EBooks are everywhere these days and it seems many people have or are writing one. They can be a great source of passive income, but many people struggle with setting a price for their eBook. Price can kill, or make your eBook. You must get the right balance between expensive and cheap. You want to make money, but you also want people to purchase your eBook, and they won’t if it is too expensive. The following tips are what I use as my eBook pricing guidelines.
You may be wondering what an acceptable length is for an eBook. My answer is that an eBook should be more than 10 pages, and less than 1000. When it comes to pricing, a 1000 page eBook will obviously be more expensive than a 40 page eBook, but how expensive will it be?
A general rule I use is the 10% rule. You simply multiply your total number of pages with content on them by 10% (0.1). This will give you a price estimate for your eBook. This rule is only really applicable up to about 100 pages, and maybe even less. Overall, use your best judgment of price based on length.
One of the best ways to price your eBook is to look at similar ones. Try to find as close a match to your eBook as you can find. Look at length, topic, and professionalism. If you do find one that is similar, the most important thing is that it is selling. Why would you model your price after one that wasn’t working? Once you get this comparable price, you can price yours according to the differences. Was yours 30 pages longer? Was it professionally published? Is it a slightly different topic that has more demand? With any of these scenarios, just so you know, the price of yours would be greater.
Demand and Topic
When looking at demand, you have to examine several things, the first being competition. Competition can be a good or bad thing. It is bad of course because you have to make your eBook better and more appealing than theirs. However, competition is also a good sign because it means that there are many reasons to be in your niche.
Certain topics have consumers that are willing to pay more for their information. These topics most often interest 40 year old male business men. These people have the most money, so they will pay the most for their information. If you write an eBook about a topic that interests this market segment, you can price your eBook higher than if you were writing a book marketed to college students with little money.
If you spent more on your eBook, shouldn’t you be able to sell it for more too? Yes. Professionalism with eBooks is kind of like houses. Are the nicely furnished houses with new furniture and professional design worth more than houses with furniture that was purchased in the early 80’s? The same concept works with eBooks. If you had a professional artist do the pictures, you are allowed to price your eBook higher, and the same is true with professional publishing. People will pay more for quality.