The 99 Cent Book

By Erin Mitchell

Before I start: The following is not based on any kind of statistical research. Nothing quantitative at all. It’s my opinion as a marketeer and reader, and is influenced only by my observations and conversations with others.

Before the Interwebs, there was a simple marketing axiom by which most abided:

If you charge nothing for a product, those to whom it is targeted will perceive it as worthless.

And in the days before big-box stores, we were accustomed to paying for books. Hardcover new releases were pretty expensive—but libraries worked just fine, thanks—and paperbacks were readily available, too.

In all the discussion of book formats and pricing and self-publishing (oh my!) in the last few years, we seem to have lost track of one simple truth:

Books are valuable.

Just because it is transmitted electronically or mailed from an anonymous warehouse or grabbed off a shelf at Sam’s Club does not mean a book should be free. I don’t think a 99-cent book makes sense either. Of course, I’m assuming that even if said book is self-published, the author has put a great deal of work into it. It didn’t just fall willy-nilly from brain to screen. But if it’s worth a buck, isn’t it worth more than that? Whatever your opinion of his books, back in 2009 John Grisham spoke eloquently about book pricing in this TODAY Show interview. Among other things he said, “If a new book is worth $9, we have seriously devalued that book.”

I’ve seen a lot of economic models and arguments for and against charging less and more for books. In the end, though, it comes down to reading.

Let’s say a publisher charges $0.99 for an e-book. And let’s say 10,000 people buy it. Hooray! I made 10 grand! Drinks for everyone!

But hang on… How many of those people do you really think are going to read the book? That’s right…9.3% of them. That’s only 930 people. If you’re lucky.

If your sole purpose is to make a quick $10,000, then well done. If, however, the book was written by an author who has another book (or ten) in him, you made $10k, but lost the opportunity to have an audience for future books. Because by charging so little you didn’t make readers feel they’d acquired anything of value, and anyone who reads will tell you that especially now, there’s never a shortage on the TBR pile.

There are far more creative and effective ways to use pricing to your advantage. Giving away a particular book—yes, for FREE—for a specific and limited period of time is a good idea, providing you get the word out about what you’re doing and why. For example, if you have a book coming out that you want people to buy, giving away some quantity of copies of your previous book can work well.

Or if you really want to sell something cheap ($2-3), make it a short story.

If you must give books away—and there is a time and place to do so—give them to influencers to rally the troops and create positive word-of-mouth. To book bloggers, readers…you know, people who talk to other people about books.

Ultimately, remember: Books have value. Let’s treat them as such.

 

Comments

[Roy Innes]

What a refreshing post!!! An incentive to get back to number four in my mystery novel series. 99 cents sure as hell didn't do it. I've been concentrating on short stories.
Thanks for this, Erin.

[Dan Luft]

99 cents appeals to the voracious, used book buyer and those numbers are legion. A 20-year-old paperback may not be the most comfortable reading experience but you take what you can get on a budget. A 99 cent ebook looks and reads and feels pretty much the same as a 2.99 ebook or a 5.99 ebook or a 7.99 ebook.

[Lynne Patrick]

There, I knew we were going to get along, Erin!I'm the only person I know who didn't buy every Harry Potter from Goblet of Fire on for less than a quarter of cover price.