We talk strategies for pricing your book on KDP.
If you are a new or experienced author on Amazon’s KDP, you might wonder if you are pricing your book competitively. Will it make you enough money? Is it overpriced? Is it underpriced? It is attractive to consumers? And why is there a 35% or a 70% royalty option? Who doesn’t want to make more money? We’ll talk about each of these points below to help you price your book!
Is My Book Overpriced?
You spend a great deal of time and effort on your book. You know you should earn income appropriate to your efforts. However, are you pricing your book to high? Readers often consider price when choosing which book to purchase, and not everyone has the extra money to buy whatever they choose.
A good way to determine if your book is priced too high is to survey similar books in your genre. When you open your book’s sale page on Amazon, you can scroll down to see similar titles other people have bought. Look at the prices of these. Is yours the most expensive of the list? Visit your local bookstore and browse your genre, checking each price. If your book is always on the highest end, you may have overpriced it.
Is My Book Underpriced?
If you price your book extremely cheap, everyone will rush to buy it. After all, who doesn’t want a good deal? Well, this isn’t necessarily the case. Actually, you could be “shooting yourself in the foot”, as it were, by pricing your book too cheaply.
Consumers often attribute the quality of an item to its price. While everyone wants a good deal, if people think something is surprisingly cheap, too cheap, they may assume it is a low-quality item. Therefore, they may assume your book is not good and that is why it’s so cheap. When pricing your book, don’t make the cost so low that one questions how good it is. Also, your efforts deserve a good price. Don’t undersell yourself!
Who Wouldn’t Want a 70% Royalty?
When publishing an ebook specifically on KDP, it gives you the option to choose a royalty plan. You can choose between 35% or 70%. This seems confusing. Who wouldn’t want more money per book sale?
First thing to know is that not all books qualify for a 70% royalty. Your ebook cannot be priced higher than $9.99, or lower than $2.99, to qualify. You must also have this book enrolled in KDP Select. Enrolling in this free program allows your book to be part of Kindle Unlimited (subscribed readers can read your book for “free” and you get paid per page read), your book is allowed to be lent between readers for 14 days, and you can run discounts or free promotions of your book.
Be aware that even if you choose 70%, this may not apply to certain international markets. Honestly unless you are a worldwide-known author, there is no reason to not take advantage of the perks you get from choosing the 70% royalty plan. It gives you better outreach to potential readers.
We hope this has been educational! Happy publishing!