The $0.99 Philosophy

[Archer]

One of the more difficult decisions faced by any Kindle author involves pricing. I'm a relative newcomer to KB, and (2/3 of) my books have only recently become available in Kindle format. When I first priced (name of book removed to stave off accusations of shamelessness), I got a lot of advice from my friends who buy Kindle books (I do not yet own one, alas!). After considering their input, I priced the book at $3.89. I thought, 'Well, it ought to be worth THAT, surely!'

A few people agreed; I sold perhaps ten copies of (book) at that price (thanks mostly to the efforts of my friends Kevis and Tanner, who made sure KB knew about it). Then Kevis told me of the success he was having with his 0.99 price, and I reconsidered.

There are a lot of titles available on the Kindle for 0.99 (or even less), and they are worthy reads. Carolyn Kephart's books, Kevis' books, Ed Patterson's books...the list is long and illustrious. Why not join them?

Within a week of reducing the price of (book), I had sold 100 copies. It takes a long time to sell that many print copies. It takes a three-day convention. It takes two book-signings and a lot of promotion surrounding them.  Here, it took a week of NO effort.  No cost to me.

What does EVERY indie want? (What, for that matter, does every author want?)
Readers. Plain and simple. We write to share with them (that's why I write, anyway).  The tally for (book) since being reduced is now approaching 300 copies. Things have slowed down...now selling only one or two per day, but, hey!

What's the point of all this? Well, I've heard several new authors stating that they shouldn't have to lower themselves to such a level. They believe their books are worth more. Well, so do I, but that's not why (book) is 0.99. I'm a relative unknown in any reality (excluding Terre Haute, IN, where I am probably the best known fantasy author who actually appears for book signings. Ha!).  I WANT NEW READERS. In order to entice them into taking the chance on a new author, I make it an easy decision. Between the reviews, the writing sample, and the low price, readers have little to lose, and hopefully much to gain. Why do I care if they get more than their money's worth? That pleases me, actually.

The book is not inexpensive because I'm 'desperate.' I'm not. If it gets more readers to take the journey with me, I'm IN! In my view, the price of a Kindle book is not a reflection of quality--it's a reflection of the author's willingness to share his/her work with as many readers as can be enticed into it.

Thoughts, anyone?   

[Lynn ODell]

My contention is that a new author should price their first book as low as $.99 to entice readers to give them a try.

Any books after that should have the price raised exponentially, i.e., the second book at $1.99 or so, the third at $2.99, etc.

Even the big publishers know this. They set the price for the first in a series as FREE, causing readers to get it just because it's free. Then, the readers, assuming they enjoyed the book, purchase the next or rest of the series at the regular price.

Also, with the $.99 novels, I think the price can be raised a little after some initial exposure and good reviews.

[Frank_Tuttle]

All of my books that go through the publisher have prices set by them, and they're more than 99 cents.

The one offering I've put out myself via DTP I priced at 99 cents.  I'd have priced it lower, if I'd been able.  Not because I think it's deserving of such a low price, but because I wanted to make it available to any budget, no matter how small.

I wanted to do that because I thought it would be fun.  I wasn't banking on any significant income from the sales.  I wasn't even sure if there would *be* any sales.

But there have been sales -- quite a lot of them, in fact.  Do I regret pricing it so low?

Not a bit.  In fact, I'm getting a companion volume ready to self-publish right now, and it too will be priced at 99 cents.  It's a win-win, at least for me.  I get to check my DTP dashboard and watch the numbers rise, and people out there get a few smiles and hopefully a shiver or a chuckle too, all for less than a buck.

It's a lousy way to get rich, but a great way to share your works with new readers.

[Athenagwis]

I think you got some good advice on pricing.  Excluding your time to write the book, the eBook essentially has no hard cost to you.  So when you had it at $3.89, you sold 10 copies, which grossed you $38.90, but when you brought it down to $.99, you had 100 copies sold, that’s a gross of $99.00.  That is economics at its best.  You need to find the happy price where you have the greatest gross profit, a balnce between price and number of people buying at that price.  Obviously $3.89 wasn’t it.  But you also hit the nail on the head with the number of readers, if you aren’t planning on being a one book author, the more people you can get to read your first book, the more likely you will get a sale on subsequent books at a higher price.  I think you would much rather have 100 readers hooked and buying your next book at $2.99, then 10 readers hooked buying your next book at $2.99.  (Gross on first is about $300, on second only about $70 … big difference!)

I actually have your book in my sample list to try out (since you won’t link, I will …. http://www.amazon.com/Elfhunter-Tale-Alterra-World-That/dp/B001R4CJDE/ref=sr_1_1?ie=UTF8&s=digital-text&qid=1249570018&sr=1-1 ) and I have heard great things about it, so in your case, I do feel I am getting way more than my money’s worth with your book, but if I enjoy it as much as others, I will try to reciprocate with subsequent books.  So I think you made the right choice!

Rachel

[Cowgirl]

Some of the best books I've read on K1 have been .99.  I don't relate price with quality. And for .99 I rarely download just a sample ... for that price I buy it. I certainly have paid a lot more for DTB's that I never ended up reading or weren't worth reading.

[Frank_Tuttle]

The new e-book I'm about to self-publish is a compilation of short stories that were all published back in the 90s.  One of them originally sold for more than two hundred bucks. 

So you never know what you might find in a 99 cent e-book!

[Kevis 'The Berserker' Hendrickson]

Archer,

How strange life works! After reading a post last night in which it was mentioned that the author should not have to lower their book price because it was worth more than 99 cents I was going to create this very thread. But I decided Kindle Boards has had too much drama lately and decided to let sleeping dogs lie. But since you created this thread anyway, I might as well give my two cents.

Anyone who has read my thread lately knows that I've been thinking about raising the price of my books from 99 cents. The reason being that there are many people (authors and readers alike) who equate quality with price. Because my book sales had been stagnant I was of the belief that people might think that my books are not worth buying because of the low price. Very few writers make enough from book sales to support themselves. I think most of us write because we enjoy telling stories. I have several sock drawers filled with unpublished work. But I never intended them to stay there. I write to be read. Who wouldn't want to be able to sell their books by the truckloads at a high price to gain more royalties? Way I see it, the more money an author makes, the more time he or she can spend writing instead of worrying about how they are going to pay the bills.

But I'm in this game to get readers as are most of the other authors here. I am more than willing to keep my book prices low in order to share my work with readers. For the life of me, I can't understand why an author would prefer to sell 5 books at 9.99 over the course of six months rather than 200 books at 99 cents. Yes, an author should be compensated for their labor. But isn't having your work read more precious than making a few extra bucks per book? Seems to me that pricing your introductory book at a low price is beneficial to both the author and the reader. The reader gets to take a chance on a new author without much risk. In the process, if the reader likes the author's work, they will gain the trust of the reader who will be willing to spend more money on the author's other books. IMHO, the 99 cent philosophy is a practical way for an author to build a readership. In the end, every author has to ask him/herself why do they write. If it's to be read, then it shouldn't be a big deal to lower the price of your book to a reasonable price. But if it's too get rich coming right out of the gate, then in my opinion that author is not going to be compensated for their work in money or readers. That's my two cents anyway.

[Chad Winters]

As a reader.....i am much more likely to take a chance on an unknown or indie author at .99 cents if the book sounds intereresting than if it is 9.99. There are a more books out there than I can read in my lifetime and I am rarely going to by a 9.99 indie book with few reviews (you have to admit there are a lot of bad books out there!)

Don't forget that your book is a grain of sand on a beach at this point. My TBR shelf is like 30 pages deep on my Kindle now and I am definitely gettting more selective. If its and interesting looking bargain I will pick it up, otherwise my limited book budget is going to completing series I have already started or books from authors that I know I want.

just my 2 cents!!

P.S.
Several of the "bargain" books I have found from authors on this board have been real gems, but I probably would not have tried them if they had been 5 dollars or above. Its just the way it works....

[Lynn ODell]

I posted this on another thread, but I think it will find a better home on this one:

This is an opinion from a prolific reader and a someday author: I read A LOT. So, I have to budget myself a bit when it comes to books. Therefore, I tend to buy about 2 $9.99 books a month, along with a ton of Indie ($.99-$2.99) books throughout the month to feed my 'habit'.

Now, when I am ready to pick out my $9.99 book, I look to bestsellers and my favorite authors. So, I have to say "No", I will not be buying a self-published work with my twice a month $9.99 allotment. I just can't risk it.

Why 'risk'?  Well, unfortunately, there is absolutely no one to moderate what is published as a 'book' on Amazon. I have been burned too many times by people who think that they don't need to edit before publishing to spend that much on an unknown author.  Fair?  Absolutely not. But, at least with the books I am referring to, I only felt like I 'lost' less than $3. Do I sometimes buy a bestseller $9.99 book and not like it? Of course!  But, it is less of a risk.

I can also buy some older novels from bestselling authors for as low as about $6.50; these are tried and true books.

So, I guess all I am trying to say is that, when pricing your book, think about the competition.  If your $9.99 book comes up on a specific search listed right next to Stephen King and John Grisham's new releases for the exact same price, which book do you think readers will choose? 

You may be the next King, Grisham, Rowlings, or whoever in your genre, but readers need to have a chance to find that out.

[Kristan Hoffman]

RedAdept-

Thanks for that insight! I think your reasoning makes total sense, and is probably true for many readers.

As a young/unknown writer, I actually was surprised and a bit disappointed to find that the lowest I could offer my fiction for was 99 cents. I had originally been planning to start at 50 cents. So I ended up putting more in each item (I write episodic fiction so instead of bundling 2 at a time, I upped it to 4) and I think it's been working out okay.

Kristan

[Archer]

Kevis, my dear friend and comrade-in-arms, I am in no way disparaging the authors who have voiced their (perfectly legitimate) opinion about 0.99 books. After all, my gut reaction was the same at first.  I am attempting to benefit them, should they read this thread, with the accounting of my own experience. I also wanted to hear what my target audience (which is anyone who can read) of Kindle-folk had to say concerning the issue of price point, and they have come forth with really sound and sane opinions, as usual.

My evil plan is to bring forth book 3 (didn't get it done last weekend due to working on website), and sale price it for a week. Then, I'll consider what to do with it. I might keep it there...sort of a reward for staying with the trilogy all the way to the end.  Main point is made--I will have readers, hopefully happy ones. No book appeals to everyone, but we knew the job was dangerous when we took it.

'Archer'

(Athenagwis--thanks for the link!  It's not considered shameless when YOU do it!) 

[Kevis 'The Berserker' Hendrickson]

Archer,

No disparaging here in my corner either. I avoided creating a similar thread to this one last night because I didn't want anyone to think that I was singling them out. Truth is, every author has to grapple with the price situation and I can understand why some of us would be reluctant to sell our books for cheap. Our books are our children and there are very legitimate reasons for not selling one's book for bargain price. But like you, my only goal is to help foster this discussion so that everyone, myself included, could get a better understanding of what our readers want. And based off of the number of participants in this discussion thread, the readers have spoken. I, for one, am taking notes.

[geoffthomas]

I want to point out that the $.99 price will provide new readers.
The $.00 price will get a lot of sales but not necessarily readers. (download and put on the to be read list) There is a lot of this on this forum.

If I am inclined to read the book, for instance Robin Hobb's Assassin's Apprentice, I will definitely do so for either the $.00 or the $.99 price.  Having read this book, I will now pay the $6.39 asking price for the second volume (even though I don't really want to pay that much).  Now I should also say that while I will read the trilogy, I don't know if I will go on to the second trilogy and probably will NOT go on to the third trilogy.  Not for $6.39 per volume.  Good books, but not superb.  Robin Hobbs is not reachable by me on the internet. (More about this point later)

I will pay what it takes to read C.J. Cherryh's books.  This is also true of Raymond Feist and Terry Brooks.  And by the way I can go to her site and "talk" with her on her blog - which I do. But I would pay retail to read her books without this. (this is some more of that point).

There are some writers (even resident here on KB) that I have spent either the $.00 or $.99 for the first book.  In one case I did not finish the book. And in the other case I finished it and found that I shouldn't have (it never got better).  In both cases I will not download further work, even for free.
There is a remote possibility that because of communication here on KB I might try again.

For books that are a little out of the "must read" genre that I frequent, the low price is an inducement to try the books.  I did this with Thumper's book Charybdis. And then was willing to pay more (though I did not have to) to read the next books.  And it helped that I felt like I new her.

RJ Keller had a $.99 price on Waiting For Spring.  There had been a couple of good recommenations and so I tried it.  Now I have made a point of posting my mini review and between the good reviewers more people have indicated that they will try it.  A small snowball.  But alas there is no follow-up to read.  But she can charge more than $.99 for the next one.  And even though this is not my sweet spot, I will purchase and read.

Carolyn Kephart had a $.99 price on both the Wysard and Lord Brother books.  Good reads and I would have paid easily $1.99 or $2.99 for the second one. But I will anxiously await the next one.

You have had a great marketing strategy.  $.99 for the first book.  Quite good - have I said that before?  And then the $.99 temporary teaser for the second.  (My advice is to go ahead and raise the price to at least $1.99 now that the original time-period is up).  Your reward to existing fans is a nice idea but if we miss the special, a little higher price is no burden for an author and work that we know that we enjoy.  And if you make the same offer for the third book, I will snap it up.  But I will pay more for it anyway.

And I should say that I started on Boyd Morrison's Ark and Jeff Hepple's The Treasure of LaMalinche  and Mike Hick's In Her Name because the price was that entry value $.99 for the first and because they had been posting intelligent and friendly to the threads here in KB and I felt that I knew them.  And the quality of their writing in the posts impressed me.

The short answer is that Red-Adept said it for me.

Just sayin.......

[jrector]

I've heard several new authors stating that they shouldn't have to lower themselves to such a level. They believe their books are worth more.

To who?  Themselves?  Their mothers?  Do these new authors have a rabid fan base anxiously awaiting their...  first book?

$.99 is the perfect price for a first novel on the Kindle.  If it's good, people will recommend it and remember you.  They'll search out your next book when it's available, and then, if you're lucky, maybe they'll be willing to pay more than $.99.  In my opinion, first time authors need to be thankful anyone reads their work at all.  No one deserves to be read just because they wrote a book.  Whatever happend to starting at the bottom and working your way up?  You know, earning what you want rather than assuming it's owed to you for showing up.

"Lower themselves..."  Oh, please.

[MikeD]

As I said on another thread, I don't read indie (or unknown) authors very often anymore because of time. As I approach the final third of my life I have realized that there are more tried and true books out there than I have time for. Experimentation does not fit well into my list of reading priorities. So, for me, time is the issue and not the price.

That said - there are exceptions.

Not long ago I tried



which was then available for $1.00. I loved it and immediately purchased the next 2 books in his trilogy. Did price play a role? Yes, in this instance it did. Had Mr. Weeks asked $9.99 for his book, I would not have tried it. $1.99? Maybe. But once I read the first book for $1.00, I would have gladly paid $9.99 each for the next 2 books.

So the idealistic POV that "My work is worth more than that" is a bit of nonsense, IMHO. Just like in any endeavor, one must pay one's dues before one can be successful.

The bottom line is that most writers want to be successful in the field of writing. To obtain readers. To make a living on the craft. In order to do that, sometimes one has to put aside the ego and take the initial steps needed to get recognized and develop a following. And sometimes that means setting the price low enough to draw readers that might not otherwise give the work a try.

...Don't forget that your book is a grain of sand on a beach at this point...

Indeed.

JMO.

[Archer]

It seems we are pretty much in agreement. When an indie author writes a book and publishes it, it's sort of like an inventor putting out a new 'widget.' Just because he took time, blood, sweat, tears, sleepless nights, and lord-knows-what-else to conceive, produce, and market the widget does not guarantee that a single person will buy it.

When the late Billy Mays advertised a new product, he always offered it for a low price, two for one, that sort of thing. Our books are no different. We don't necessarily want to give away the product of years of effort, but we should understand that we must make the widget attractive to buy--almost an 'offer you can't refuse.'

Now, there are reasons that we cannot discount our print books beyond a certain level, as much as we might wish to. But Kindle books are different! They represent no cost--none! Therefore, it's easy to make the best offer to the readers.

I don't think authors should be beaten up for valuing their work, and their expectations/goals might be different from mine. Perhaps 'lowering themselves' was a poor word choice on my part--it was the tone I got from some of their posts. But, remember--this Kindle thing has a learning curve. I know I have learned heaps already. 

As long as you don't assume desperation or lack of quality, I'm happy to offer my widgets at a very attractive price. (And, if I could, I'd throw in a set of 'Ginzu Knives.')

[Athenagwis]

I would prefer the Perfect Chopper 3000, but I guess I can't be picky

[telracs]

I love 99 cent books.  They make me happy to read something new for a good price.  That being said, I will also purchase indie books up to about 5 dollars, especially if they are recommended by someone here whose opinion I respect.  I understand that a book can be your baby, but if you've gone so far as to publish it, I assume you want people to read it, and especially in this economy, an incentive may be needed.  So, lower the price and you'll get more nibbles.  Especially if you're planning a series, lowering the price on the first book is a good idea.

[Archer]

I would prefer the Perfect Chopper 3000, but I guess I can't be picky

Haha! If I had one, mate, I'd throw it in!

The only problem with 0.99 books, at least for me, is that I don't have a Kindle yet!
 

[sierra09]

On another board I read threads that argued with an author who offered his Kindle version for .99 or less saying it devalued it or something or would make a reader think the author wasn't valuing his/her work. I didn't agree with that for many of the reasons Archer listed. I think the purpose is more to gain a reader base first and if a low price tag, especially on an e-book, will do that then it's fine. While my Kindle version isn't .99 (it's $1  ) I've been happy with the results. 69 sales in a month makes me happy and since I've said in other places that I'm not doing this for the money if I could have sold for less I probably would have and I don't think I'm devaluing my work at this price.

[Archer]

Sierra:
A WHOLE DOLLAR! Ye gods!
(ha!)
When I sell enough Kindle books to buy a Kindle, I'll spend one of my dollars for 'Celtic Evil.'
Again...for non-kindle owners, dollar books are just plain torture! 

[Carolyn Kephart]

Don't forget that your book is a grain of sand on a beach at this point.

Thanks to everyone on Kindleboards who's taken a chance on my books, I feel a lot more like a pebble these days.

Gratefully,

CK

[sierra09]

  I know. I've seen so many Kindle only books that I'd love to read. A Kindle has now taken over the top spot of my 'wish list' previously held by the X-box 360.  

[Carolyn Kephart]

Sierra:
A WHOLE DOLLAR! Ye gods!
(ha!)
When I sell enough Kindle books to buy a Kindle, I'll spend one of my dollars for 'Celtic Evil.'
Again...for non-kindle owners, dollar books are just plain torture!  

My Kindle will be paid for by anything but my book royalties. I want the danged thing NOW, not next century. 

CK

Glad to see your own books doing so well!

[Carolyn Kephart]

I will pay what it takes to read C.J. Cherryh's books.  This is also true of Raymond Feist and Terry Brooks.  And by the way I can go to her site and "talk" with her on her blog - which I do. But I would pay retail to read her books without this. (this is some more of that point).

Carolyn Kephart had a $.99 price on both the Wysard and Lord Brother books.  Good reads and I would have paid easily $1.99 or $2.99 for the second one. But I will anxiously await the next one.

Since you compared my style to Cherryh's elsewhere on this forum, Geoff, I'm now wondering if I should emulate her further and enable comments on my blog. Disabling the Comment function might seem alienating, something I hadn't thought of until I read your remarks.

Volume Three of the Ryel Saga, when it appears on Kindle, will cost the same as its brethren do now. Fan base > bucks at this point!

With thanks,

CK