Fool-proof steps to becoming a bestselling author and retiring from your 9-to-5:
- Write awesome book
- Package awesome book
- Go to publish awesome book
- Think to self…
Oh, crap. What the heck do I price it???
Personally, I love experimenting so I recently raised my first novel from $3.99 to $4.99 and enrolled in Kindle Select as well. Since it’s only been a few weeks, I’m not certain of the long-term effects yet. However, I can tell you without a doubt that there were IMMEDIATE effects (for me):
- Increased profit
- Increased visibility
Anyhoo, this reminded me of a fan-freakin’-tastic article I came across months ago. It’s an oldie from 2011 but a goodie nonetheless. I mean, I bookmarked the darn thing so that must mean something, right? Riiight??
And one more thing. I also discounted my book to $0.99 as a part of two group events last month (shall post detailed promo results at a future date) and experienced the exact same “negative review phenomenon” as Elle Lothlorien (a successful romance indie and author of this week’s article):
“Something else intriguing that I noticed when I lowered the price on THE FROG PRINCE to $0.99 was the way it affected the reviews and refunds. Up until that point, about two percent of customers who purchased THE FROG PRINCE returned the book for a refund. One, two, or three-star reviews were very uncommon. When I dropped the price, the refund rate went to almost zero, and the number of negative reviews (between one and three stars) went up.”
Here’s the full article:
Why Your Novel is a Tall, 6-Pump Vanilla, Breve Latte Grande, Extra Hot, Heavy Whipping Cream, Extra Dry Cappuccino (Or It Should Be)
Let us know your thoughts! Hope it helps you as much as it did me!!
P.S. – Yeah, I know bestseller status doesn’t actually equate to retirement but that’s another discussion for another time haha!