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Higher Prices. More Sales

Feb 20, 2024

We recently increased the prices of Lori's books on her direct sales store and on the retailers.

And yet, on all platforms, the number of orders increased, as did the royalties (and profit).

For the longest time, we resisted increasing the prices of Lori's books on Amazon.

Why?

Because we were so focused on the Amazon Bestseller Rank.

Honestly, we were more focused on the ego metric of bestseller rank than take home royalties and profit.

We did this because, all that was going round in our heads was, "if it ain't broke, don't fix it."

And we were doing good numbers on Amazon, when Lori's books were exclusive.

Had we increased the prices on Amazon years ago, however, it would have made our Ads more profitable, and we'd have earned more royalties.

Instead, because we were so obsessed with the Amazon Bestseller Rank, we resisted.

Sure, when you have higher priced books, the number of orders sometimes decreases, but it can also increase.

The reason, in my opinion, (and this is completely hypothetical), is that a higher-priced book oozes more value and higher quality.

Think about it...

If you saw a 2019 Ferrari in mint condition, with 1,500 miles on the clock, and it was being sold for $5,000, you likely wouldn't be thinking, "That's a steal."

You'd be thinking "What's wrong with it?"

The same goes for books.

Cheap books can give off the aroma of a low-quality book.

The caveat here, of course, is if you're running a promo, or you're trying to get as many people as possible into your series with a 99¢ Book 1, for example.

With Lori's direct sales store though, we increased the price of the eBook bundle from $11.99 to $19.99, and the number of orders has more than doubled.

With her paperback bundle, we increased the price from $59.99 to $69.99 and again, sales have doubled.

We even offer a 20% discount code when people sign up to Lori's email list, but we still get a good number of full-price sales come in; about 60% of the orders are full price, the other 40% use the 20% discount code.

All this to say, with Ad costs rising across the board, it may be time to revisit your pricing and see how it impacts sales.

And if there's a definite drop in royalties, you can always decrease the prices again.

Food for thought...

To Your Success
– Matt 

 

 

Learn How To Run Meta Ads And Build A Six-Figure Author Business

Get immediate access to my FREE How To Create Scroll-Stopping Meta Ads That Sell Books course when you sign up for my weekly newsletter for self-published fiction authors.