June 24, 2020 (Last Updated August 11, 2020)Marcy G.
One of the most difficult decisions you’ll make as a writer is pricing your self-published book. It’s also one of the most common mistakes self-publishers make, so don’t look at pricing as an afterthought. There are many factors to consider, but in the end, the choice is yours.
Some things to keep in mind when determining the price of your book:
Before calculating your book price, consider your ultimate goal. Some authors write solely to make a profit from book sales, while for others, it’s a fun side project. Maybe your book is a marketing tool for your business or to attract speaking engagements. If your goal is gaining a following, setting a lower price to sell a larger quantity of books might be more beneficial. It just depends on your goals.
Look at the current market, focusing on similar books in your genre. How are these books priced? How does your book compare in length and printing quality? Think about what makes your book stand out. There’s no rule saying you must price your book the same as your competition, but doing a competitive analysis gives you a starting point and a price range to consider. Knowing what your readers are willing to pay for similar books helps you determine a comparable price for your own.
One of the easiest ways to determine your book price is using a book pricing formula. Factor in how much you’re paying to print a single book, add in your ideal profit and the result is your suggested retail price.
Production Cost for One Book + Your Desired Profit = Retail Price
A good way to ensure the best possible profit with your book sales is finding an affordable book printer. Ideally, you should partner with one that makes the self-publishing process quick and easy, so you don’t have to invest unnecessary time coordinating. 48 Hour Books offers affordable, high-quality book printing and binding services. Get your printing cost today.