 700 books between all three titles, I decided to come up with a better strategy for pricing books two and three.  I left book one at $0.99 to reduce the barriers for new readers to try my books as a new-to-them author.

My answer for books two and three?  I priced them both at $5.99.  Before you cringe and say that my sales tanked, let me offer you the next point.

Price ManPrice of Comparable Books in Your Genre

I did a pricing study of the top 100 best selling eBooks in my genre.  You know what I found when I did that?  The average price for my genre was $5.29 with some eBooks as high as $9.99 and others as low as $0.99.  I decided to go up a little from the average and price them at $5.99.

The results?  I didn’t see any drop off in sales.  Instead, I saw a marginal increase, which I attribute to better marketing efforts, closing out the month with 1740 books.  That number has been steadily increasing each subsequent month.

Distribution Channels

How do distribution channels affect pricing?  Well, if your eBook is on Amazon, Barnes & Noble, and other distributors, be aware of their rules.  Amazon has a strict policy (see KDP’s Terms & Conditions for the most accurate info) that your eBook cannot be priced lower on another distributor than it is on their site.  Apple has a rule that the book must end in 99 (i.e. $0.99, $1.99, etc).  These rules must play into your pricing strategy.

Sales Goals

Lastly, your sales goals are a part of your pricing strategy.  If you’re looking for a short term burst, try lowering your price for a short period of time, like for a 99 cent sale.

If you’re looking for long term, steady sales growth, consider doing a pricing study or pick a price and stick with it for awhile.  Price alone will not provide long term sales Marketing plays an important role to the success of your novel.

The Sweet Spot Price

Given my own results with books priced higher than $2.99, I disagree with the idea that there is a one-size fits all sweet spot price for all eBooks of all genres.  My historical novels are doing well at the $5.99 price point.

Conversely, my new contemporary novel is not getting as much traction at $4.99.  My approach to this?  I’m working on beefing up my marketing efforts for it—leaving price alone.  If it’s still not doing well in its third month of release, then I might play with price.

Remember, price is just one of the tools at your disposal for selling your novels.  Don’t forget about advertising, distribution, and promotions.

 

Self-published author, Karen Baney, enjoys sharing information to help authors learn about the Business of Writing.  She holds a Masters of Business Administration from Arizona State University and has worked in various business related career fields for the past 20 years.  She writes Christian Historical Fiction and Contemporary Romance novels.  For more information about Karen’s books, visit her Amazon Page.

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Business of Writing Self-Publishing Writing

How I Published My Book For $350

November 11, 2011 – 1:00 am

I recently attended an event where a company discussed how they could help an author self publish.  The total cost they quoted to help the individual publish was a minimum of $1800.  But they strongly encouraged writers to purchase a minimum quantity of books that brought the total to $3400.

What did the author get for $3400?  They receive editing services, original cover design, interior design, ISBN, barcode, and 215 paperback copies (they threw in 15 free copies) of their book.

I cringed.  I bit my tongue.  My heart flew out of my chest.  My stomach tightened into a giant knot.  I watched as dreams of the other authors shattered before my eyes.

My Publishing Costs

For my book, Prescott Pioneers 3: A Life Restored, here’s a breakdown of my publishing costs:

Item Cost
Cover Art  $         150.00
Editing  $           50.00
3 ISBNs*  $           75.00
Copyright filing fee  $           35.00
Paperback Pro fee  $           40.00
Total  $         350.00

*one for Kindle, one for epub, one for paperback

Is your jaw dropping?  Are you thinking to yourself: her cover must be crappy and the book full of editing mistakes.

While I can’t promise there are no errors in my books (even the big publishing houses miss things), I will tell you that I have two editors that line edit every book I produce.  I also go through it many, many times myself.  I have high standards for myself and strive to put out a high quality book.

As for the cover, see for yourself.  I can guarantee no one else has this cover.  The artist was commissioned to make this for me.  It fits with the genre of the book and many fans have exclaimed how much they love the cover.

How did I do it for so little cost?

Cover Art

I found my illustrator at ConceptArt.org (not suitable for work).  When I needed artwork for the first cover in my series, I posted an ad, including what I was willing to pay.  Though I paid far less than $150 for the first cover, I was glad to pay more for this cover because my illustrator did such a good job on the first two and I asked for something more complex this time.

Another great place to get cover art is iStockPhoto.  You can pay a fee for rights to use the image.  In some cases, you can pay an exclusivity fee meaning that no one else can use the image.

Do you have an art school nearby?  Consider contacting the school to see if you can connect with students who might be willing to work for free or a small cost.

Editing

One of my editors is also an aspiring author.  She and I have an agreement where we trade editing.  Since I feel she gets the raw end of the deal (she’s edited four of my books to her one), I agreed to help her get her book ready for publishing.  So, I traded time for services, instead of money.

The other editor is a special circumstance using my network of connections.  As I continue to make more sales, I send her gift cards to thank her.  For this one, it was a $50 gift card.

ISBNs

There are all sorts of opinions about ISBNs.  I decided to go with Bowker’s recommendation, which is one ISBN for each format: hardcover, paperback, Kindle, ePub, etc.  So, per book I have 3 ISBNs. Because I buy them in blocks of 10 for $250, my cost per book is only $75.

Copyright Filing Fee

The copyright filing fee is something I feel is necessary.  Again, there doesn’t seem to be a general consensus on if this is required.  My thoughts?  It’s only $35.  It doesn’t hurt to have your book on file with the copyright office just in case.  I’m willing to pay $35 for peace of mind.

Print On Demand

The line item “paperback pro fee” is the price that my print-on-demand (POD) provider charges me to get the paperback version into bookstores and on Amazon and B&N.

Also, I don’t have to purchase a minimum quantity of paperback books.  The provider I use charges me a lower price, so I can order copies for my inventory at cost (plus a small fee) instead of retail.  I don’t have a garage full of books warping in the Arizona heat.

What do I get for $350?

A fully produced book that is available on Amazon and B&N in both paperback and eBook.  It’s also available as an eBook on Apple, Sony, Kobo, and Diesel.  It’s been edited by two editors and it has a fully custom cover.

Can you do this for the same cost?  I believe you can if you are resourceful.  Use the power of your network.  Trade for services instead of paying a fee.  Look for creative ways to get cover art for low cost.

Like what you’ve read?  Leave a comment below or email Karen at info(at)karenbaney(dot)com or check out her books on her Amazon Page.

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Business of Writing Marketing Writing

How To Avoid A Black Hole

November 4, 2011 – 1:00 am

black holeIf you were hoping for a scene from Star Trek, I’m sorry to disappoint.  I’m actually talking about black holes in your internet presence.  Dictionary.com defines a black hole as:  “Any place regarded as resembling a black hole in that information entering it cannot be retrieved.”

A Real Life Example

Recently an author contacted me on twitter.  He sent me a link to his website (a blogspot page).  The message on twitter said that this was the link to his website and book.  After spending about ten minutes clicking on nearly every link of his site, I couldn’t find either his last name or his book name or a link to buy his book anywhere on his site.

Being a bit on the OCD side, I couldn’t just let it go.  After all, he took the time to personally connect me with.  I wanted to see if his book was anything I might be interested in reading.

So, I decided to go back to his twitter profile.  This, at least, had his first and last name and a link back to the same uninformative blogspot page.  I copied and pasted his name into Amazon to search for him.  There was a book that came up, but it didn’t fit with the description on his twitter profile.  The middle name of the author that came up was different than the middle initial listed for the author on his blogspot page.

I gave up.  I wasn’t sure I was looking at the right person.  I also spent way too much time trying to find his book—much more than any reader would spend.

Said author just dropped me into a black hole.

Tips To Avoid Black Holes

So, authors, here’s my tips to make sure you don’t drop potential readers into an internet black hole:

1.  On your website, make sure your name (or pen name) is spelled exactly the same as it would appear on Amazon, Barnes & Noble, in book stores, or any other place your book is sold.

2.  Make sure you have a link to at least one, but preferably all your distribution channels, on your book’s page on your website.  It’s even better to put a link to one or more of your books on your homepage.  Some prolific authors may prefer to list only the book they are currently promoting on their homepage.

3.  Make sure your titles are spelled the same as what a reader may use to search for you on Amazon or B&N.

4.  If you have a separate website and blog, make sure all of the above is done on both sites.  (The real thing you should do is combine both your blog and website into one website for SEO – search engine optimization.  But, that’s a whole different blog post.)

5.  On your twitter profile, please list what genre you write and include a link to your now cleaned up website.  Note:  If your twitter handle does not resemble your name in some way, set up another account that does.  Perhaps include a link to your other twitter profile.  I know it’s hard to switch if you’ve built a big following, so be creative.

6.  On your other social media sites (Facebook, Facebook Fan Page, Google +, Goodreads, Library Thing, Shelfari, etc.), make sure they all link back to your website.  If they have a place to list individual links for your books, add those too.

Another note about social media and marketing

Whenever you talk about your books on Twitter, Facebook, Google +, etc., be sure to link directly to where a reader can purchase your book.  Link it to the Amazon product page (not your author page), or B&N product page.  Something.

Why?  You do want people to buy your book, right?  Give them the most direct access possible to do so.

Periodically check your internet presence.  Think like a reader.  Click on links you have posted on your website, in your social media profiles, etc.  Can a reader easily (one or two clicks) get to a place to purchase your book.  If not, it’s time for a little updating.

Like what you’ve read?  Leave a comment below or email Karen at info(at)karenbaney(dot)com or check out her books on her Amazon Page.

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Business of Writing Writing

Are You Leaving Money on the Table?

October 23, 2011 – 12:37 pm

In a guest post recently, I talked about how I doubled my sales month over month for the past three months.  I shared the new marketing efforts I tried that have been successful for me.  But, even if you try to duplicate my efforts, if you aren’t selling your book on the Kindle, you’re leaving a lot of money on the table.

Let’s take a look at my sales from Dec. 2010, when I launched my first novel, to Sept. 2011, following the release of my third novel.  This example is strictly looking at the percentage of my overall sales by distribution channel.  The “% Books Sold” column is the distributor’s percentage of my overall sales by the number of books sold.  The “% Royalties Sold” is based on the dollars I earned from that distributor compared to my overall dollars earned.

Distribution Channel

% books sold

% royalties sold
Amazon (kindle)

85.8%

82.5%
Barnes & Noble (nook)

9.6%

8.4%
Smashwords (ebooks)

1.9%

0.3%
Apple (ebooks)*

0.7%

1.0%
Sony (ebooks)*

0.4%

0.6%
Paperback (all channels)

1.6%

7.3%

*Both Apple and Sony sales are reported through Smashwords.  Sales for these two channels are only reflective of Dec. 2010 – Jul. 2011.

As you can see from the numbers above, the overwhelming majority of my sales both in number of books sold and in my earned royalties come from Kindle sales.  If I relied solely on paperback sales, I would probably close up shop.

Here’s an interesting note about paperbacks.  The numbers above include paperbacks I sell through Amazon (via Create Space), at a local book store, and direct sales.  These numbers would be much lower if I removed the direct sales, since I make more money per unit selling directly versus what I make from my local bookstore and through Create Space.  This does not factor in the large number of paperbacks that I giveaway free to reviewers, etc.

Even though the numbers above are pretty clear, let’s not forget that there are many factors that go into the success of book sales.  How you market does make a difference, though it is my opinion that using the right distribution channels is still important to your success as an author.

If you’re not on Kindle and you own the ebook rights, it doesn’t take much to get your book published for the Kindle.  Take a look at my article on 15 Easy Steps To Publish Your Book To Kindle.

Self-published author, Karen Baney, enjoys sharing information to help authors learn about the Business of Writing.  She holds a Masters of Business Administration from Arizona State University and has worked in various business related career fields for the past 20 years.

Like what you’ve read?  Leave a comment below or email Karen at info(at)karenbaney(dot)com or check out her books on her Amazon Page.


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