Making MORE Money From eBooks Through Strategic Pricing And Bundling

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Pricing Psychology

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The page you are attempting to access contains content that is not intended for underage readers. This item has not been rated yet. Almost everyone wants to have more money in life. There are basically two ways to accomplish this: This ebook bundle is focused on the former of the two. Reading through these ebooks will give you the skills and knowledge that you need to get richer! I then made a second graph of the price multiplied by the unit sales aka gross revenue against the price. When you get under that, the per unit sales rise exponentially, but the price is low enough that the revenue drops.

Now, I acknowledge the limits of the data I used for this analysis. Analyze that data for the conversion rate to sales at each price and you could generate much better statistics than I have because all of those numbers will be for the same book at the same time. This is ultimately my larger point — in digital sales, this kind of experiment is possible. The assumption under all those statements is that the demand for these books is inelastic. For certain well known marquee writers this might be true but my suspicion is that the market is far more elastic than any publisher would like to think.

Publishers and authors ultimately have a worldview that is the opposite of this analysis. Let me state this one more time: I heard the interview on Skepticality and went to buy it for my Kindle.

Ebook Pricing vs Revenue – Evil Genius Chronicles

When I needed a book I had previously passed on for high price for this anecdote, I thought of this one. HarperCollins had my attention months ago, got me to the page to purchase it but an excessively high price kept me from buying it. Publishers seem to fail to understand the low friction digital marketplace for ebooks. This is an impulse-buy driven mode. I am a reader of books and a lover of books but my wife has threatened physical violence if I bring in any more paper books without getting rid of some of the thousands that fill every available bookshelf in a house too big for two people.

You will not sell me paper books except for those very few novels by special writers I must have in paper. The sad truth is that for my whole life, in any given time period I have always purchased more books than I read. Even though my physical capacity is exhausted, I still want to buy them. Publishers have a chance to get my money even though I have more paper books and ebooks than I can reasonably expect to read in this lifetime.

They have one and only one way to blow this, when I come to look at the page and there is a price above my impulse buy threshold for that item. Publishers and authors continue to try to make this a moral argument.

Instead, shut up and cash the check, friend. I have enough faith in the marketplace that in the long term it will all shake out. The question is, how much money are you leaving on the table while you get your shit together?

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There are people who understand the dynamic of this marketplace, J. Konrath being one of many. He periodically posts about some of the other self-published authors who are following the same path, pricing reasonably and moving thousands of units per month. These people are out there, they are filling niches in the marketplace. Established writers, you could be doing this. Existing publishers, you can be pricing to fulfill this demand and bringing in more money. There will be a day in the future where I will be one of those self-published authors. Paul Biba at Teleread asked for permission to reprint this post, which I happily granted and that is online here.

That was true for this data set, which is already a year old. This might well change over time, differ from author to author, genre to genre or publisher to publisher. What I do want injected into the thinking is that these numbers are calculable and measurable. The other big point is that unless your price is so low as to be left of the curve, you lower your total revenue by raising prices.

A fascinating article that I am delighted supports my long held estimate of the magic price point. Too many authors and too many agents and publishers are still hung up on their emotional connection to how they value their title. I fear that it will take a few more years of bitter experience for them to climb down off their perch. I think the pay-what-you-want model could work very well for eBooks. Surely part of the problem is that traditional publishers have a mass of hardware, printing presses, warehouses etc.

I presume that they see e-books as a one for one swap with print copies, so they have to recover the same overhead on the e-books, the only saving being the actual paper. Another possibility is that e-books will expand the total market, a point you make well in relation to impulse buying.

This price point issue is a good one. My ebooks are priced at 4. I think there are two factors.

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Asking them to pay 4. Those go beyond the simple price point calculations but I think fall to the next level of analysis. My friend Brand Gamblin is currently experimenting with this 2. The experiment is still too young to draw conclusions from, but early results are optimistic. Nate, thanks for the input. If you price anywhere in there, you are close enough to optimal.

This is also why I think anyone involved in price experiments should try enough different points to have statistically significant data to graph their line with confidence. I think the conclusions are: I dropped those points. You have data that fits a curve, but a few points blow it out.

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You drop that data, note that you did and why and move on. I think I might even have a suggested mechanism for the anomaly. Anything that makes any of the Amazon top N lists is probably going to blow out this chart, because there is a power law effect from being on the list. You get on the list, more people buy the book because it is on the list and it sells more and stays on the list. I would find it reasonable to exclude from this sort of regressions any books that were ever on those lists for more than a few days. They are heavily invested in hardback books, and to a lesser extent paperback books.

When I look through the Kindle store and see ebooks priced higher than the paperback and hardcover, it seems to me that they are trying to push readers back to that more traditional medium.

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I simply pass on that book, and like you, never think of it again. Another recent development to consider is the fact that Borders Books is in serious financial trouble having stopped payments to publisher in December. It seems very possible that Borders may go under in Largely in part, many say, due to their too-little-too-late buy-in to the surge in ebook demand.

And for many areas they may be the only bookstore within a reasonable driving distance. Some sales will shift to Barnes and Noble, but many more are likely to shift to amazon. With less stores to present a physical copies of books for readers to shift through and make impulse purchases in the store, I would predict that ebooks would gain an even greater market share. And publishers will become even more dependent on their ebook sales to generate revenue. And this would come at a time that the Agency 5 has already spent the last year raising ebook prices and leaving a bad taste in the mouths of ebook buyers.

This will represent an even greater opportunity, I think, for indie authors though I hate to hear that Borders may close. As you said, impulse purchase.

Have you considered that rather than a linear progression for increase of sales as the price decreases, you could instead be dealing with a logarithmic or exponential progression instead? My feeling is that they might be valid data, but that we need more information to be certain. I mentioned Web Lit Canada. This is going to terrify a lot of people. This is the publishers numbers.

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Back in January I predicted that Brick and Mortar book stores would be extinct in five years. I may have been overly optimistic. They may be gone in two.