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What Price Range Best Suits Your eBook


Posted on 2013-Sep-03

by Panich Choonhanirunrit (Google+)

Amazon’s Refund

Tickets

If you are an Amazon customer who bought eBooks between 1 April 2010 and 21 May, 2012 published by Hachette, HarperCollins, Simon & Schuster, Penguin or Macmillan, you can claim your refund after the court settlement will be finalized in December this year. According to the case summary provided by Attorneys General and Class E-book Settlements, all of the five mentioned publishers have agreed to settle the lawsuit.

Amazon takes this opportunity to write to their Kindle customer and explain how they will automatically receive a credit. This credit can be applied to your Amazon account of which can be ranged from $0.73 to $3.06 for every Kindle eBook that you bought. As a customer, you have the right to claim your refund by filing your claim before 10 September 2013. If you do not want the refund, you can object, go to the court and speak about your opinions, or exclude yourself to receive no benefit. Whatever choice you will make, the refund will be automatically sent directly to your account if you are an eligible customer. Stay tuned.

What’s the Right Price for Your eBook?

Cash

With regards to refund and eBook purchases, have you ever wondered how your pricing criteria affect reader’s behavior? Earlier in May, Mark Coker of Smashwords confirmed the 2 sweet spots in pricing your eBook at $0.99 and $2.99. These price tags can be advantageous to sell more of your books. Nevertheless, a telling article from Dear Author dissects each pricing strategy and echo reader’s thoughts.

From $0.99 to the All-High $8.99 and Up

Paid

The price entry of $0.99 is probably the safest bet for appealing to a new customer base and garnering reviews. Based on Amazon’s system, the customer will be reminded to review the book right when they reach the final page. Theoretically, the more the books are read and reviewed, the higher chance readers may have finished reading the entire book and left the review to boost the book’s visibility and credibility. In reality, regardless of how author Elisabeth Naughton was listed as No. 2 New York Times bestseller selling her books in a bundle, she has only received 48 reviews. Sales wise, it is the ideal price entry but perhaps readers do not find enough reason to review the book they purchased with such a price tag as soon as they can.

$1.99 will not get your sales anywhere near the impressive figure you have been dreaming about. Not only are you ruining your chance to receive higher royalties, Mark Coker pointed out that any price between $0.99 and $2.99 will result in a decline of sales. “Note how books priced between $1.00 and $1.99 significantly underperform books priced at $2.99 and $3.99. $1.00 appears to be a black hole,” Mark Coker wrote.

The $2.99 - $4.99 price range is simply inviting. Most people can find it valuable enough especially if the book is recommended by someone else. A cover, a blurb, or a good review can be a deciding factor whether readers will choose your book over the rest.

The higher range $5.00 - $7.99 is reserved for authors who have published and impressed certain group of their fans before. What they most likely expect from the book is that they are certain that they will spend their quality time reading. Readers are not likely to take a new chance aspiring authors unless they are highly recommended by a credible source.

The ultimate range $8.99 and up represents the popularity of the authors who have sold more than one book successfully and thus forming their own niche audience. At this price range, their reader group tends to be dedicated fans who are willing to pay whatever the price is as long as they can get hold of a quality product they aspire to possess. The larger the fan group is, the higher price the author can charge.

Readers’ Feedback

Apparently, book price is a big topic that readers are concerned about. Several opinions flood in to share their thoughts which price range best suits their financial demand and reading preference. The lower the price range, the easier the reader’s decision can be made to make their “impulse” purchase. Rosie said that $1.99 will move her to buy the book with one click. Sandra approves $1.99 or less; she simply rejects the notion of $7.99 and expects the price to drop to be with her reach. In order to convince her to shell out more money than stated, the book needs to be written by the authors who she is familiar with their works. According to her opinion, the lowest price entry $0.99 is reasonable for self-publishing works but the book needs to be well edited to win her over.

Value-added Inscription

Writing

It sure is good news for certain Amazon customers to claim their refund as a result of the agency pricing settlement. If you are one of them, you will be qualified to protect your right according to the case summary. If you opt to receive your refund, you will automatically have extra budget to buy a new book from Amazon. Again, due to the increasing demand and growing diversity in reader’s behavior, various people tend to value affordability as the main reason they conveniently pay for books. What Mark Coker said earlier this year can still apply to reader’s behavior. But for authors, setting the right price can generate or decrease sales if they have taken their reader’s feedback into consideration.

Although it might hold true that the cheaper price tag will boost sales, each price point is significant in their own right. If you are an aspiring author, pricing your book somewhere between $0.99 and $2.99 can guarantee your maximum exposure. However, for established authors, there are many possible ways you can add extra value to your book. Embedding signatures, pictures, personal dedication message, etc. can surely build unique relationship with your readers. Contact us for more information about autographing your eBooks now.

Label: Self-Publishing

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