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Pricing Your Book_updated LYDB Aug18 Marissa

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>> Hello, everyone, and welcome. It's Marissa here. And today, we are going to discuss pricing your book in the Launch Your Dream Book program. So I know, "How to price your book?" is a common question that comes up. A lot of people want to know, "Should I give my book away for free to build my list? Should I charge 99 cents for my e-book? Should I charge the regular price that I see at book stores?" So there are many different options when it comes to pricing your book, especially when you self-publish. And there are a lot of different tricks and tools that you can use. Today, I'm going to teach you a few of those so you can make a decision that will be best for you, your book, and your career. So the first thing I want you to ask yourself when it comes to pricing your book is, what is your beyond the book goal. For many of you, your beyond the book goal may be to increase your visibility, become known as an expert, and really get known in your industry which is great. You may also have it as a beyond the book goal to make money selling your book or you may want to use your book to promote your higher-end coaching services. I know we keep reiterating this, but it's super important that you're clear on what your main objective is so that you can make your decisions based off of what the end result will be. So let's say that your beyond the book goal is to get your name out there to get seen as an expert in your field, to attract speaking opportunities, and maybe to become an Amazon best seller. In this case, you might consider putting out an e-book and charging 0 or 99 cents for readers to purchase your e-book. Now typically, this is done for a period of time, and this is what we would call an e-book promotion. We've had many Amazon best sellers in the book course so far and a lot of them have done it this way. They've chosen to give away their e-book for free or for 99 cents at least upon first launching their books for maybe 24 hours or a few days or a week. In these cases where our authors have given away their e-books for free, all of a sudden now hundreds and hundreds of people go and download their book. They're listening to their message, they're joining their mailing list, they're getting to see what these people have to offer. And so doing this is likely to not only increase your ranking which you can now say you're an Amazon best seller which is a great PR and selling point, but you also have your book in the hands of hundreds of people, and we've had many authors do this with great success. On the other hand, we've also had people that don't feel comfortable with this approach. They want to sell their books at a regular price on Amazon, and in bookstores, and at events, and they're not really interested in becoming an Amazon best seller. They want to do it a different way which is totally fine. If you're less concerned with getting your book out there and would rather earn more of a profit on each copy of your book that you sell, there is nothing wrong with that, and you don't have to do these kinds of promotions. I mean you don't even have to do an e-book if you don't want to. The great thing about self-publishing is that you're in control of decisions like this, and you can price your book accordingly with what your beyond the book goals are in this moment, but then if things change down the line, you can change the price of your book at any time, beauty of self-publishing. You can also do a mix. You can start with giving away your e-book for free or for 99 cents just to get your book out there, and then when you start doing events and speaking engagements, then you can jack the price up a little bit more, or you could do it in the opposite order where you start by selling your book at regular price on Amazon and at events. And then down the line, after you launch and everything, and when your books needs a little bit of a momentum boost, then run a promotion later on, and you can do this through your website, or through KDP. So KDP, if you're publishing through Kindle Direct Publishing, they do actually have right on their portal the option for you to run a free book promotion through their portal. So once your e-book is enrolled in KDP Select, you can run a free book promotion by offering it for free for up to five days out of each 90-day KDP Select enrollment period. For more information on this, you can go to the KDP Help page and type, free book promotions into the search bar. And again, if you give your book away for free for a limited time, more people are going to read your book during this period, they'll write you reviews, they'll learn about you and your services, and so this can be a great incentive in running a promotion. All right, let's talk about money and how that all breaks down which is the next step in deciding how to price your book. We'll talk about royalties in terms of e-books and print books here. All right, so let's talk about e-book pricing. First, with KDP. So with KDP, you actually are going to have to select between two different royalty options. There is a 35% royalty option and a 70% royalty option, and of course, most people would choose the 70% royalty option because who wouldn't want to earn more of a profit per book sold. But there are some restrictions to choosing that 70% royalty option. So here are the requirements in order to earn 70% of your royalties. Your e-book must be priced between $2.99 and $9.99 in the US and this number will vary for other territories and currencies, we could check that list out on KDP's website. Another requirement is that your e-book list price must be 20% below the lowest list price for the paperback version of your book which, all right, like that's probably going to be the case anyway with an e-book. And e-books must be made available for sale in all geographies for which the author has rights. Okay, that last requirement is not such a big deal either, but what we're really looking at here is the first requirement. So this would because you have to have your book priced above $2.99 and below $9.99, this would exclude promotions. So if you're... I would consider anything under $2 to be a promotional price. So anything under $2 is going to get your book out there in much greater quantities and you cannot keep 70% of royalties if that's what you decide to do, you only get 35%. But again, you're not really doing it for making money on your books, when you're running a promotion, you're doing it for these other reasons, and to get your name out there, and to maybe have people purchase your services or hire you for speaking events which can bring in more money in the long term. So you just kind of have to weigh your odds here. Okay, so if you're not giving your e-book away for free, to figure out how much you'll be earning per copy sold at the list price you set, it's pretty straightforward since there are no printing costs involved. So with KDP, it's going to work out to be almost exactly that 35% or a 70% of the e-book list price depending on which royalty option you're eligible for. So if you sell your e-book for $4 with the 70% royalty option, you'll be earning around $2.80 per copy sold. Amazon may take a very small delivery fee which is usually under 10 cents, and there may be taxes depending on where your customer lives. But for the most part, you can count on receiving very close to that 35% or 70% of your e-book list price. Now in terms of IngramSpark e-book pricing, it is a little bit different. I'm going to direct you straight to a pretty good video that's on their site in case you happen to be using IngramSpark in publishing an e-book with them. So this video basically walks you through the process of pricing your e-book. It's called IngramSpark Title Setup Screen 6 & 7, Ebook pricing, and you can find this video by going to the IngramSpark site and typing e-book pricing into the search bar. All right, so next I want to talk about pricing for print books. Now print books are going to be a bit different than e-books since there are printing costs involved. So pricing your print book really depends on the cost of the book. There is really no rhyme or reason on pricing your print book other than your actual printing cost. So if it costs you $10 to print your book, you wouldn't sell it for $8 because then you'd be losing money. So both KDP and IngramSpark have pricing calculators on their websites that enable you to look at and see what you'll earn depending on the price you decide to sell your book for while factoring in printing costs and some other options for your specific book. The links to these pricing calculators are located in the handout, a simple guide to pricing your book which is in this module. So for example, on this slide, you can see KDP's royalty calculator which will help you estimate how much of a profit you'll make by selling your book on Amazon. Using this calculator, you can select your interior type whether you want your book to be color or black and white, and the page count. And from there, you'll see how this information influences printing costs, and how much of a royalty you'll receive per copy sold depending on what you set as your anticipated list price. So let's say my book is going to be black and white and 100 pages. Now let's say I want to see what my numbers would look like if I set the list price for $15. As you can see here, a book of this type and size would cost around $2.15 per copy to print, and if I set the price for $15, I'll be making a $6.85 on Amazon per copy sold. Amazon will be taking care of everything, the printing, the distributing, and the shipping to customers. I will just sit back and collect the royalty. The Expanded Distribution royalty refers to the profit you'll make if you select to have Amazon sell your book to other distribution outlets like other online retailers or bookstores, and you can check out the price and cost breakdown for other Amazon distribution channels in different currencies. So I encourage you to use this calculator to start playing around with different options to see what your royalties will be. Now let's say you want to order some author copies of your book to sell at events and or to give away. You can do this through the KDP portal. You select the number of copies you want to order, and you'll just pay the printing costs, shipping, and any taxes for these copies. That said, if you're planning to try and sell some copies of your book, let's say to a local bookstore, I want to let you know that you might consider setting your list price for a few dollars higher than you would if you were selling your book on Amazon online only. Why? Because bookstores will be more likely to purchase copies of your book if you're able to offer them an attractive discount, something like 50% wholesale discount. So let's say you've ordered 20 author copies of your book at $2.15 per book, that's just the printing costs. But let's say that your Amazon list price is only $10. Now you want to sell these 20 copies of your book that you bought, you want to sell them to a local bookstore, but you want to offer the bookstore a 50% list price discount for these copies. This would mean you'd be selling your book to them for $5 per copy. Now deduct the $2.15 per book that you paid, and your profit is going to be around $3 per copy. Now is that worth it? Can you afford to give someone a discount to resell your books or do you need to make your list price a little higher in order to do that? You would probably, in this case, set your list price for at least $13 or $14 to give it some flex room. So yeah, you just want to consider your profit not only on Amazon, but in terms of selling your book at a wholesale discount to retailers as well if this is something you're interested in doing. And if you're not interested in selling your book to local bookstores, then you may keep your price a couple of dollars lower to make your book more accessible to Amazon and online customers. Again, there really are no hard rules when it comes to pricing your book, but to give you some numbers as a very general ballpark idea of how much to charge, here we go. If your book costs about $3 to print, you might want to sell it for around $15. If your book is going to cost around $4 or $5 to print, you may want to make the list price more like $18 or $19 or even $20. And if your book is going to cost $7 or $8 to print, you may want to make the list price more like $21 or $22 or $23. All right, now I just want to talk about IngramSpark's royalty calculators here for print books. So it's basically the same thing. Their royalty calculator is called a publisher compensation calculator, and this is their calculator to help you forecast what you'll earn depending on the list price you enter when Ingram sells your book to various distribution channels at the wholesale discount that you enter. Now as you can see, IngramSpark has more options to choose from when it comes to print books. They have different kinds of binding, the option to choose between paperback and hardcover, laminate options, etcetera. But it's the same general idea. When you enter in all of your information here, you click calculate, and it will show you your printing costs per copy as well as the publisher compensation based on the options you select. And then the print and ship calculator, which is the screenshot to the right here is the calculator you would use to determine the price of purchasing author copies direct from IngramSpark and having them shipped to yourself. As a reminder, the link to these calculators can be found on the Simple Guide to Pricing Your Book handout in this module. So the last thing I want to mention here is that another helpful tool in pricing your book is to do a little market research. Try to find books on Amazon that are in your genre or are similar to the one you're writing and see what they're selling for. That can be, that's a pretty good tip, and it's very easy to do and to just give you a ballpark price range. So I really encourage you to consider your beyond the book goals, and from there, figure out what's going to work for you specifically in terms of pricing your book. Take some time over the next few days or the next week to try out these calculators so that you know what kind of numbers you're working with and do that market research. These steps should help you come up with a price for your book, and possibly a promotion strategy that's going to best suit your goals. As always, I encourage you to reach out to us in the group Facebook page for questions and additional support and bye for now.

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Posted by: integrativenutrition on Oct 19, 2018

Pricing Your Book_updated LYDB Aug18 Marissa

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