Increasing your book prices isn’t simply just about asking for more money “just because.” It’s about moving yourself to the next level at the right time in a way that makes both you and the reader feel good.
Here are eleven ways to naturally and easily get you to the step of bumping up your prices.
- Know Your True Worth
Before you plunge ahead and increase your prices, create a goal for your new annual income. That means knowing your “why,” doing some research on other authors, and making sure you have an accurate picture of your ideal reader. Know your value in terms of your writing and perceived value to your reader. (Do you write quality books that always get good reviews?)
The more specific you are and the more careful you are when analyzing everything, the quicker you will realize your own worth—and appreciate yourself, your journey, and how far you’ve come.
- Ask with Confidence
You don’t owe anyone an explanation or reasoning behind increasing your prices and you don’t have to apologize. In fact, if you feel the need to apologize then you didn’t do your homework in tip one. Get back to it!
- Add Value When You Raise Your Prices
If you want readers to accept your prices without complaint, show them the increased value. Is your book length appropriate for your pricing based on your research in tip one? Are you now giving out free epilogues with newsletter signups? Does your packaging align with other books in your genre and other higher priced books?
Do the research and discover exactly what your reader expects for these higher prices.
- Count Your Successes
If you’re having trouble justifying the price increase to yourself, think of your successes—your reviews, reader comments, and sales chart rankings.
When you’ve done that, raise your prices to reflect the value and happiness you constantly provide to your readers.
- Make Sure You Know Your Own Unique Difference
Identify what sets you apart from other authors—why no one writes books the way you do. You’ll find yourself raising your prices with more confidence.
- Give Advance Notice
If you’re raising the price of a published book, give readers a little advance notice. Set a deadline—neither too short nor too long, perhaps the end of the month—and let them know that your “sales” pricing is coming to an end. If they want to get the book for the lower price, they should grab it now before the price goes up. Send out reminders to your readers!
- Sell the Experience—Not the Price
When introducing higher prices to your readers, it’s all about perceived value. Sell the book, its content, and how much they’ll enjoy your writing. Don’t just throw the book out there and expect it to do well. Market the book and urge them to buy your amazing story.
- Study Other Authors’ Pricing Strategy
Having trouble figuring out the “experience” you need to sell? Take a look at what other higher priced authors are doing and jot down what they offer that appeals to YOU.
- Use Direct Language When Talking Price Increases
When it comes to language, perception is everything. When talking to readers about prices increasing, don’t hedge, hem, or haw about the price bump. Don’t be tentative, be straightforward instead.
- Resist the Urge to Justify Your New Prices
Just happily announce your pricing and move on. Don’t answer objections or complaints. You can’t make everyone happy and an author’s gotta eat, right?
- Remember the Principle of Repetition
People (in general) respond better to things that are consistent and repeat at regular times. Do this with your prices, too. If you’re going to re-evaluate your pricing, do it at the same time every year and at the same intervals.
Bumping up your prices is like anything else: it gets easier with time. Start charging what your books are worth today.