For those with books or have books coming out, one of the biggest question is price. I would say 9 times out of 10 we under-price because we think that no one is willing to pay a higher price for an unknown book.
One thing Brendon Burchard talked about is knowing your value or the value of your product. So even if you have a 50 page book, price it by the value you know the reader will get, not by how long the book is.
When I got back from the conference I tested this theory by rasing my eBooks from $1.99 for one and .99 cents for the other to $4.97 for each. I am now selling double then I was at the cheaper price (I do realize PART of the reason is some extra exposure) sorry to rant like this, just something I was thinking about when I read this quote from Seth Godin:
"Cheapest price is the refuge for the marketer with no ideas left or no guts to implement the ideas she has."
Great Seth Godin quotation Kimanzi!
I personally am struggling with pricing at the moment with some of my products, and I will likely be revamping prices and placement strategies within the next month or so.
I will be interested in reading further developments and ideas within this discussion!
GREAT DISCUSSION Kimanzi!
One reason I set my book prices higher than most is so that I can sell bulk orders and still generate decent revenue.
For instance, Who Wants To Be Normal, Anyway?! sells for $20 retail. Some might think that's a bit high. However, just last week I sold 150 in a bulk order before a speaking engagement for a 50% discount ($9.95 per book). In other words, the total of that order was $1,492.50. If I set the retail price of that book at $12.95, the total of that sale would only be $970.50. That one little decision put an extra $522 in my pocket on this one sale.
So, as a speaker who happens to sell a lot of books in pre-event bulk orders, I definitely process pricing with this in mind.
Kent is so good at realizing how to get people to recognize value and price your products. His suggestions about retail versus bulk pricing makes very good sense. You may want people to realize the value of your book by setting the cost at a fair price but also offer a discount when bought in bulk particularly to groups who invite you to speak.
They get a product at a discounted rate but you get more buyers and still realize profit. It really is a win/win and nearly all businesses mark their products similarly to this.
I did have several people tell me to price an e-book 1/2 to slightly more than 1/2 of the bound book price and that does seem to be the going opinion about e-book pricing so when you set your bound book price think also of what you might be willing to let it go for as an e-book
This is a discussion that I wish I'd read before I published my first book! I have since learned so much from Kent (see his answer) and I now price at the top of the range that I think I could get for the book. There are several reasons for this:
Lynne...what GREAT insights! Thanks for sharing!!
And remember, we all learn from getting out there and doing it. You're ahead of 95% of the people who dream about speaking and writing because you are DOING it.
This very question is what I joined this group to get some insight on.
Does anyone have any experience or opinions on pricing technical books addressing niche topics?
I've got in mind a "programmer's cookbook" for the software systems I work with. This or this are examples of more general versions of what I have in mind. They retail for about $50 for the dead-tree editions and about half that for the digital editions. Drilling down into my specific niche there are no books of which I am aware other than the training manual you can get from the vendor only if you attend a $2,600 five-day training course. My book would not compete with the training manual, rather it would supplement it.
The intended customer wouldn't be the person who would read the book, it'd be their employer who would buy it to get better value out of their very expensive software system.
Anyways, I'm interested to hear your thoughts.