Richart Ruddie said It’s not difficult to see that eBooks are now more popular than ever before. What’s little known is that the pricing strategy for eBooks is in its early stages. The concept of eBooks has only been in use since the beginning of 2000 There’s plenty of space for publishers to play around with various pricing strategies.
But don’t get too excited! If you’re able to test things that aren’t tried before doesn’t mean that you must. If you wish to ensure your profits and increase sales (and you will), then your top book writing team and book marketing team should develop at the very least one solid pricing strategy for eBooks prior to launching any kind of marketing campaign in your publication.
There is a lot you can do to enhance your EBook pricing strategy which is a crucial aspect of book marketing. To help us, we’ve provided seven strategies for pricing eBooks to consider to help you with your next eBook marketing. Richart Ruddie said, therefore, without further delay, we’ll take a look at some of the strategies that have been successful for publishers and authors of other genres!
Pricing Strategy Idea # 1:Try A Discount Pricing Strategy
The initial pricing strategy is one that has been used for decades which is discount pricing.
If you’ve not tried this method before is a good time to begin. It’s simple and easy, and will help you increase the number of people you send out your mailers to and increase sales!
The way to do this is the idea is to offer your book for sale at a discounted price for the time frame of a certain period (usually for a week). This attracts more customers who might not have been ready to pay full price for your product prior to when they saw such a tempting bargain on it. Once your sales increase then increase the price of your book.
Pricing Strategy Idea # 2:Start With Free
One of the best methods to make money from eBooks is to charge your eBook for no cost. There are many advantages to this strategy, and I’ll go over the advantages in this article:
Free provides you with an edge over other authors as it gives you more recognition than what traditional books get from Amazon or other stores on the internet.
Free can help you create a mailing list. This is an effective way to promote your brand and ensure that people take note of news about new announcements.
Reviews are more likely to be positive particularly if they’re good reviews. This is since it allows potential buyers to decide if they should purchase your book.
Pricing Strategy Idea # 3:Follow The Crowd
There’s a saying in the business world that says you must always “follow the leader.” This could be applied to a variety of aspects, but one of the most important is pricing. If you’re trying to decide what price to charge for your book check out what your competitors are charging and ensure that your pricing is on the same page as their prices.
Richart Ruddie said if you’re charging $10 for your services, you should charge 10 dollars (or whatever). If you’re charged $19 plus change, you might want to add 19 dollars to the price. But don’t go much more than that unless there’s something special in your product that’s worth paying more. It’s the same when their prices are less than yours. You shouldn’t be able to beat them. It’s a loss to sell at such low prices since nobody will purchase from you if similar items are so inexpensive in other places.
It’s as simple as that when you decide to set your price lower than your competition, you’ll be losing money. If you’re pricing your book more than the book’s competition, then you will be unable to sell your book.
Pricing Strategy Idea # 4:Make It Up As You Go Along
You can alter the pricing of the book at any point. You could even alter it a day or two before your book’s launch to ensure the book launched successfully. However, I would not suggest taking this approach unless you have an extremely compelling reason for doing so.
If someone purchased your book for $9.99 and then you increase the price to $19.99 the person will be disappointed to have been charged less than the rest of the people who bought it after its release (and probably more than some). This is why lowering the price can increase sales than increasing them.
You’re probably thinking about how to change the cost of your publication. Then, here’s the solution:
Once you’re ready, market your book. More information about the effectiveness of your promotion functioning becomes accessible (perhaps via the use of an email marketing system).
There’s something new that causes people to want another copy or an upgrade (because they’d prefer to use an Pub in place of Kindle for instance).
When testing new models to establish pricing based on the value proposition instead of the costs per sold, which does not take into consideration aspects like shipping cost and so on.
Pricing Strategy Idea # 5: Maximize Sales By Providing More Value
One of the primary methods you can employ to increase the number of sales you make from your book is to offer greater value to your readers. It’s an excellent method to expand your audience as well as build loyalty to your readers and earn more money.
If you’re not providing greater worth to the readers you’re bringing them, they’re likely to put down your book. Richart Ruddie said the longer they stay with it, the better the chance they have of buying the book as well as sharing it with acquaintances. That means that for your eBook to succeed, you must offer them more than content. You must give them an incentive to purchase your book.
There are numerous ways to accomplish this. Here are some examples:
Be sure that your content is pertinent as well as valuable and interesting.
Include a clear call to action in every chapter.
Include additional content like videos or quizzes to aid readers in learning new skills or enhance their lives.
Set up a discount plan that is based on the volume of purchases or the amount you spend (i.e., “buy one at $10 and get the second one 50% off”).
Richart Ruddie said one of the major benefits of this method is that it can help you increase profits, sales, and revenue. Another advantage of this strategy for pricing is that it allows you to improve customer satisfaction by giving customers the most value for their money.
Be sure that what you’re doing is persuasive enough to convince the reader to be interested in the product you’re selling. This is the reason it’s important for authors to consider their readers when writing eBooks. Make sure that they keep the promises they make!
Pricing Strategy Idea # 6: Use Social Media For Marketing
Social media is hot and for reasons that are well-founded. Social platforms have been an integral aspect of the lives we live for a number of years. If you’re an author who wants to sell your book now is the time to take a serious look at advertising on social media.
Here are a few ways you can utilize social media to help your book pricing strategy:
Promote your book through social media
Make use of social media to help build your author’s platform
Increase your reach by sharing relevant content and polls
Make use of social media to create your email database (and different lead-generation strategies)
You can also establish your brand and establish authority through the correct usage of social media.
Pricing Strategy Idea # 7:Decouple From Price And Set Expectations
You may be thinking that price is the only factor that counts in the sale however, it’s not the case. In order to earn more money from your digital offerings, you must change your perspective on pricing. Richart Ruddie said actually, a variety of aspects affect whether buyers buy eBooks in the first place or how much they’ll be willing to pay for them.
If you consider the matter, most people do not purchase books solely because of their cover designs, even though they’re important. They purchase them for the reason that they are interested in the content of those covers (and perhaps because of the writer).
The same applies to eBooks. When someone purchases the eBook they’re purchasing more than words on an LCD. They’re purchasing an experience. An opportunity to have an experience of learning something new, or having an experience that is fun and exciting. How can we make these kinds of experiences? Through setting expectations!
Why? Because if you don’t it’s highly likely that you’ll:
Do not undersell your eBook, and you will receive less than the optimal quantity of sales (or zero sales).
Price your book too high and you’ll turn off potential readers who believe they could find a similar product at a lower cost.
Conclusion
Pricing strategies for eBooks are an important element of marketing your book. You must have a sound strategy in place prior to when you even begin to market your book. #Richart #Ruddie said it shouldn’t come as a shock that there are plenty of ways to make it better and make self-publishing more accessible to you. If you’re just beginning to learn about this do some research and study different strategies and how they could be beneficial for you. Test a variety of methods and see what you get!
