Although most indie authors have full input into how much their book should cost, many don’t know what to factor into that price. Unfortunately, it is possible to price your book incorrectly. Bad prices can lead to less people discovering your book so it is crucial you are pricing your book at the right price.
Finding the “right” price involves most authors’ absolute favorite thing: research.
Pricing your book: what you have to consider.
Here at Hybrid Global Publishing, there are a number of factors we consider when deciding on a price of a book. First off, we consider the actual printing cost, which is affected by trim size, page count, cover type, and whether or not the interior will be in color or black and white. Then, we consider how competing books are being priced and whether or not they are successful at that price point.
Pricing your book is a very critical part of your marketing plan. If priced too high, it can throw everything else off in your plan and therefore your sales. Same with it being priced too low.
Low prices can have a psychological effect on your potential customers on just how much your book is worth. Think of your book’s price as Goldilocks: don’t go too high or too low, try to find the sweet spot.
Don’t lowball and hurt yourself in an effort to get more sales unless it is part of a tactical strategy. Also, be aware that temporarily discounting your book is not the same as permanently having a low price.
And remember: having the “right” price is just one part of your book that can help or hinder it so make sure everything else about it is good to go.