How to price your Kindle book – 5 Strategies to Sell More

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How much should you price your book? This question is a bit tricky because the price
often affects how the readers will value your book. Selling it on a bargain might look like
the contents are also cheap. Overpricing it might keep off possible
readers from purchasing your book. But not to worry because, in today’s video I will show you how to price
your book, step-by-step. Hi there I’m Vikrant Shaurya and I’m the founder
and CEO of The Books Factory which helps you turn your ideas
into a best-selling book even if you don’t have the time or
skill to write a book. And in this video, I am going to
share with you 5 Simple Steps on How to Price Your Book. But before that, don’t forget to hit
like and subscribe to get notified with our latest tips and tricks
on how to self-publish your own book. Ready? Let’s get started. Finding the right balance between cost and value
is an important matter when it comes to pricing. The price should be attractive to readers and at the same time profitable
enough to keep your business going. Considering certain factors on pricing will
help you find the sweet spot for your book price. Although there is no exact formula to
approach the pricing dilemma, you can still overcome it through both
scientific and artistic approaches. Now, let’s begin with
Step #1 – Know your goal Do you want more return
on your investment or do you want more people to
know your story? Clearly defining your goal helps
you examine your price range how high or how low you should
offer your book. Step #2 is to identify your category In what trim size is the book printed? Does it follow the standard for fiction,
children’s or textbooks? In what format is your book compatible? Is it available in paperback, ebook
or in Kindle formats? Moreover, to whom are you
writing this book? What languages and countries
would benefit the most? Identifying your category allows you
correctly compare your book to similar books. Think about it because it will greatly
impact the next step which is Research. As you already have identified
your book’s features, research on similar books on the same category. Get at least 10 price samples of books in
the same niche, trim size, and format. The fastest way to lookup for those
samples is through online booksellers like Amazon, Barnes & Nobles,
and Books-A-Million. Aside from checking in online stores, you may
also want to visit your local bookstores and libraries. You can ask these friendly
booksellers and librarians at what price they will buy or
sell a book like yours. Make a table for the data that you
have gathered. Step #4 is to define your book’s
price range. Now that you have a comparison table, you should be able to identify the
highest and lowest price point that you can make an offer
with your book. Have a price range helps you to avoid
under or overpricing your book. This is the range where your target
market is willing to buy your book. The previous 4 steps are scientific ways
of discovering your price point. The next step will be a more
artistic approach. Step #5 is to test your price. With the price range in hand, you can now
play around with your book’s price. If your book is selling fast, you might want
to add some extra bucks in the price. It might be that your readers might
have seen your book as a bargain. This means, that you still have room
to increase your price. If your book is selling quite slow, try
deducting a few dollars. It might be that you’re setting
the price too high. Also, take note that some prospects
are attracted to high-priced books. The more expensive the book is,
the more its perceived value. But be careful not to price it too high as some
prospects are not that willing to spend that much. You can also try using the psychological
pricing trick of ending your price at $0.99, $5, or $9. Instead of pricing at
$10, you can price it at $9.99. That way, it looks cheaper but has
only a difference of $.01. This might not always be the case,
but testing out your price will greatly help you figure out
your price point. And that’s it. Five simple steps on
how to price your book. Do you need more help in discovering
your price point? Or do you have related topics that you
want us to discuss through? Let me know your thoughts in the
comment section below. If you like this video, give it a thumbs
up and smash that subscribe button. If you know someone who needs this
video, go on and share the video link. Remember, sharing is caring. Or, if you are just stuck on your publishing
journey and you just want personal help from me and my team of professional book
writers, editors, designers, and marketers… check out my Done For You publishing
company, The Books Factory. You can google the Books factory
and you can find the website. Thank you for watching and see
you in the next video. Bye Bye.

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