You may not be thrilled about adjusting your price. Typically, all best-selling authors know that they’ll need to keep their book priced at $0.99 for at least a month before sales pick up and the book gets noticed. Increasing your price to $2.99 or higher (to get the 70% royalty) is the next goal.
Once you adjust your price, hit the publish button.
Pricing is an important factor in your sales. Not only because it determines the revenue you’ll make from your hard work, but your listed price will also determine the value that the reader will hold your content to.
$0.99 is a popular price for many authors on kindle. The logic is that people are more likely to buy, which brings up the books ranking with each sale.
Pro’s & Con’s;
$0.99 is practically free. The reader will not truly feel invested in the book, and therefore they’ll be more likely to leave a negative review if they feel like picking your content apart.
If the reader invests $2.99 or more into your book, they’ll want to like what they’re reading. They’ve paid extra money for your book, and they feel like they’re invested. The reader is much more likely to leave you a positive review if you price your book at $2.99 or higher.
Royalties at $0.99.
Honestly, you aren’t going to make much money, even if you happen to sell hundreds of copies. You may have a higher rank on the Kindle platform, but you’ll only be making about $0.35 per sale, or 35% in royalties.
Royalties at $2.99 or higher.
This is where you’ll see the money. If you price your book at $2.99 or higher, Amazon allows you to enroll in the KDP select program and earn 70% royalties. There’s a HUGE difference between 35% and 70% royalties when it comes to making a living.
How do you value your content? As an author myself, the only time that I’ll ever consider lowering my price to $0.99 is when I’m either launching a book, or my rank needs to improve to pick up my sales. Other than this reason only, $0.99 is off limits.
I spend time, resources, energy and research creating a book that I think people can benefit from and I take pride in that. I want my readers to know this. I want my readers to understand that I take my work very seriously, because in turn, they’ll also take my work seriously.
Let’s do some math just to give you a better idea on what you will be making if you price your book at 0.99 VS 2.99.
In one week, I recently sold a total of 271 copies of my book. This is a very decent amount of sales.
If my book were to be priced at $0.99, my royalties would be about $94.85.
My book is priced at $2.99, so in one week I have made about $555.
The difference is astronomical!