There is a reason that marketers get paid the big bucks – we know how to position and market your product for the highest return. There is also a reason that 99% of us hate to compete based on price – because the next guy that comes along at 10 cents cheaper is going to steal our customer. That is capitalism at its finest. It doesn’t matter if the product is better or not, if the price fits, the consumer will buy.
Why do they buy? Because you haven’t given them a reason to stay with your product, in this case your book. And therein lies the rub…
When we spend months writing our book, detached from family, losing sleep, and inhaling more caffeine and nicotine than our bodies know what to do with, we are doing it because we have a story to tell. We want the readers to be absorbed, engaged and interwoven into the words that we put on the page. We want them to escape into the lands that we create, feel the emotions of our characters, and savor the experience until our next book comes to market. So why do we price our books so low that real readers don’t touch them?
For most authors, they never think of the marketing side because they are too busy working on writing the actual book, which is much more important, nor do they have the capital to go out and hire someone to do the marketing for them. So they take on the task and find themselves competing for the Wal-Mart customer rather than catering to the Macy’s loyalists. Let’s stop for a second and talk about what that means.
I am a big fan of Wal-Mart. It’s a great place to shop and wonderful people work there, but we all need to be clear – we don’t shop there because of the great quality, we shop there for the price. Because Wal-Mart buys in indecent quantity, they are able to offer a significantly lower price to the consumer so they don’t need to worry about quality. They just need to keep the shelves full. Now, look at Macy’s. They don’t care about price. They focus on quality and the experience of the consumer. The Macy’s shopper doesn’t spend their time waiting for the flyer, they just go and buy. Price is not the decision point for them, it’s quality and experience. So, you have to ask yourself, which one are you? Are you a price point or do you give the reader a fantastic experience? That’s a tough question because it effects your entire marketing strategy, book positioning, and sadly, your book sales. So let’s ask the question.
As an author, do you deliver a fantastic experience to the reader? Do you want to have loyal readers that send you emails, post on your Facebook page and hound you on twitter wanting to know when your next book will be out? If the answer to either of these questions is yes, they you need to think about the experience and forget the price.
Now, I’m not saying that you should jump your price to over $8 an e-book like the traditionally published authors, because you don’t carry the same expenses nor do you have a publisher that is hungry to generate an obscene revenue from your hard work. This is your baby. This is your money and only you know how best to price it, so price it that way.
I know there are a bunch of authors out there that believe the best way to sell their books is to drop to a .99 price. But can I ask you a question – what do you think when you walk into a dollar store? Are you there because you want the best quality or are you there because you want to get some inexpensive things? Yeah, I thought so. The same applies to when you give something away for free. You got something for nothing, so what is it really worth to you? I should be clear this does not apply to the books you give away for reviews because that is also a marketing activity and good reviews sell books. But if the reviewer sees that the price of the book is below the price of a McDonald’s meal, they don’t take it with much value.
So I leave you this week with this question – as an author, are you Wal-Mart or Macy’s?