8 Tips for Pricing Your Book Profitably

If you price your book incorrectly you may doom your publishing venture. Discover how you can avoid the these 8 mistakes most untrained authors make.

1. Choose the retail price wisely. Many variables contribute to this decision. What is the trim size? Page count? Competition? Unit manufacturing cost? Market? All of these factors must be considered when establishing the retail price
2. Pricing your book is an art. Once your costs, distribution fees and expected profits are determined, it’s time to apply intuition to your pricing recipe.
3. Price your book based on its value. The price is always too high for a book that is not needed. Price is a feature. Value is a benefit.
4. Do not price your book using an “X times cost” formula. Some pundits suggest you price your book by multiplying your printing cost by seven or eight. Do not use this formula, because your printing cost can vary widely depending on the technique (digital or offset) and quantity printed.
5. Look at your price differently. Price your book based on the number you have to sell to net $1,000
6. Know your discount structure. Know your costs, whether using Print-on-demand, independent publishing or buying books from your publisher. How much will you make on each book you sell?
7. Price is not the same as cost. The price is listed on the book, but the cost is related to the personal value the reader receives from buying it. In corporate sales, the cost of your book is related to how well your content helps the buyers reach their companies’ goals.
8. High vs. low price. Choose a lower price for a mass-produced book with a simple distribution channel, if there is fast title turnover, if the content has extended usefulness and if you desire a large market share. Choose a higher price if the opposite is true.