Be brave to start setting your e-book prices
By Watthana
The authors’ biggest problem is determining the right and proper pricing strategy. This article discusses three key factors that every author must consider to achieve the goal of achieving this key element. The lack of one of these factors may have a negative impact.
Three factors of equal importance are as follows:
1. The value and benefits your customers will receive from your e-book.
2. Will you make a profit?
3. Which do your competitors charge the same or equivalent to your e-book?
So how do we define the value of our readers?
Value is what buyers get when they take advantage of or benefit from your e-book. It’s a number they are interested in or their new talent.
You give it to them through ownership of what you sell.
Value is not always measured in money, for example. A golfer might go to a professional golfer, get 3 lessons, and lose 10 handicaps, so what’s worth it for them? If before they spent 5000 on lessons and it’s still very bad. This could be very rewarding for them.
Therefore, the most important consideration is that the reader must feel that the purchase is worth it.
But good stuff like this shouldn’t be sold at a loss!
It’s not free because you’re in a profitable business. Of course, you will never sell everything at a loss. It is common to have lost leads and offer freebies, encourage new readers, or reward loyal readers. However, your e-book must be profitable. Otherwise, you won’t have any more e-books released for sale.
To understand whether you are making a profit from an e-book, you should factor in all fixed and variable costs.
These are the two things that determine price:
1. How much you have invested
2. How much do you want to earn per item
Let’s take a look at, the 2 methods used to set the price.
1. Price your e-book slightly above the break-even point. It’s based on the number of e-books you can sell as an indicator of profit.
If you foresee your e-book to be a hot seller, then this approach would be the best one for your needs. You can make money by selling in many ways that you can achieve.
2. Price your e-book substantially higher than the break-even point, so that every sale would reap some substantial rewards.
If you foresee slow sales for your e-book, then this approach would be more appropriate. Each sale would give you what you need, and you won’t be pressured to sell a lot of items to realize your earnings.
If it’s good for you and your readers. But your competitors sell it for a cheaper price!
Here are some steps to make sure you can compete with your competitors.
1. First, check if what they sell is the same as what you sell. If so, all you have to do is create a new market that your competitors will need to keep up with.
2. The good news is 99.99% if your e-book case or benefit is not the same as the competitors. This is the strength of creating your unique value that is most important.
The copyright of your e-book is reserved. You have a powerful tool that you alone can bring to the public.
You need to be able to distinguish and choose which target market or niche market would be the best solution.
3. It is also important to realize that the best solution may also not be the cheapest. Let’s go back to the golf pro. He charges 60 a lesson for his services; his competitor charges 30 a lesson. But if what you want is a rapid improvement, and this guy has testimonials to prove what he has done by spending 180 with him, to get 10 shots off your round of golf, it could save you thousands that you could have spent with the 30 guys.
4. The bottom line is that your pricing must take into account the three key considerations; providing better value than your competitors, at a profitable price.
5. Make sure you keep your e-book up to date, updating it frequently as markets and trends change. Added new tips and techniques. Show potential clients how your product or service can improve their lives. by following trends and new techniques continuously. You will be able to continue to see profits from your e-book many years after the creation of your manuscript.
