Ebooks are price sensitive, so what is your ebook pricing strategy?
If you have set your ebook selling price and not changed it since you first published, perhaps it’s time to take another look.
Particularly if book sales are not rolling in the door.
Ebooks are a retail product and if you think for a moment about retail stores of any kind, prices never remain static. Pricing is about what a consumer perceives.
There are always sales, discounts and price reductions. In the case of chain stores, there is very often a difference in a product’s price from one store to another, depending on its location and customer demographic.
Retail pricing is fluid and flexible. In the case of ebooks, it is very easy to change the selling price and pricing method to experiment with a range of prices and pricing strategies, which may help to increase your ebook sales.
Here are 7 ebook pricing strategy ideas you can try.
1. Down and Up.
This method may help you in finding the best price point for your ebook. Reduce your ebook price by $1.00 every three days until you reach $0.99. Wait three days, and then raise your price in $1.00 increments up to say $4.99.
If you see an increase in sales at a certain price point, repeat the same exercise again to check if the same pattern occurs. If you don’t see enough sales to form a conclusion, try again with a longer frequency of perhaps five days.
2. Increase your price.
This may sound odd if you are struggling with sales, but a higher price can work on two fronts. One, a higher price often gives a potential buyer the sense of a better product (or ebook) and secondly, sales at a higher price will increase your ranking much faster. It’s psychological pricing.
3. Different US and UK prices.
These two ebook markets are very different and particularly when it comes to price sensitivity. I wrote about the differences between US and UK ebook prices in another post, and how UK ebook buyers are far more reluctant to buy ebooks priced over £1.99.
In fact, the majority of ebook sales in the UK are at £0.99. As Amazon UK is a geo-locked store, there is no problem with offering your ebook at a lower price (economy pricing) compared to the US store, as only UK buyers can purchase ebooks from Kindle UK.
You can set different prices in your KDP pricing page by turning off the setting, ‘Set UK price automatically based on US price.’
4. Make book one very cheap.
If you have published a series, sacrifice the price of the first book in the series at say, $0.99 to hook new readers, and then set each subsequent title in steps of $1.00 more up to say, $3.99 for the latest title in the series. It’s a common marketing ploy to help in gaining market share.
5. Price your paperback high.
Amazon always compares the price of the paperback version with the Kindle version on a book sales page by putting a strikethrough line across the print book price above the Kindle price.
It makes it look like a discount on premium pricing. So, why not make it look like a bigger discount by increasing the price of your paperback?
6. Increase the price before your free ebook days.
If you use KDP Select and have five free ebook days per enrollment period, increase your price before you start offering your ebook for free.
This is especially important if your normal price is $2.99 or less. Set your price to $3.99 or even a little higher to make your free ebook offering look like a real steal for free.
Update note: If you are enrolled in KDP Select, your ebooks are available for Kindle Unlimited readers. Pricing your ebook a little higher could make your book look like a very good deal to KU readers.
7. High and low.
A high price will return more profit, but a low price will deliver more readers, or at least that is the common logic. However, it is worth seeing if this is true for your own ebook.
If your ebook is $2.99, try changing the price to $0.99 for two weeks, followed by two weeks at $4.99. You might be surprised at the result of this pricing method.
There are no concrete rules for an ebook pricing strategy, except that doing nothing will probably result in the same.
So by experimenting with your ebook price, often in combination with your online book promotion, you will be taking proactive action that can only help in the long run.
The aim is of course to sell more copies of your ebook, so the price is of secondary importance, as at any price a bestseller is a bestseller.
More reading: What’s The Best Way To Promote My Self-Published Book?