New E-book Experiment: $2.99 through October
I think ebook prices are too high. It's not that I think a great read isn't worth $10-$15 -- it's worth way more. But I think lower prices will get books into readers' hands quicker. I think $4.99 is the right price -- the price that sells books and pays the people who work on them.
My publisher, ECW Press, begs to differ - they think the current industry standard is about right. But they've been cool enough to run experiments with me to see if the marketplace says differently.
We ran an experiment in December -- results are here -- that we both interpreted differently. (To me, it was clear that people would buy more ebooks if they were cheaper; ECW felt the success of the experiment lay more in the promotion.)
But ECW is an open-minded press. They publish books with an edge, and they watch the industry with an edge. They want to know what consumers want, and (unlike any other publisher I've ever heard of) they listen to ideas from writers, too.
So they're trying this new experiment -- a slower, less dramatic one. For the month of October, Dead Politician Society will be $2.99 across several platforms.
This doubles as a promotion for Death Plays Poker, the second book in the series that was released a few days ago. (The wicked plan is to get people hooked on the series by giving them a cheap first taste, ha ha.)
But -- like with the first experiment -- my excitement lies in waiting for and interpreting the results. I'm just so curious to find that sweet spot, pricewise.
It's up on Kobo, Nook, Sony Reader Store, iTunes & Kindle.
I'll post the experiment results as soon as they're in.
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There really are so many factors. And each case (for high and low prices) can be made intelligently. Do you have a stand on the issue, or are you still watching and trying to figure it out?
Robin wrote: "There really are so many factors. And each case (for high and low prices) can be made intelligently. Do you have a stand on the issue, or are you still watching and trying to figure it out?"If I'm a fan of a particular novelist or a non-fiction topic, I'll pay a higher price and others will too. In micro economics, the term is inelastic demand, a steep demand curve. You simply want it and will pay for it. Otherwise price becomes a significant factor in making a buying decision. But so does recommendations from others whether it's general buzz or word-of-mouth. But that assumes the book is targeted to my interests. I won't read paranormal material so price is irrelevant. Even free is irrelevant.
I think you're right - I'll gladly pay what a book costs if I'm keen to read that particular book or author. (Because a good read is almost always worth more than a book costs.) But when I'm taking chances, trying out new authors, I think a lower price would convince me to just pick something up instead of waiting and thinking about it. Not sure if that's normal or not, though. Really intrigued to see what the market ends up leveling out at.
Cheers
James Piper