In general, the pricing determines the number of unit sales. You want Stephen King’s book.įor our purposes in discussing pricing, we’ll assume you’re playing the pricing game along with all the other ebook sellers. If you’re a fan of Stephen King, you don’t want a book that’s $5.00 cheaper by another author. Top-name authors can charge more for their books because they have strong brands. I’m a huge fan of his writing, and if another author offers me a cheaper book in the same genre, it won’t change my mind. I want his next book, and I’m willing to pay quite a bit to have it. My demand for Brandon Sanderson’s books is relatively inelastic. ![]() If you’re wondering how to become less elastic and create a non-elastic demand for your books, you’ll need to build a strong brand. When someone reads hundreds of books in a specific genre, they generally want the lowest price per book. You’ll find elastic demand in genre fiction. It’s relatively inelastic, which is why textbooks sometimes cost several hundred dollars. College professors require you to buy certain textbooks, and the price of the book doesn’t determine how many copies sell. The non-elastic equivalent in publishing is textbooks. Most of your appliances will keep using electricity. If the price of electricity takes a jump, you’ll probably try to turn out lights when you leave a room, but you’ll still use your heater and your refrigerator. Regardless of the cost per kilowatt, you’ll use about the same amount of electricity. The classic example of non-elastic demand is electricity. Within the tension between supply and demand, there are elastic and non-elastic prices. ![]() They pull against each other to determine the product’s price, whether it’s petroleum, milk, or your ebook. ![]() The Long Answer: Pricing is driven by supply and demand. Short Answer: All ebook pricing is an ongoing, never-ending experiment. With a little research on pricing in your genre, you’ll be equipped to devise a strategy to achieve your sales goals. The following principles will help you understand the fundamentals behind pricing, so as the market changes, you’ll know how to change with the market. Pricing is one of the fundamental Ps of marketing, so it’s important to price your ebook with a strategy in mind. However, there are fundamental principles you can apply year after year in every genre. One of the most pressing questions for indie publishers is, “How much should I charge for my ebook?”Įbook pricing is a fluid topic that depends on many factors. Subscribe: Apple Podcasts | Google Podcasts | Spotify | Amazon Music | Podcast Index | TuneIn | RSS | More Podcast: Play in new window | Download | Embed
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