Congratulations on taking the plunge and self-publishing your book! This is a very exciting time in your career as an author. However, it can also be a bit overwhelming, especially if you’re not familiar with the ins and outs of self-publishing.
One of the elements that can be confusing to self-published authors is book pricing. How much is too low or too high? How can a book be reasonably priced while still earning the author as much as possible?
Book pricing is one of the most important decisions a self-published author can make when publishing a book. Get it wrong, and you could be leaving money on the table. Get it right, and you could boost your profits by hundreds or even thousands of dollars.
So how do you find the perfect price for your book? This guide will walk you through the process step-by-step.
Set Your Goals
As a self-published author, you should start by setting set goals for yourself. This will help you stay on track and motivated as you work to reach your writing goals. Some goals you might want to set for yourself include earning money from your book sales, selling a certain number of copies, reaching a specific number of readers, and building a strong and loyal readership.
Keep your goals specific and measurable. For example, your goal could be to make your first $100 a month in royalties.
Each of these goals is attainable with hard work and dedication; by setting them, you’ll be well on your way to success as a self-published author.
Book Price Ranges
When you’re publishing a book on Amazon KDP, you’ll need to decide how to price your book. Books can be published as ebooks, paperbacks, or hardcover books, and each type of book has its own typical price range.
Ebooks are generally the cheapest type of book, with prices ranging from $0.99 to $9.99. Paperbacks are typically more expensive than ebooks, with prices ranging from $2.99 to $19.99.
Hardcover books are usually the most expensive type of book, with prices ranging from $14.99 to $29.99.
You can use these price ranges to help you decide how to price your own book. Keep in mind that you’ll also need to consider the special pricing and royalty guidelines for ebooks when setting your price on Amazon KDP.
Ebooks
Ebook prices can range based on the type of book and your goals as an author. The typical price ranges for ebooks are:
| Pricing | Range |
|---|---|
| High | $6.99 – $9.99 |
| Medium | $2.99 – $6.99 |
| Low | $0.99 – $2.99 |
Paperback Books
Because of the cost of actual printing, paperbacks are typically more expensive than ebooks. The typical price ranges for paperback books are:
| Pricing | Range |
|---|---|
| High | $16.99 – $19.99 |
| Medium | $10.99 – $16.99 |
| Low | $7.99 – $10.99 |
Hardcover Books
Hardcovers are the most expensive but also the most durable. The typical price ranges for hardcover books are:
| Pricing | Range |
|---|---|
| High | $16.99 – $19.99 |
| Medium | $10.99 – $16.99 |
| Low | $7.99 – $10.99 |
Analyze Similar Books
There are a lot of factors to consider when pricing a self-published book. The most important thing is to make sure you’re in the ballpark of similar books.
Start by looking at books in the same genre, with similar content and page counts. Then, look at the format and trim size. Are you comparable to a standard paperback or a small chapter book?
The quality of your book is also important- if you’re using high-quality materials, that will affect the price.
Finally, consider the author’s popularity. If you’re already a best-selling author, you can charge more for your book than someone who is just starting out. By doing your research and considering all these factors, you’ll be able to come up with a price that is fair to both you and your readers.
Consider Royalties
You must consider the royalties you’ll earn when you price your book. Keep in mind that book prices vary worldwide, so it’s important to find a price that’s competitive in your target market. With a little research, you can find the right price for your book that will help you earn the royalties you deserve.
If you decide to publish your book to Amazon Kindle Direct Publishing (KDP) the following royalty rates apply:
| Format | Royalty Rate |
|---|---|
| Ebook | 35% – 70% * |
| Paperback | 60% |
| Hardcover | 60% |
* The 70% royalty option is only available for ebooks priced between $2.99 and $9.99.
To find out how much you can earn per book sold, we recommend you use our free KDP Royalty Calculator. This powerful tool allows you to find the perfect price point for your book and provides you with a clear breakdown of all costs and royalties.
Psychological Pricing
When it comes to pricing your book, there’s a lot to consider. You want to make sure you’re charging enough to pay back any investment into the book and become profitable. But you also don’t want to set the price so high that potential readers will overlook your book. So how do you strike the perfect balance?
Another way to do it is by using psychological pricing. This pricing strategy considers the psychology of consumers and how they make purchasing decisions. By understanding how people think about prices, you can price your book to maximize sales.
Let’s look at some of the most common psychological pricing strategies and how you can use them to boost your sales.
Price Appearance
When consumers see a price, they take in the actual dollar amount and how that number is presented. This is because the appearance of a price can greatly impact how customers perceive a product’s value.
For example, consumers may see shorter prices are often perceived as better values, even when they represent the same amount of money. This is because our brains process shorter numbers more quickly, giving us a feeling of “ease” that we associate with good deals.
Authors can use the concept of price appearance to attract more potential customers.
Charm Pricing
Charm pricing is another common psychological pricing strategy. This is when an item is priced at an odd number (like $7.99 instead of $8) to make it seem like a better deal. Charm pricing can effectively increase sales, so it’s definitely something to consider when setting the price for your book.
Quality Signals
Quality signals are the cues consumers use to determine whether an item is of high quality. Premium products are often associated with certain traits. For example, if your book has features such as a beautifully designed cover, it will probably send out the signal that this is an expensive product worth buying.
But what about low-quality items? As it happens, customers are also some telltale signs for these too. If there is little thought in the cover design or there are grammar mistakes in the description, it can send the message that you cut corners when it came to making your product – not something anyone wants to buy!
People are careful where they spend their money. If you want to make sure people think your product is worth the money, put some effort into making it look like a premium item. It will pay off in the long run!
Conclusion
When it comes to pricing your self-published book, there’s a lot to consider. But by using pricing strategies, you can price your book to maximize sales and help you reach your personal goals.
This guide provides everything you need to know about pricing your self-published book. By understanding the different book price ranges, setting goals, and analyzing similar books in your genre, you can decide how to price your own work. Keep in mind royalties when making your final decisions—you want to be sure you’re getting a fair return on your investment.
Frequently Asked Questions
How is the price of a book decided?
The price of your book is ultimately up to you, but there are a few things to keep in mind. First, consider the length of your book and compare it to similar titles on the market. You’ll want to price your book competitively to encourage sales. Second, think about your production costs and make sure you’re accounting for them in your price. You don’t want to lose money on each sale! Finally, remember that you can always adjust the price of your book down the road if you find that it’s not selling as well as you’d hoped.
What’s a good price for a book?
This is a difficult question to answer because it varies so much based on factors like page count, genre, and production costs. In general, most ebooks range from $2.99 to $9.99, while print books are typically priced between $10 and $15. Experiment with different prices and see what works best for your book.
How much do authors make per book?
This again varies quite a bit depending on factors like ebook vs. print book sales, pricing, royalties, etc. In general, most authors make between $1 and $5 per book sold. Of course, this number can be higher or lower depending on all the factors mentioned above.
What is a typical book royalty rate?
A royalty rate is the percentage of each sale that goes to the author. For ebooks, the standard royalty rate is 70% after the delivery fee and Amazon fee. After the fees, the author of an ebook priced at $3.00 would receive about $1.35 for a 5 MB ebook file.
Paperback books and hardcover book royalties are calculated based on the cost of printing. The cost is based on the number of pages and the choice of black and white or color. A paperback book in black and white priced at $10 would earn the author a standard royalty of $3.85.
Is selling a book profitable?
Yes! Selling books can be very profitable for authors. Many authors make a full-time living from their writing careers. Of course, how much profit you make will depend on factors like how many books you sell, what format(s) you sell them in (ebook vs. print), what price point you choose, etc. But with careful planning and execution, it is certainly possible to make a healthy profit from publishing books.
