12 tips to price your book on Amazon

12 tips to price your book on Amazon

When you price your book incorrectly, you may either be pricing your book out of the market or under-pricing it there by reducing your profit and value both in the short and long term. Here are 12 tips that would help you price your books profitably.

1.      Check factors like the trim size, page count, the competition, the unit manufacturing cost for printing the book, the target end-user income, whether it's for corporate or individual use. All these factors play an important role in fixing the final retail price.

2.       Once you have ascertained your costs and expected profits, use your intuition to fix the price.

3.       Books are priced based on it's value to the end-user. Fix prices according to the perceived benefits of the book.

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4.       Price your books slightly below the competition until you are an established author.

5.       Set your profit, say $1000 and price your books to meet up with the expected profits, taking other factors into consideration.

6.       In case of a discount, how much will you be willing to give and calculate how much you will make on each book you sell.

7.       Remove your books from price competition.

8.       Choose a low price for a mass produced book with a simple distribution channel and fast title turnover. Choose a higher price if the opposite is true.

9.       If the book contains recent research, statistics, charts, color interior and other details that make the book unique, feel free to price the book higher.

10.   Note that pricing your book can be emotional, so you may need to consider the buyer's emotions before fixing the final price.

11.   If you can position an influencer to speak on your book, then you can leverage on that to sell at a higher price.

12.   Understand the royalty formula for books sold on Amazon Kindle. 35 percent for books priced $2.98 and below and a whooping 70 percent for books priced between $2.99 and $9.99.

Now that you have these knowledge, use it and live the life of your dreams as an author.