"Q: How do you eat an elephant? A: One bite at a time."- conversation with Patrick Mallot
I published a book in August. It is available in both paperback and as an ebook from Amazon. The price is the same 9.99. Why?
After many MBA courses in which students argued about the price they most often concluded that by selling it at a lower price leads people to believe that it is not worth the purchase.
The other day I read a USA Today article about Amanda Hocking, an author who has written 22 published and unpublished ebooks and sold more than 1.5 million copies of her books and earned an estimated $2 million by pricing her books from 99 cents to $2.99. She just signed a contract with St. Martin press for $2 million. Amazing! Great for her!
So what is the right price to sell a book? I do not know. Maybe mine is overpriced? Maybe hers would have sold the same amount even if they were 9.99? Maybe she would do better selling her books instead of going through the publisher?
Amazon's Kindle allow you to earn 70% of the book price. Create space, Amazon's paperback partner, is a lot less. Maybe $2-3 per book.
My first royalty check was for $27 dollars. It was not a lot money BUT the idea that it was residual income. Money earned without having to show up and trade time for money.... nice..very nice..
Her first royalty check was $15.72. I think I will take a picture of mine and frame it...It will inspire me to write my next book.
Today's question is:
"What can you do to bring in residual income?"
P.S The article can be read at
http://www.usatoday.com/life/books/news/story/2012-01-03/amanda-hocking-self-published-author/52345642/1
I published a book in August. It is available in both paperback and as an ebook from Amazon. The price is the same 9.99. Why?
After many MBA courses in which students argued about the price they most often concluded that by selling it at a lower price leads people to believe that it is not worth the purchase.
The other day I read a USA Today article about Amanda Hocking, an author who has written 22 published and unpublished ebooks and sold more than 1.5 million copies of her books and earned an estimated $2 million by pricing her books from 99 cents to $2.99. She just signed a contract with St. Martin press for $2 million. Amazing! Great for her!
So what is the right price to sell a book? I do not know. Maybe mine is overpriced? Maybe hers would have sold the same amount even if they were 9.99? Maybe she would do better selling her books instead of going through the publisher?
Amazon's Kindle allow you to earn 70% of the book price. Create space, Amazon's paperback partner, is a lot less. Maybe $2-3 per book.
My first royalty check was for $27 dollars. It was not a lot money BUT the idea that it was residual income. Money earned without having to show up and trade time for money.... nice..very nice..
Her first royalty check was $15.72. I think I will take a picture of mine and frame it...It will inspire me to write my next book.
Today's question is:
"What can you do to bring in residual income?"
P.S The article can be read at
http://www.usatoday.com/life/books/news/story/2012-01-03/amanda-hocking-self-published-author/52345642/1
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