On March 1, I began a double-edged pricing experiment. I raised the price of one book and lowered the price of another.
Dead Dwarves Don’t Dance
I lowered the full-length cyberpunk novel, Dead Dwarves Don’t Dance, from $2.99 to $0.99.
In order to earn as much at a cover price of 99 cents as I did at a cover price of $2.99, I have to sell six times as many books. That’s not happening yet. But, it’s only been one week.
Here’s the daily charts (click to enlarge):
February average daily sales = 6.6
March average daily sales so far = 13
February average daily royalties = $13.21
March average daily royalties so far = $4.55
So, alas, I’m only earning 34% of last month. If that holds true for all of March, this experiment will result in lost revenue of at about $240. To say the least, I’m hoping this improves.
On the other hand, I am selling nearly twice as many copies of the book. That means many more readers and hopefully more fans, who will hopefully be interested in buying my other books.
Format Your EBook for Kindle in One Hour
I raised the DIY book, Format Your Ebook for Kindle in One Hour, from $0.99 to $2.99.
Now, we’ve got a totally different story for this DIY book. I was expecting a decline in sales with the price increase, but I’ve actually seen an increase in sales!
February average daily sales = 6.7
March average daily sales so far = 7.5
February average daily royalties = $2.34
March average daily royalties so far = $15.08
Woot! I’m earning 644% more per day with the price increase. That is very nice. If this trend continues, I’ll earn $421 on this book alone this month.
What does this mean for me?
If things continue at the same rate for the rest of the month, I’ll earn a total of about $650 this month at the new prices. That’ll be about a 36% increase from last month.
I’m looking forward to seeing if these new trends persist for the rest of the month. I’ll give you another update in about a week.
What does this mean for you?
Format Your Ebook for Kindle in One Hour is a Do It Yourself instruction book. It can conceivably save a self-publishing author hundreds of dollars in formatting fees. So, $2.99 isn’t much of a risk. And, people are willing to pay more for something that can help them earn money.
It is not a genre fiction book that someone buys on impulse. So, I don’t think you can generalize the success of this price increase to novels.
But, if you have an instructional book I think you can experiment with higher prices.