How much should I charge readers for my book?
When self-publishing a book, many authors forget one of the most important aspects of the process: how much to charge readers to purchase a copy. Keep reading for tips on how to price your book and calculate how much you can earn for selling copies of it.
Many authors are unsure what to do when it comes to pricing their book. When thinking about the list price for your book (or RRP: recommended retail price) – which you’ll spot on the back cover of any print book – it’s important to find the balance between being competitive, appealing to readers, and making a profit.
To figure out how your book should be priced, start by calculating how much it will cost to produce it, as well as what royalty rate you’ll be offered. From there, you can work out how much you’ll earn from your book.
- The cost of a book depends on how many pages it contains, as well as the size of the book (trim size), paper type and finish: is it laminated? Scuff-proof?
- When it comes to royalties, different platforms, and formats, offer different rates.
We advise our authors to use the two main platforms to publish their book, Amazon and IngramSpark, ensuring wide distribution – so it can be found by as many readers and booksellers as possible.
Do note though, that, royalties aside, there are other cost considerations when it comes to publishing on IngramSpark.
IngramSpark is a wholesale distributor for books and works differently to Amazon, which is a retailer. As such, you’re required to bear the cost of returning unsold books; furthermore, IngramSpark requires you to discount your book heavily in order to make it worth buying in bulk.
What are book royalties?
Royalties means the percentage cut you’ll receive from your book’s sales price, calculated per copy sold. You should aim for a healthy royalty margin of at least £3 - £5 per copy, if possible.
(Note that you may receive a different royalty rate in one market compared to another. This is because royalties are charged based on things like exchange rates and operational costs in your chosen territory.)
To check how much your book will cost to produce and how much you’re likely to earn on royalties, use Amazon’s compensation calculator.
If you’re publishing your book on IngramSpark, you can check out their handy cost calculators here, too. Simply enter your book’s details and they’ll work out the rest.
How much do books usually cost?
Generally, book pricing starts at around £7.99 or £9.99 for standard paperbacks and hardcovers. This can go up to £14.99 - £19.99, depending on length and genre of the book, as well as its quality.
Hardcovers can command a higher price – often between £19.99 and £29.99 – due to the higher production costs involved in creating these books. However, readers are generally happy to pay this price for a book with top-quality content that is enriching, and for a book that will stand the test of time. These are usually coffee table-type books and information-rich reference books.
Research what other authors are doing
Another way to figure out what price your book should sell for is to research similar books in your genre. At what price are other authors selling their books? This will give you a sense of what readers who might be interested in your book might be willing to pay for it.
After doing your research, opt for a competitive price within that range.
Other considerations when pricing your book
To give your published book the best chance of success, here are a few tips when it comes to deciding on your book’s RRP:
- Book launch promotions
When you first launch your book, especially if you’re a first-time author, offering a lower RRP can help you gain early readers and reviews. As the book gains momentum, you can raise the price gradually.
If using Amazon, then you can enter your e-book (not available for print books) into Amazon’s Kindle Select programme, which offers a raft of benefits in exchange for exclusivity – so you’ll only be able to sell your e-book on Amazon, not anywhere else such as your own website.
Kindle Select is Amazon’s marketing tool that could, potentially, increase your royalty rate for the duration of the programme, which lasts for 90 days and auto-renews unless you opt out. Used strategically, this can help your book get noticed when it’s first published.
- Psychological Pricing
Psychological pricing is the oldest trick in the book (pun intended!) for retailers, and works like this: you’d price your book at £6.99 instead of £7.00 to make it more appealing to readers – even though there’s only a penny’s difference in the price.
- Manual price adjustment across territories
Although platforms such as Amazon offer automatic currency conversion when uploading your book, it’s worth going in an adjusting the price manually for each territory in which you’re selling your book. This can make your book more competitive, as the automatic currency converter doesn’t always align with local desire to buy a book.
Ultimately, how much you charge for your book will depend on your goals. Do you simply want to make a profit? Tell a story? Help others? Or promote yourself as a leader in your field?
Some authors are willing to forego higher margins in favour of the credibility that publishing a book can bring – in these cases, increased visibility leading to more bookings for events or consultancy is more compelling than profits stood to be gained from royalties from book sales.
Remember, you can always adjust the price of your book after it’s published, in line with events or special days that might just resonate with your readership and compel them to purchase a copy of your book.
Need any more help to publish your book? Contact info@wellnessbooks.co.uk to book a consultancy call with a friendly team member.