Pricing Your Upcoming Release

Alright, you’ve been at this book marketing plan for awhile. You’ve put in so much effort into the behind the scenes workings of your book. Now to start setting into motion the few remaining details that are for your book and your book alone. That’s right we’re getting into the pricing of your upcoming release.

Pricing can be tricky, but that’s why we did our bookish research. You can find out all about what that entails in the Do Your Book Research – Part 1 post. After you’ve done the research, you should have a pretty good idea of what similar books to yours are being listed.

We are working through the pricing page (18) in the Book Marketing Planner that is available in the Bound to Writing Shop or on Amazon.

What is Pricing?

The price you set for your book to be sold.

Why Does Pricing Matter?

Pricing is a mechanism that customers use to gauge if your book is worth buying. Too low, customers may see it as a low quality product. Too high, customers may skip over it. That’s why finding the ideal price in your genre and category is important.

What is my Ideal Price?

Look into your competitors book prices and see how your book compares in page count and any extras may be offered. For example, some books have excerpts of the next book or exclusive content. You’ll want to be within this range when pricing your book.

What is my Minimum Price?

This number is important when determining your selling price as you can’t go below this number.

To calculate: divide the print cost by the royalty rate. Print Cost / Royalty Rate = Minimum Price

Well, you may be surprised at the number that is your minimum price. But by calculating this number, you will know the absolute minimum price that you are able to sell your book.

Setting my Book’s Price

You’ll need to set a price for each edition of your book. So you’ll have to go through the pricing steps over and over until you’ve found your ideal price for each individual edition.

Setting a Preorder Price

If you chose to set your book up for a preorder then you’ll also want to think about what price you want to set for the editions that’ll be available for preorder. Take the time to decide what price will attract readers to your book. If possible, try to find other books in your genre that are available for preorder. This way you’ll be able to see what prices others are using for their books.

When it comes to pricing you want to make sure that you’re paying attention to your market. Setting your book’s price just right makes a world of difference when trying to make sales.

If you’ve worked through the Book Marketing Planner thus far than you should have a good idea of how to set up your pricing with ease. If you still find yourself guessing, I’d suggest checking out the Book Marketing Planner available on the Bound to Writing Shop or on Amazon or heading back to the Do Your Book Research – Part 1 Post.

And remember, be realistic about setting your budget. Yes you want to make money, but don’t price your book with the max royalty in mind.

Next month we’ll be backtracking and discussing the use of Keywords to finetune how easy it is for readers to find your book.

Happy Writing!