How do I Price My Book?

Today's topic - book pricing ... I get routinely asked, "How should I price my book?" A lot of authors will want a low price without considering their breakeven point. If the cost per book exceeds the actual royalty you receive per book, you're going to automatically start in the red and never be able to get past it. Now eBook sales can mitigate this problem since you only have a one-time conversion fee.

 

My advice though is to never price your book so you're actually losing money. Even if you're making a small profit per book, go that direction and mitigate it with eBook sales. I know many authors are concerned about pricing their books out of the market. So, that is why I suggest at least some profit if you want to lower your price based on that concern; but do not flip it over. Going upside down on any project is always a losing proposition - that is, unless...

 

You're doing a book to enhance your image or career. If you wrote a book to promote your business or become a subject matter expert then individual book sales won't be as important. The book becomes a tactic to meet your goal. Executives who show up with a book in-hand will far outshine those who don't have one. When it comes to business ownership, your book will also become a marketing tool and give you opportunities to speak or catch the media's attention for more exposure. In that case, those outcomes are the rewards and opportunities not book sales.

 

You're writing a nonfiction or educational book or textbook, then the value goes way up. College students pay up to $200 for some books. The expertise required to write a textbook creates the value. Consumers pay extra for the knowledge. It won't matter if your cost per book is perhaps $10 and your profit margin is $190. People will pay the price based on the perceived value of the information.

 

Price based on quality of the book itself also works. For example, a book of gorgeous photography or art on glossy, full-color pages can be priced much higher. People aren't paying for words. They're paying for artwork. These "coffee" table books sell based on elegance and beauty. The actual cost per book for these books can be expensive. My advice on that kind of book is to make sure you have a higher profit margin and don't go cheap. The price actually is based on perception of quality.

 

Custom books can surprisingly be priced much higher. It may shock you that a book that has clearly been done on a limited print run (e.g., a spiral bound book done on a copier) can get away with a higher price. The book's very quality of appearing customized creates an understanding in consumers. Anything custom made tends to go for a higher price. Aren't you willing to pay more for a handmade quilt than a manufactured one?

 

All right Friend-Os off you go to write...