Pricing your book can be very tricky. Let me tell you how to price a self published book on Amazon so that you'll get more sales.
Implementing Price Strategy
Today's topic has three points and you're going to want to stick around for the third point. Because it is a secret to the exact pricing strategy I use when it comes to pricing books on Amazon.
So the topic we're discussing today is how to price a self published book on Amazon. By the end of this Blog, you're going to know the role that pricing plays when it comes to people who are considering buying your book.
You're going to have the exact pricing strategy I use to make thousands and thousands of dollars on Amazon. You're going to feel great that you're setting yourself up to make royalties as much as possible when it comes to the books that you're putting on Amazon.
But before we get into the answers, check out and book a one-on-one free Discovery Session with me. So that we can take a look at your book and how far you've come on your self-publishing process. We will just sit down for about 30 minutes to 1-hour sessions and take a look at how far your process has come.
And the people who have done it already have been very happy with the results. I'm sure you will as well. So let's get into it from my own story, I had no clue or understanding about the nature of pricing when I was first getting started with my books.
I thought the pricing was the top issue on people's minds when it comes to deciding whether to buy a book or not. If the price is too high, we just don't. But if the price is too low, then maybe you would buy. And if it's free, well then it's a no-brainer.
I thought this was the key issue that pricing played a very key role in people's minds. So I figured I don't want to charge too much for my books. Because my goal is to become known at some level.
So I want to get as many books of mine out there. I mean since that point, it's a little bit funny my books are in libraries all over the world at this point in the game. But the fact is that I figured I'll just make $1 per book.
I hope they don't get offended at this pricing because it'll be just so cheap that it'll make it so easy of a decision. Because after all, pricing is the number one thing people think about when buying your book, right?
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Well no, that is completely incorrect. I was losing thousands of dollars as a result of this terrible decision. The thing is that I studied the subject much closer about implementing price strategy. There were a whole bunch of things I found very difficult.
I didn't even believe them until I implemented them. And the result was seeing my revenues jump up incredibly high. Compared to what I was doing before that sold around 40,000 to 50,000 books as a result of the new pricing strategy.
In other words, you start raising the price and the number of sales you're getting is increasing. It was unbelievable and that's what we're going to discuss here, how to price a self published book on Amazon.
So the first thing is that pricing is about projecting value. It is not the top reason people buy or don't buy your book. When somebody's looking to buy a book, if the book is a proper match and doing proper marketing, it has great sales copy.
Projecting Book Quality
It is sold on the fact that it's going to deliver the value and the results that it's putting out into its description and such. Then the person will not allow price except if it goes incredibly high. But even then, it becomes a luxury.
But the thing is they're not going to let price be the thing that gets in their way. So if a book is $30, the book is a correct fit. This is something that you need to understand, the person will buy it regardless of the price.
It is not about whether or not it's too expensive. Pricing is about projecting the quality of the book and in fact, will impact how they perceive the book. So for example, you go to a meal and they tell you it's a hundred-dollar meal. And you sit down, they serve it, and then they explain where all the parts are from.
I've seen this before where they did this exact experiment and all of the parts of the meal were all cheap. Can be found in the local grocery store and is nothing expensive. But then they lied to the person and told them, "this is the best milk and the best cheese".
The way they presented, they're wearing fancy clothing that when they present the food, the person feels it tasted so much better. It was definitely worth the $100 meal, whereas if they tell them it's just cheap ingredients.
I found some here, they're sort of out of date. And you do it this way, the perceived value is much lower even if both meals are the same. The price will be signaling the value of what you're going to get.
So this is something that so many authors do not understand when pricing their books. The second trip of the day is we adjust the price based upon what the market is telling us. But the fact is that some of the prices and I'll just say on the Kindle books we don't change the prices on them.
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Their role is to bring traffic in to see that price. Then they see you have a paperback, audiobooks, and hardback books. Those then persuade people that maybe they should purchase them instead.
That's why many of the authors I know and myself, I make twice as much money off of our paperback books. Even though I sell a lot more Kindle books, it pulls these readers in. They see there's a paperback version available and then they just buy it.
They also see the Kindle book is so cheap but we're going to hit it now. Our secret tip of the day is that for Kindle books for a single manuscript, that's just a single book. We're pricing it at $2.99 which will give us a $2 royalty on each sale.
If it's a bundle where we combine 2 books into a combined single book, then we're going to raise the price by $1 there. That means we'll be making $3, it could be a little bit different based upon how they do it. But just raise it $1, so that's $3.99 for 2 manuscripts and $4.99 if it's 3 manuscripts.
When To Raise The Price
If you have books A, B, & C, and you combine them, we're going to sell that for $4.99. We're going to make in general $3 of every sale of that book. Those prices stay constant, we never raise them and we never lower them.
Amazon will give us the maximum profits when our books are priced between $2.99 and $9.99 at 70% and they're going to drop it down to like 30% or something. It's crazy bad.
So we stick with this, we're using the prices on our Kindle books to drive that traffic. The next thing is for our print back books, we should be making $5 for every sale regardless of how many pages these books are. Then for each additional manuscript, you raise it by $1.
But let's just say you have a single book out, $5 is what you make for every 6 copies we sell in 90 days. We're going to raise that price by $1. If we go like 30 days and we're making no sales, we drop it back down to that base price again.
Some of my books are priced at 17 to 20 times. At one point, I had some books that I'd raised the price 30 times. I was making $35 for every sale of the book and it was unbelievable especially around Christmas time.
But then if the sales just dive, we drop it back down to the base price. We let the market tell us to raise the prices from there every 6 copies in 90 days. We just raise it by $1 and keep on doing this exact pricing strategy.
It has resulted in an insane amount of money coming through. I don't know what the market values. When you put your book out there, it may or may not sell a million copies.
One of the reasons I do Discovery Sessions with people is to specifically look at your book and help you optimize it. I have one goal and it is to make sure you're selling as many copies as possible with your book. We also look at the niche and the keywords to make sure that they are properly adjusted.
To maximize the sales that you're going to be making on your book. Once those are in place, we're running an ad against it and then we're able to see what exactly happens. But I want you to also use the proper pricing strategy.
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I want you to be making as much money off of your books as humanly possible. Now you may be wondering, why do I want that? The answer is if you're doing that, you're going to come back and watch more videos.
You're going to take more of the Courses that I offer. You're going to hire me for more Coaching, it's just that simple. So one of my goals is to see you not leaving money on the table.
The second thing is you're going to be motivated to write more books and to get your value. The value that is in each of your books is out to more people. So in a sense by me teaching you these, don't even hire me, just follow the tips I'm giving you.
Adjust your prices as I'm telling you and watch what happens to your royalties that are coming in. They're going to jump and as a result, we're able to reach even more people. We are going to get that value out to the world as opposed to correctly pricing your books wherein we are losing sales.
We are losing royalties, becoming demotivated, and quitting writing. Where you suddenly are not getting the value you could be getting out to your audience. This is one of the reasons I'm here to make it as easy as humanly possible for your books.
But my question for you today is what price do you sell your books at? Let me know below in the comments. Check out my other blogs and videos for more answers to your self-publishing questions.