Welcome to Did I Price That Right?
In reality, pricing takes a great number of things to consider. For example, when I first released Neverlove, I priced it at $2.99. I was a newbie in the industry and didn't want to price it too high. The amount invested for the cover alone could have warranted an initial price of $3.99. Not to mention the time invested in producing a very professional product that could stand toe-to-toe with a traditionally published book (multiple rewrites/revisions, editing, and formatting). Then I heard about the first-in-series strategy. With this option, the author prices the intro book as free or as a 99cent bargain then prices the rest of the series higher. This is dependent, of course, on readers enjoying the first book then wanting and willing to pay more for the next books in the series.
Does this hurt or help? To some readers, setting the price at 99cents may be a detriment because it then falls into the ever-growing pit of 99centers. Also, quality is often linked to price. Being 99cents may be a deterrent instead of the lure to give me a try as a new author.
The price debate is ongoing. $2.99 is referred to as the sweet spot in more instances, $3.99 in others. So what are your thoughts on the higher/lower price = higher/lower quality of the product?
*** I'm still in the process of figuring out if this is working for me. I lowered Neverlove to 99cents and am pricing upward in one dollar increments. Time and a bit of effort will tell the tale. ***