It’s Worth What? — An Exploration of Pricing

I’ll soon be facing the conundrum of deciding what my book is worth and where to effectively price it.  Do I go free and drive up the sales?  Do I slip quietly into the .99 cent ghetto … I mean … bin?  Do I price myself to challenge the market at a rousing $2.99?  Or, do I plow headlong into the $4.99 bracket and practice a little patience because other “literary fiction” sells for at least that much and often times much more?

These are real questions … depending on where I fall will directly correlate with how well I sell.  It’s a seriously strategic business minded move.

The schools of thought on this various from professional to professional and author to author.  Some think, hey, go free–get the reviews and then up your price, because hey–everyone likes to get something for nothing.  Some think, no way is free is the way to go, it screams INDIE and polarized potential customers.  The under the buck mentality is referred too as the “ghetto” … an obviously sad term when you consider the love that an author pours into a book.

The fact is … my book is worth something … but what that something is remains unknown.

I was sitting down this morning trying to figure that out … and I’ll share my thoughts …

I bank with Bank of America.  I use my debit card more than anything else.  But, sometimes I need cash.  BOA has a lot of ATM’s in high traffic places, but they aren’t on every single corner.  Sometimes I have to visit another banks cash station to do a withdrawal … and each time I’m pinged $2.50.  I never spare a thought on that … paying the nominal fee is part of life as far as I’m concerned.

When I fill up my SUV with gas, I pay all sorts of fees I’m unaware of.  But, that doesn’t stop me.  It’s part of the price per gallon … and I just do it without thinking about it.

This holiday season, when I was buying gift cards, I bought Visa branded ones.  And, I paid an extra $5.00 a card.  Why?  I don’t really know.  But, I did.  It didn’t really bother me … it’s just what you do.

I heart Starbucks.  I will willing pay $5.00 plus tax for a swanky cup of coffee just because I like frothed cream.

I adore the movies, and when we go, we pay $20.00 for tickets and about $30.00 for a popcorn and two sodas.

My point is … all the time I have money going out on things that I need or enjoy and I never give it a second thought or backwards glance.  I realize that … you know what … these companies (be it the bank or the gas station) are businesses with overhead and they’d like to turn a tidy profit.  Am I really that different?.

No, actually, I’m not.  While reading is a little luxury for most people, it just so happens to be my business.  I’ve invested in the start-up cost of publishing and I’ve worked my ass off to make sure what I’m sending out into the world is a pretty, easily enjoyable read. I should be … at least in my mind … rewarded for my efforts.  I don’t think free is for me.

I think when you’re starting out, you’re setting a bar.  You’re introducing yourself and the quality of your work.  If you’re free … what does that mean?  How can you possibly go from nothing to something and not expect someone to shake their head in confusion?

Writing is art.  It’s entertainment, designed to provide pleasure.  Is $5.00 really too much to ask for that?  Not in my mind.

But…I’m posting for opinions.  What are your thoughts?  Where did you price and what was the result?  Share and share alike 🙂 your wisdom’s are rewarded with gratitude!

 

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