If you’ve read Team of One, you know that one of the steps to your sales systems should be Position and Attract. Writing your own book is one of the best ways to position yourself. I’ve done 2 book launches in the last 5 months and I’ve had some questions from clients about book pricing after their launch. While I have shared some insights in the Publish and Profit Private group, I realize some of you are not members and wanted to share my thoughts with you as well.
Keep in mind that for most of you the ultimate goal here is to drive business revenue, not book revenue so the results need to be measured against that in the end.
About a week after the launch of The 10 Second Sale ( http://0s4.com/r/INRM2J ) my daily sales volume on Amazon settled into a pattern (with a couple odd big 1 day spikes). On March 13 I raised my kindle price to $2.99, which is the lowest you can price the book and switched to 70% royalties. The results since then have been that my daily sales volume dropped about 20%, but still stayed active (enough to keep me in the top 10 books in 3 categories). This was with no active promotion of the book post launch.
During this time however, my opt-ins from the book (according to my Instant Customer Analytics) had not changed. So even with the drop in book volume, my list growth had not changed.
A couple of things to keep in mind as you consider this for yourselves:
- These observations came only a week after my price change so may not be statistically relevant long term.
- While my opt-ins did not drop, I have no idea what the impact is of not having the other book buyers, the ones that I lost with the price increase on the back end. It could be that some of those that I lost, could have been the type that would have reached out to me directly rather than opt-ing in to my list. Not sure how to analyze that, but it is something you should consider.
In my case I lost no opt-ins, and while my book sales dropped by 20%, because of the price increase and change in revenue split with Amazon, my daily net went up by more than 5x. Granted I’ll need another 10 books doing that same volume for it to make a significant difference.
If you have been wanting to publish your own book and want some help or guidance, send me an email at firstname.lastname@example.org and we can discuss how you can get access to the same training program and mastermind that helped me launch 2 books to #1 best seller status in a total of 8 categories in less than 6 months, or how our team can create your book with you.