I’m sure people are tired of me bringing this up every few weeks, so I’m resigned to the fact that this post might incur some groans and ignores.
For about half a month, I had my book at $2.99 because sales were dropping. Well, I had a few good days, but eventually the book simply died. So, I dropped it back to .99 cents and it started selling again. A few ideas have come to my mind about pricing after seeing the leap from the 50,000 rankings to the 16,000 rankings. I’ve since dropped back into the 40,000 rankings, but whatever. The target is to keep a 1 sale a day to keep the resident wolves at bay.
Before I list my observations, I ask that you remove ego and pride from the scenario. I know that many people see a low price as a sign of an author not having confidence in their work. I also know that many authors know that their books are worth a higher price than .99 cents. Beginning of a Hero should go for $2.99, but that didn’t work. It wasn’t the quality that made that decisions, but the buyers who make the final call. Anyway, try to think of this from a business standpoint instead of an artist standpoint:
- Summer is apparently a dark time for indie authors. Sales plummet and you need to adapt to keep some momentum until the good times return. Maybe summer is the time where an indie author has to do something drastic with pricing or giveaways.
- Everybody likes a sale, so dropping to .99 cents can get you some interest. A weekend, week, holiday, or summer sale can work if you advertise it correctly.
- If you switch the desire for higher royalties to a desire to build a fan base then the .99 cents price is more understandable. This is very important for series because that first book is the key to establishing your reputation. It’s not as big a key in the initial flow of money.
- You only have that 1st month to dance on the Hot New Release lists. If a lower price can get you there then it might be better in the long run to do a .99 cent debut month and raise the price once you’re no longer eligible for that list. This the plan I’m thinking of for Prodigy of Rainbow Tower. The money from $2.99 would be nice, but I might gain more stability and fan base if I push for the list.
- Stated before, but should be stated again. A firm fan base is what will help drive your future books. .99 cents can be a help in the slow times such as summer. Remember that you can change the price whenever you want, so it doesn’t hurt to experiment when your sales are down. I tried it with the $2.99 and it worked for a bit before dying off again.
- You control everything. Take a risk with an escape plan.
Not much in the way of observations and I might have forgotten a few tidbits when I was sleeping. Again, these are all observations from what I did. It could go differently for other authors and genres. I’ve done some things that worked for romance authors and it backfired on me.
Legends of Windemere 
It really makes sense. I’ve decided to keep Dragon’s Disciples at $1.99 for a while and Heretic Priest at $2.99 just to see how things go. I’ve managed to keep the paperbacks at a reasonable minimum as well, so that is good. I have faith that once fall (and consequentially, my schedule) picks up then sales will get better. June is just an icky month. Every time I think about making the .99 cent price drop, I become afraid that someone who bought the book at $2.99 will get angry and I have an irrational fear of an ego-crushing influx of returns.
LikeLike
$1.99 is supposed to be the worst price. As for the price change, you’ll be fine. I’ve changed a bunch and people are okay with it. Prices change all the time.
LikeLike
Oh, how so?
LikeLike
Which part?
LikeLike
Sorry, I meant how come $1.99 is the worst? I guess because it is kind of in the middle?
LikeLike
Not sure why. Might be that it’s in the middle.
LikeLike
Never ignore you…I’ve got a lot of good information on the ups and downs of indie publishing from you and your experiences. My first is in the polishing stages and will have to go through this with Amazon soon, and I’m trying to get my friend Maryam’s book in e-form and on Amazon. I’m getting some hard copies sent to me when I got to the states next week, and it sounds like it might be good to hold off until the right season. Thanks for all your help.
Later…
LikeLike
No problem. Always try to publish early in the month. Late in the month is when people pay bills.
LikeLike
Hadn’t even considered that. Another small lesson in a big world. Thanks.
Later…
LikeLike
I’m considering dropping the price on Catskinner once Cannibal Hearts is released, but I’m wondering if that’s going to upset the people who paid full price for it. I don’t have enough fans to alienate any of them.
LikeLike
Price changes happen. Play it off as a sale and people will understand.
LikeLike
Liked this post! Now I’ve got someone trying out all the different options, so all I have to do is follow in your footsteps once you’ve got things figured out. 😉
LikeLike
Just call me Mr. Guinea Pig. 😀
LikeLike
Yes sir, Mr. Guinea Pig, sir!
LikeLike
You got it. Now, I’m going to sharpen my teeth on a toilet paper tube.
LikeLike
LOL! Hang on, I’ll go get you a pretzel, be right back…
LikeLike
Thanks. Maybe some water too. Kind of hot here.
LikeLike
Got it. One bowl of water, coming right up little fella. 😉
LikeLike
This is brilliant Charles – really useful advice from someone like yourself who has tried different ideas. I am thinking of lowering the price on my book too following the success of the free promotion and as I am such a newbie I had no idea that summer was a slow time and had never even considered the beginning of the month thing! Thank you so much for sharing your invaluable advice. 🙂
LikeLike
I just learned about the summer and the beginning of the month thing from Ionia. She mentioned it before vanishing to her tropical island and I’m finally putting it into practice.
LikeLike
All very insightful advice – I don’t think people groan when you do these posts, I think we are grateful you share your experiences and thoughts. 🙂
LikeLike
Thanks. I tend to do pricing posts so often though. The subject is wearing thin.
LikeLike
I’m seconding everyone here and thanking you for sharing your experiences with the pricing issue. I’m not there yet, but being able to fall back on others’ experiences and advice will be invaluable if/when that time comes. So, thank you! 🙂
LikeLike
No groans from this corner. I’m sure your experiences are valuable to many.
LikeLike
This is really useful stuff and not at all “worn out”. You are such a generous soul in the way that you share your experiences and insights. I’m quite sure many wouldn’t bother or at the very least write an e-book about them and flog it. Thank you.
LikeLike
Good point. With summer being slow, I don’t have much else to report until the sequel debuts.
LikeLike