Pricing a book isn’t rocket science, but it requires a considerable amount of time and research. A writer must keep many things in mind which include competition, sale psychology, market structure, etc. Let’s go through some important strategies that will help you to price your books.
Before pricing your book it’s very important to ask yourself a question, whether you’re expecting a considerate monetary benefit from the book or do you want to increase the readership? The pricing can vary a lot on the goal of the writer. A writer who wants to establish a strong reader base may be ready to publish a book at a low cost whereas a writer who requires monetary benefit might not.
Monetizing a book becomes difficult as the raw materials of a literary content (which include imagination, rareness, work put in, etc.) are not quantifiable. As the price is the quantified version of the work it’s important to analyze the value of the content before pricing. Things to keep in mind is the length of the work, the amount of time and work put in, uniqueness, etc.
Analyzing competition is an important step in pricing. Keeping a note of the price of similar books help in learning the mindset of target readers. How much is the reader willing to pay for similar content helps the writer to keep a threshold price that will make the process a little easier but it’s also essential to not charge the same price as the audience may confuse for similar content and might end up not buying your book. It is very important to focus the marketing on the uniqueness of your content.
For first time writers, pricing a book may seem overwhelming and technical but it’s always okay to consult a professional. They will be able to analyze the market situation and technical variables in a better way, but that shouldn’t restrict you from researching and understanding how the market works. If a professional seem costly, you can always reach out to writers who have done it efficiently in the past. As the digital world is taking over and self-publishing is trending, connections from across the world very important for a writer at each and every stage.
As the digital mode of reading is gaining strength day by day, it’s essential to explore platforms, communities which can help you acquire wisdom in pricing. Experimenting with pricing in e-book (that enable change) can help find the relation between price and readership.
The sales of a book depend on many factors, the popularity of the author, the reach of genre, trends in the market, etc. So it’s very important to have a very realistic view of the demand, price, and sales so it doesn't lead to disappointments.
A writer is not a person who simply writes, but a person who can understand the readers, who is ready to edit a text 1000 times, who is ready to learn something new wether it be the marketing, sales, black holes, or Greek history. But in all these technicalities it is important not to lose the passion and purpose of your writing.
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This article was written by Irin Anna Cherian.