Setting
a price for your product is an art form and this is particularly true for
books. After putting all your efforts to write and present content, it is time
to decide the best price for your book. This is not a decision to make greedily or lightly. You need to think
wisely and act smartly. Deciding the best price for a book depends on different
factors. Let us have a look at some of these factors-
Research the market- Do invest your time to check the market for similar books. Find out the
price for comparable books in the market. If, for example, you are writing a
book on regional travel, and typically other books on the region sell for around
$18.65, then it will be the upper limit for the cost of your own book. In case
your book is comparatively smaller or shorter than those that cost $18.65, you
may wish to charge less. If it is well- illustrated, detailed, larger and
longer, you can slightly raise the price range.
Estimate the "per unit" cost of your book- you should consider all the costs
associated with book production. Besides the cost of printing, take all the
"hidden" costs into consideration, like proofreading, editing, illustrations,
cover design, proofreading, interior artwork, etc.
Discounts – understand the concept
clearly.
Discounts are an inevitable part of the book business. You can sell
part of your inventory directly to the consumer at full price; however, a large
percentage of your sales will be through bookstores, distributors and wholesalers.
You have to give a discount to every part of your business network. Some direct
consumers also expect a discount for multiple-copy orders. Following are some
of the typical discounts-
- Bookstore Single Title Order Plan orders-
- Distributor discounts-
- Online bookstore discounts-
- Your own discounts-
Besides discounts, some
customers also expect free shipping. Further, the majority of bookstores and
distributors do not pay for shipping. So, if you expect to do business with distributors
and bookstores, then take these costs into account while setting the price of
your book.
Too Low versus Too High
Most authors set the price
too high or too low. Obviously too high a price has obvious consequences. It is
true that book lovers like to pay for the stuff they love. However, too high a price
may discourage customers. If you set the book price significantly higher than
comparable books on the market, then your book might not sell as expected. If
you are thinking that setting the price too low will work best for you then you
might be wrong. If you set the price too low, then obviously there will be a
narrow profit margin, particularly after discounts. Nevertheless, too low a price
can send the wrong message to the consumer. Consumers may take your book as
cheap.
Keep in mind that once
you set the price for your book, it can be difficult to raise the price later.
Competition is another
important aspect in pricing. Pricing is a tricky issue. It is always better not to print the retail price of
your book on the cover of the book.
You have to consider different aspects, including
printing costs, cover design costs, etc. If you are going to hire professionals
for the design or marketing, then you
need to consider these costs while determining the price of your book.
All above are essential considerations to determine
the right price of your book. Do invest your time and efforts to research the
market trends. Get ready to set the right price of your book and enjoy great
benefits with it now!
©2012-2013 Claretta Taylor Pam, Innovative Publishers Media Group & Innovative Publishers. All Rights Reserved
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