Tag Archives: Jonathan Franzen

Pricing Your E-Book: What’s the Sweet Spot?

Authors who self-publish their work must weigh a number of considerations when determining a price for their book. Among these are:

  • Perception of quality
  • Consumer appeal
  • Author royalties
  • Marketing
  • Time spent

Let’s examine these considerations:

  • Perception of quality. Does the 99-cent novel consign our work to that wasteland of low-quality, error-riddled novels? Are you banking on savvy consumers to somehow pick out your high-quality novel among the scores of amateur efforts? I decided to price my first novel, Small Change, at $2.99, which is the lowest price on Amazon for which the 70 percent author royalty applies. Why? Frankly, I thought it was worth at least that, but as a new author, I didn’t feel confident pricing it above that level. My thought on perception is this: if you believe your novel is of a high quality (don’t we all?) and you have put a lot of time and resources into your work, I see no reason not to price it at $2.99 or higher. That’s less than the cost of a latte at your favorite coffee shop.
  • Consumer appeal. The 99-cent novel has great appeal. It is low risk (no risk, really)/high reward for the consumer. If the consumer doesn’t like the book after finishing the first page or chapter, what has he lost? The consumer has paid less than he would for a pack of gum. The price point matters to consumers. Just ask Amanda Hocking or John Locke. I haven’t ruled out dropping my price to 99 cents, but I would like to have a second book out there before I do that.
  • Author royalties. If you are confident your book will sell and are willing to put in the time and effort to market it, you are leaving a lot of money on the table by opting for the 99 cent price. Amazon offers authors a royalty rate of 70 percent for books priced at $2.99 or above through its Kindle Direct Publishing program and 30 percent for books priced below $2.99. The example often cited is John Locke, who sold one million e-books at 99 cents, but would have made a lot more money by setting his price at $2.99. Of course 99 cents is part of a deliberate marketing strategy, which brings me to my next point.
  • Marketing. 99 cents is seductive. An author doesn’t need any descriptors like “only” or “such a bargain.” The price speaks for itself. Put on your marketing hat and ask yourself: is it possible to underprice a book in these times? I don’t think so, especially when authors are offering “free” promotions to get their work in the hands of readers. However, it is possible to over-price your book. If you are a first-time author and you are charging $4.99 for your book (just to pick a number out of the air), why would a consumer want to take a chance on you when he could buy the hot new 99 cent novel? Besides, if you charge 99 cents and sell a ton of books, a publisher will take notice, as was the case with Amanda Hocking, who was signed by St. Martin’s Press.
  • Time spent.  Here’s where things get dicey. You have no problem charging 99 cents, but then you think about all the time you spent on your manuscript. Let’s say you spent 1,000 hours on the first draft. Figure another 1,000 hours on revisions, editing, proofreading, and polishing your work. These are conservative estimates. Throw in 50 hours for marketing and coordinating your cover design. That’s 2,050 hours. I’ve made close to $60 on my book so far. If you calculated an hourly rate for the time spent, I’m making pennies on the hour. And that’s fine with me. This is a passion, not a job. It all comes down to your goals and how to achieve them.

So what’s the bottom line? Authors should experiment with price. Err on the low side. Don’t get caught up thinking your book is the best one ever written and the reader will gladly pay eight or nine dollars. It’s not going to happen, unless you are Jonathan Franzen or Stephen King.

How much would you pay for an e-book by a first-time author? How much would you pay for an e-book by a renowned author?

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Sue Miller to the Rescue

It must be the NaNoWriMo effect, but writer’s block is on my mind these days. Last week, I wrote about the “creative pause,” the positive effect  a short break can have on stimulating your creativity. Stepping away from my work in progress when I’m stuck has worked for me. Try it sometime.

Another winning strategy for unlocking my creativity is to have a “go to” author to read. I have several, depending on the nature of the story in progress. In my NaNoWriMo novel, there is a romantic relationship between the main character and a woman who, years earlier, was accused of murdering his baseball teammate and best friend. Through a series of circumstances, the main character tracked down the woman years later and they ended up in a relationship. I was having trouble writing the scenes where the two characters were together. I turned to author Sue Miller.

There are few authors better than Sue Miller at writing these types of intimate scenes between two people involved in a complicated relationship. A lot of writing coaches and bloggers talk about authors who pay attention to the small, precise details that make a scene come alive and propel a story forward. That’s one of Sue Miller’s greatest strengths.

An author and creative writing professor, Miller has written a number of best-selling novels. These include The Good Mother (1986), Inventing the Abbotts (1987), While I Was Gone (1999), The Senator’s Wife (2008) and The Lakeshore Limited (2010). She writes in the genre I like to read and the one in which I like to write. Her stories focus on families in conflict.

In an online interview, Miller lamented the decline in the number of novels that centered on families. “It seems both a more fragile and more important institution than it ever has been, more multifarious, more invented, as it goes along, more necessary. It’s been too easily dismissed as the subject or setting of serious fiction. American fiction in particular was for awhile pleased to think it had moved beyond the family, left it behind as a kind of low topic, suited only to women and children. But it comes around again and again…”

When I got stuck writing a scene for my NaNoWriMo novel, I drove to my local library and checked out While I Was Gone. The protagonist is Jo Becker, a veterinarian who is happily married to a minister. They have raised three daughters together and finally have an empty nest. Jo is content but feels somewhat unsettled, when a man from her past re-enters her life. He triggers memories of a time of personal upheaval, capped by the mysterious murder of her closest friend.

Read more about Sue Miller here.

Miller is among several “go to” authors I read, a list that includes Richard Ford, Michael Chabon, Jonathan Franzen, Alice Munro, and Alice McDermott. I have read and re-read their work, with an eye toward how they set up scenes, develop characters, move the story along, and deal with large themes.

Eight days to go and I’m at 46,200 words.

Do you have a ‘go to’ author you read when you get writer’s block?

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