If you price your book incorrectly you may reduce your short-term profitability and likelihood of long-term success. Here are ten tips to help you price your books profitably.
- Choose the retail price wisely. Many variables contribute to this decision. What is the trim size? Page count? Competition? Unit manufacturing cost? Target end user? Corporate buyer? All of these factors must be considered when establishing the retail price.
- Pricing your book is an art, not a science. Once your costs, distribution fees and expected profits are determined, it’s time to apply intuition to your pricing recipe.
- Price your book based on its value. The price is always too high for a book that is not needed. Price is a feature. Value is a benefit.
- Do not price your book using an “X-time-cost” formula. Printing costs vary widely depending on the technique used and quantity printed.
- Do not price your book the same as competitive books. Competitors may have printed similar titles in large quantities and the resulting lower costs. Identical pricing also tells consumers that your content must be similar, too.
- Look at your price differently. Price your book based on the number you have to sell to net $1000 in profit
- Know your discount structure. Know your costs, whether using POD, independent publishing or buying books from your publisher. How much will you make on each book you sell?
- Price is not the same as cost. The price is listed on the book, but the cost is related to the personal value the reader receives from buying it. In corporate sales, the cost of your book is related to how well your content helps the buyers reach their companies’ goals.
- Eliminate price competition. Potential buyers can make an immediate price comparison among books on the shelf in bookstores – bricks or clicks. Make your books available where your competition is not – through non-bookstore retailers or to non-retail buyers in corporations or associations.
- Know when to choose a high vs. low price. Choose a lower price for a mass-produced book with a simple distribution channel, if there is fast title turnover, if the content has extended usefulness or if you desire a large market share. Choose a higher price if the opposite is true.
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Brian Jud is the Executive Director of the Association of Publishers for Special Sales (APSS – www.bookapss.org – formerly SPAN). He is also the author of How to Make Real Money Selling Books. Brian offers commission-based sales of books to buyers in non-bookstore markets. Contact Brian at P. O. Box 715, Avon, CT 06001-0715; (860) 675-1344; brianjud@bookmarketing.com or www.premiumbookcompany.com twitter.com/bookmarketing
