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?