My previous post on pricing a first self-published book at $0.99 generated quite a discussion! Once again it shows just how many opinions are out there – some support my strategy, other authors are unhappy with having to give the work away practically for free. My personal view is “this is just what it is” – a free market, where prices are set by the laws of supply and demand. I do think my 2.5 years of hard work are worth more than $0.99, but I will just concentrate on promoting it so hard that before you know, it will be a series and a movie, and I will buy a pair of Manolos, just to see what all the fuss is about. My goal is to get the book into hands of as many readers as possible, with the hope that one of them knows Coen brothers. Seriously, does anyone here know even one of those guys?
Back to the argument of $0.99 vs $X.99. My limited research of two or so months shows that you will get not only better sales, but also better royalties with the $0.99 pricing. How can I prove it? With the power of screenshots and basic math.
Here is the snapshot of my sales and pages read for the last month:
For simplicity, let’s concentrate on sales alone (it looks like “pages read” was pretty even over time). During the first half of the month, my price was at $2.99, and it was $0.99 in the second half. I sold 1 copy at $2.99 and 27 copies at $0.99. The royalties were $2.04 and $0.35, respectively. The math, ladies and gentlemen!
1 x $2.04 = $2.04
27 x $0.35 = 9.45
During the second half of the month I did run a disappointing BargainBooksy promo, which resulted in 10 sales. Let’s take them out of equation:
17 x $0.35 = $5.95
I’m depressed now, because the numbers are so dismally small, but that’s besides the point. The point is that I had 17-27 times more sales and about 3-5 times more royalties when I’d dropped the price. The hope is that some of those people will talk about it to their friends. The goal is to get a snowball rolling, so that I (eventually) get a million of these tiny sales.
I guess the time will show if this is overall a winning strategy. The only concern is the inability to advertise with some of the websites that require the book to be discounted by at least 50%, but I hope that by zig-zagging the price, I will comply with that requirement.
Oh, and I have a very exciting update about Bargain Booksy! I’ve emailed them, asking if 10 copies is what I should expect from a promo, and they responded! Not only that, they apologized, said it was too low for the quality of my novel, and offered a $25 credit towards another promo! I was speechless and promptly scheduled a promo for 5 December with a different audience, this time with Chick lit/Romance readers, at a cost of $70. I’ve updated my post on The Most Super-Duper, Exhaustive, Comprehensive, and Current Listing of Free and Paid Book Advertising Websites and Ideas accordingly.
Once again, only time will tell if that was a good decision 🙂
Ana Spoke, author 
Very clever, indeed! Thank you for sharing this.
LikeLiked by 1 person
I self-published my first novel my senior year of high school (big mistake but oh well haha). Print only, and all the copies I sold were to people I knew. I bought them myself for a little over $3 a book, sold them for $10. Wigged out when I sold 3 copies on Amazon, but they were for my second grade teacher. Haha. If I did it again, I’d definitely follow this advice. Though I read through the comments on your previous post and maybe starting higher and running more promotions works better. Who knows. I’m hoping I can do something with this year’s NaNo. Thanks for writing this!
LikeLiked by 1 person
Thank you! You’ve started early, wow! I don’t think it’s a mistake at all, what a bold step and learning experience! Hope you publish whatever you’re currently working on.
LikeLiked by 1 person
I’ll never hate you. In fact, you’ve given me lots to think about with regard to my own books. Thanks. 🙂
LikeLiked by 1 person
Thank you, Wallace, I was hoping for that 🙂
LikeLiked by 1 person
Glad I could oblige. 🙂
LikeLiked by 1 person
We’re fighting to float in such an evolving market–I’ve been trying a similar strategy and if participating in the freebie days gives you an edge, why not?
LikeLiked by 1 person
Try everything! If it doesn’t work, try something else! Be quick, responsive, and clever, and you will win in this game 🙂
LikeLiked by 1 person
Posted about Shizzle on my blog yesterday. Started it over the weekend and am loving it!
LikeLike
Thank you, Meghan! Would love to hear what you think of the whole thing! Btw, I tried to click on the link to your blog under your name and I could not see any articles – has your link changed?
LikeLike
Yes I played with it last week and it screwed with things. Try https://awifesocialworkerandamom.wordpress.com/
LikeLiked by 1 person
Yes, this one works! Thank you for reading and blogging about it 🙂
LikeLike
You are such wealth of knowledge! Thanks again for sharing your experience!
LikeLiked by 1 person
Thank you, Dr. Meg! I hope to drop a bombshell of a post around 1 December!
LikeLiked by 1 person
I just bought it. Would have bought it at a higher price, but I’ve been saving money for a move. After I read it, since you basically gave it away, I will do a review on my blog-type-thing, which might be seen by as many as 1 people.
LikeLiked by 3 people
Hi, Josh! Thank you so much, both for buying and for potentially increasing my audience by one more person! That’s how a snowball starts 🙂
LikeLiked by 1 person
“I do think my 2.5 years of hard work are worth more than $0.99, but I will just concentrate on promoting it so hard that before you know, it will be a series and a movie, and I will buy a pair of Manolos, just to see what all the fuss is about.” Love this!
Of COURSE your work is worth more, but those higher prices will come as you write and publish more quality books for your growing fan base.
I’m about 20 percent through Shizzle, Inc. and am thoroughly enjoying it!
LikeLiked by 1 person
Oh, thank you so much for saying that! Every time someone laughs out loud reading Shizzle, Inc I feel the urge to keep writing the sequel 🙂
LikeLike
I personally think your strategy is a very brilliant plan of action for today’s market. You have to get your book into reader’s hands to become known as an author who writes books that are enjoyable to read. Amazon is a great format to do just that. Anyone with good business sense would know that selling 100 books at $.99 is a better money maker than selling 20 at $2.99. But the most important fact in this scenario is your an author who is trying to become known. So the more readers you reach the better your chances for success. You, my dear, have common sense and a head for business. You will become a successful author, of this I have no doubt. How it is done now is different than it use to be and you have adapted. That alone shows how smart and talented you are. Did you find out about your leave yet? I’ve been sending positive thoughts your way! I know you’ll have your down days but just look at all the things you have accomplished so far in your life. When you do, that alone will prove to you this success will happen. Now back to that sequel!
LikeLiked by 1 person
Thank you, Olivia 🙂 I have an agreement along the way of “I can’t say no”. Meeting with HR on Monday to discuss advertising for my replacement! Can’t believe it 🙂
LikeLike
good read. thanks for checking out my page! follow when you can 🙂
LikeLiked by 1 person
Thank you 🙂
LikeLike
Your welcome. My correct site is here. https://alannachari.wordpress.com/
LikeLike
Your welcome. This is my correct site to follow. https://alannachari.wordpress.com
LikeLiked by 1 person
One other factor to consider is what price will encourage readers to not only buy the book, but also actually read it. I know from experience that I never get around to reading many free books I download. I’m somewhat more likely to read a $.99 book. I’m much more likely to read a $2.99 or $3.99 book because I have more monetary skin in the game. I guess there’s no easy answer to the pricing question.
LikeLiked by 1 person
No there isn’t…here’s something else to consider – I’ve had one reviewer almost apologising for getting the book for free – are people who read free books more likely to post a review as a sort of “payment”?
LikeLike
Seems like writing a book is one thing, a bigger factor is selling them. You need to be an author and a business woman. Both of which you already are.
LikeLiked by 1 person
Haha! Thank you 🙂 yes, I’ve learned that in life in general it’s not enough to just be good at something. Others need to know about it. Simple as that.
LikeLike
I have a lot of growing up to do then … and I’m a mom of two teens … 🙂 🙂
LikeLiked by 1 person
Well, seeing as you are an “unstoppable optimist”, it will be easy. Take it from the “unbridled enthusiast”.
LikeLike
😀😃😄 true!
LikeLiked by 1 person
I’ve been following your experience with a lot of interest. As I think I may have commented before, it is extremely helpful to get some insight into the reality of what is involved rather than the, er… somewhat misleading accounts that I tend to find almost everywhere else. I have no idea what strategy is best, but I really hope it all works out for you in the end. Sadly, I don’t know the Coen brothers or I’d definitely put them onto you.
LikeLiked by 1 person
Haha, thank you! Keep watching, I’m hoping my story becomes hella more interesting soon 🙂
LikeLiked by 1 person
I’m hoping it all works out! It’ll be great for you and an inspirational tale for the rest of us if you succeed.
LikeLike
Pingback: Don’t hate me cause I’m marketing! | Toni Kennedy : A Writing Life
No hate, I enjoy the posts and feel this type of blog is useful in this community. Thanks.
LikeLiked by 1 person
Thank you, Dale!
LikeLike
Reblogged this on Anita Dawes & Jaye Marie and commented:
well said…
LikeLike
I do it like you. Try to get more sales while dropping the price. To be honest: as a no name writer it’s important to get a base before making the price expensive.
Maybe One or two of those readers will make a review and get other users and followers. The internet is huge and everyone “knows” others. Why not using the market and make it possible.
Meanwhile you can make readers happy because the less the more. There are lots of people out there who just wanna read but haven’t much money.
And some authors dropp their books out for free and not to forget Kindle Unlimited.
The business is hard. Why not true to find an easy way between all the sharks.
Make it as you like it and find your way. I hope I can sell as much as you once. Even it’s not the world for some but as for an unknown it’s all.
LikeLiked by 1 person
I’ve enjoyed both of these posts! I think you’ve exposed a lot of the ins and outs of self-publishing and marketing and for those of us who are new or barely treading into that arena, it’s really an eye opener. Thanks!
LikeLike
Pingback: Don’t hate me cause I’m marketing! –Some insights from Ana Spoke | Michael P King
Thank you for sharing!
LikeLike
Thank you Ana,
I’m still a long ways from being ready to make a decision about publishing, but you’ve given us such an enormous information about marketing a self-published book that it is more and more of a option. Other authors I’ve met have had similar strategies, but none laid out (or at least explained) so precisely. Thank you.
LikeLike
Thank you so much! Sorry, just saw that I never replied – I’m so glad it’s of help! Hope you continue reading – I have a very exciting promo coming up over Thanksgiving, will tell all 🙂
LikeLike
Nice One.. Kudos…!!!
LikeLiked by 1 person
Thank you 🙂
LikeLike
I for one love these posts. They’re always insightful and give me plenty to think about for when my publishing journey begins. Thanks for paving the way!
I think it is clear that you are willing to adapt and do what you need to do to adapt. Hope you get your leave of absence. What do you hope to do during the time off?
LikeLiked by 1 person
Thank you! The plan is to write and publish 2 sequels and fully try on the writing lifestyle. Who knows, I may crave going back to work!
LikeLike
I thought that’s what I read, but I figured I’d ask before making a complete fool of myself. How long do you think it will take you to write those sequels? Hopefully it will be easier than the first!
LikeLiked by 1 person
No worries 🙂 I average 500 words an hour, so if I work full time, I can get a full draft done in a month!
LikeLiked by 1 person
That would be awesome!
LikeLiked by 1 person
I’ve written 4 books (one of which I pretend doesn’t exist / was never published). A great marketing strategy is to build suspense for the book- especially if you have a blog. Sales this way in the first month are usually pretty high- and the royalties are amazing ($200 on my first one the first month, and $300 on my fourth one in the first month; I didn’t use this strategy for the two books in between them). The problem is drop off sales after the 1st month. If you play the momentum game just right, people will be too excited about the book to complain about the price (with the 4th book, my coauthor and I raised so much excitement about the book that we even got away with a $31.99 price tag on a 180-ish page book- but that price tag was also because of our printing requirements with Amazon, so it wasn’t that we were intentionally gouging the price). So personally, I think it’s much smarter to lower the cost of the book after the first month as opposed to releasing it at $0.99 right off the bat. The price drop should be to keep or maintain interest, not necessarily a strategy to get it in the first place. But that said, if you didn’t do much prior marketing before its release, that rule can also be turned on its head. Same if it is a planned series, where making the first cheap builds interest for a fully priced second or third (etc) book. So either way, it really depends on your base goal and initial marketing strategy to begin with.
LikeLiked by 1 person
Hi, Anna – perhaps you’re right, actually this is what I did unknowingly – started at $3.99 and then kept dropping prices. My blog is has gone leaps and bounds in just the last few months, so it will be interesting to see what happens with the sequel release.
LikeLike
Ana, when you changed the price to $.99, did you announce it in any way?
LikeLiked by 1 person
Did I? I have not stopped! 🙂 I’ve done paid ads, social media, more ads, more social media, blog, Twitter, etc
LikeLiked by 1 person
It’s the battle we authors fight every day. Thanks for the insight, and I can’t wait to read your book!
LikeLiked by 1 person
That’s awesome – thank you! I see it as a game, that way it’s a lot more fun 🙂 Check back in after Thanksgiving – I have a huge promo over 4 days, my prediction is that I’ll get to #1 in Satire 🙂
LikeLiked by 1 person
I kind of have to look at the entire social media aspect as a game, I’m so one of those creative social introvert types! Can’t wait to see your Thanksgiving plans, hope you make it to number one!
LikeLiked by 1 person
Thank you, I can hardly wait myself! It’s the best game ever – I used to be addicted to Clash of Clans, but in this one you get real coins 🙂
LikeLike