The Science of Pricing Your Books Correctly

I’m often asked by authors how to choose the right price for a book, and there are a number of factors to consider.

The infographic from blog-growth.com (below) shares some of the science behind pricing items (whether big ticket or small). But how does that translate to books? [Scroll to the bottom to find out.]

So, how does that translate to books?

Well, let’s start with the formats you want to offer your book in. I often recommend making it available in at least 3 formats. It’s up to you whether it’s eBook, paperback and audiobook or eBook, paperback and hardcover, but give the prospective reader 3 choices.

As with bracketing, you’ll notice that people will tend toward the moderately priced item.

When you reduce the formats offered to only two, as shown in the decoy pricing segment, people gravitate toward the lower cost option (typically your eBook).

While that’s not a bad thing if you can make up the difference in price by an increase in volume, it’s still something to be aware of. (Amazon offers a Kindle pricing suggestion tool that analyzes the best price point for your book based on the volume of sales for similar titles at various price points.)

I have to admit, I’m a little disappointed that The Magic of 9 only tested 4 and 9. I’ve seen some great activity around 7 as well, especially when it comes to courses, and would have liked to have seen that included in the equation. You’ll have to decide if you want to test that out yourself or not.

As far as Deleting the Free Plan goes, that has bearing on the age-old discussion around whether KDP Free Days are a good idea or not. By itself, I tend to think not. However, there are some great strategies that can be used to leverage the visibility of a free book in order to lead new readers into other purchasing decisions. So, done right, the free offers do have a place in your marketing strategy. I just wouldn’t recommend keeping your offer free for extended periods of time unless there’s some other monetization strategy behind the free content.

What are your thoughts? What jumped out at you about this infographic? Is it in line with what you’ve experienced yourself, or have you seen differing results?

One Kind of Book That I HATE!

You all know that I love books, but there’s one kind I hate!

In speaking with other business owners, I’ve found I’m not alone… There are plenty of consultants, entrepreneurs, authors, coaches, photographers, designers and other small business owners who feel exactly the same way that I do about these books.

They’re a continuing source of pain and misery, and yet they’re a barely tolerated, oft-ignored necessity.

Have you guessed what kind of book I’m talking about?

Confession time… [Read more…]

Promoting Your Blog: How Much Should You Set Aside in Your Budget?

There is no denying that a blog is a highly effective tool for successfully promoting yourself. While once used by everyday people to share their thoughts and opinions, a blog has now become one of the most powerful marketing tools an author or speaker can use.

Photo Credit: Sean MacEntee

Whether you have set up a blog as the foundation of your speaking or writing career or you are using a blog to promote your books, one thing is certain: You want to attract as much attention as possible. While that blog may be expertly designed, highly informative, and very engaging, if you aren’t effective promoting it, you won’t be driving as much traffic to it as you could.

What’s that? Promote a blog? But isn’t the purpose of a blog to promote your books and events? While yes, this is true, in order to effectively use your blog to get the word out about your career, you have to get the word out about your blog. [Read more…]

How to Publish a Book with Limited Cash

My clients often tell me that they want to publish their book, but they’ve got limited cash to do it with. So, their dream of being a published author and seeing their book in print sits on the back-burner waiting for the additional cash to be freed up.

Aleweb Social Marketing - How to Publish Your Book with Limited Cash

Publish your book even on a shoestring budget

Unfortunately, for many, that day never comes!

I found myself in that situation when I wanted to publish my first book, autographed paperback. So, I know the feeling, and the burden that goes along with thinking “If only…”

However, I was determined to see how far I could get, despite my lack of funds at the time. Amazingly, there’s a lot you can do to publish your book on a shoestring budget if you’re willing to put in the time to do the work yourself.

Having self-published 5 books now, I have to admit that I like the amount of control I have when I create the book listing myself rather than letting someone else do it for me. [Read more…]

3 Reasons You Need a Marketing Budget and How to Get One Started

Today’s guest post is from Erin Steiner is a freelance writer from Portland, Oregon. Figuring out her finances took her a while, too.

Marketing and promoting others is easy. Of course you want to talk up the projects your friends are working on. You’re proud of them and you want them to succeed. Marketing yourself, however, is trickier. Marketing yourself feels icky. The idea of setting money aside just to market your book or your profile feels selfish.

Aleweb Social Marketing - 3 Reasons You Need a Marketing Budget - And How to Get One Started Pic 1

It’s the piece of the puzzle that’s easiest to put off…but it shouldn’t be.
Image Courtesy of Stuart Miles/FreeDigitalPhotos.Net

Still, you need to do it. Here’s why.

  1. What you are effectively doing is creating a “business of you.” Setting aside money for marketing and promotional purposes helps cement that in your head. It forces you to see what you’re doing as a real and serious enterprise and not just a hobby that you’d like to “go pro” with someday.
    This doesn’t stop with you. Separating out your marketing budget and business expenses from your personal finance helps others draw boundaries between the you that is their friend/parent/spouse/neighbor and the you that is a successful author/artist/entrepreneur.
  2. Setting up a marketing budget helps you make sure you always have enough on hand to pay for promotional needs. That way paying for things won’t feel like “borrowing from Peter to pay Paul.”
  3. Your taxes will be much easier. Remember: Money that is spent in the name of building and marketing your brand is often tax deductible. By separating your expenses, you can keep your professional taxes separate from your family’s personal taxes, which will save everybody at least a few migraines.

So how do you do it? How do you create this mythical marketing budget for you and your projects? [Read more…]