Humanize The Way You Generate Revenue
Some publishers price their books the same as competitive titles. That is generally not only wrong, but potentially destructive. Pricing should not be used to extract maximum profit from each transaction. That antagonizes customers, fails to create new value, reduces sales and minimizes profits. Here are several points to consider when pricing your books.
Do not price your book to cover your costs. Consumers do not care what your costs are. They are concerned with how much they have to spend to purchase your book. If your high costs demand a price higher than alternatives, you won't sell as many books. Instead, lower your costs. Create value (and profits) through promotion, author branding, distribution (upscale gift shop vs. bookstore) and content that is different from and better than competitive titles.
Focus on relationships, not on transactions. Use pricing strategy to demonstrate the benefits consumers get from the information in your book.
Use non-price incentives to stimulate sales. Offer free shipping, a money-back guarantee, autographed books or a free pocket guide to accompany your book.
Bundle. Combine your book with a CD, plush toy or other item that when sold as a package costs less than each item purchased individually..
Apply discounts. Consider cash discounts to reward buyers who pay their bills promptly (2/10, net 30) or quantity discounts to non-retail buyers who purchase in large volumes.
Use seasonal pricing. Offer a discount for purchases made during the winter months for a book about sailing techniques, or a reduced price for this day only.
Other pricing strategies. Discriminatory pricing is exemplified by customer-segment pricing. Product-form pricing (hard vs. softcover, library edition) and location (geographical) pricing are also valid approaches.
Communicate value. Consumers can compare prices with your competitors immediately on bookstore shelves or online. Use your promotion to inform consumers that your content is worth the incremental difference in price.
Brian Jud is an author, book-marketing consultant, seminar leader, television host and president of Premium Book Company, which sells books to non-bookstore buyers on a non-returnable, commission-only basis and conducts on-site training for publishers' sales forces.
Brian is the author of "How to Make Real Money Selling Books (Without Worrying About Returns)," a do-it-yourself guide to selling books to non-bookstore buyers in large quantities, with no returns. He has written many articles about book publishing and marketing, is the author of the eight e-booklets with "Proven Tips for Publishing Success," and creator of the series of "Book Marketing Wizards." He is also the editor of the bi-weekly newsletter, "Book Marketing Matters."
Brian is the host of the television series "The Book Authority" and has aired over 650 shows. In addition, he is the author, narrator and producer of the media-training video program "You're On The Air."