The price of the book will impact your sales. Basically, pricing correctly increases profitability and the likelihood of success. Remember, how you price your book will determine how much profit you’ll receive in both the short-term and long-term. Here are the top tips to take advantage of when you want to properly put a price tag on your masterpiece before marketing it on social media and other platforms.
Choose retail price after considering all variables.
When deciding on the price of the book, many variables come into play. Some of these variables include the page count and trim size of the book. You’ll even have to calculate how much the unit manufacturing cost of one book. How much competition there is with your target market as well as who your target end users are will greatly affect how much you’ll price your masterpiece.
Sometimes, your intuition can be of great help.
After you have determined the costs involved in the production, you’ll have to determine the distribution fees as well as the expected profits. These are information that will give you an overview about the field you are marketing your published book. Once you’ve got all these information at hand, don’t forget to listen to your guts. Sometimes, your intuition is a great contributing factor in deciding the price for your book.
Avoid identical pricing.
Avoid copying the pricing of your competitor’s book. This is especially so when you are competing with a larger competitor who is publishing a book of similar title in large quantities. With identical pricing, your target market will think of your book as having similar content as the competitor’s book.
Eliminate Price Competition.
Aside from the traditional route, use other platforms where you can sell your book as well. This is so that you can eliminate price competition. If you just focus on selling your book in bookstores, you’d end up letting your target market easily compare your book to similar titles on the shelf. You’ll just be cutting your profit that way. If you find a platform where competition is less, it should help your sales.
With the right strategy and price for your masterpiece, you can be sure to earn a good enough profit. Of course, you will have to be diligent and detail-driven so that you can create a good strategy to follow. If not, you may also take advantage of the services of a good literary agent to help you out.