Of pricing and release dates
I don’t know a single indie author who doesn’t wish there was a handbook out there that was constantly kept up-to-date with information about formatting, blurbs, promotion, when to release your books and pricing. The best we can do is watch trends and be ready to adapt not only when necessary but as quickly as possible. It also means making hard decisions sometimes as well as taking the long view. That is especially true when it comes to pricing.
Last night, I finished setting Battle Wounds up on Amazon so it would be live this morning. For those of you not familiar with it, BW is a short story set in the Honor and Duty universe. I started writing the short stories a little more than a year ago when there was a glitch, to put it nicely, in the upload process of Honor from Ashes. Somehow, the wrong text file was attached to the product page and, well, let’s just say the next week was an exercise in frustration to get it corrected. The short stories were my way of thanking my fans for hanging with me as things got straightened out.
When I made the decision to write a series of short stories in the universe, I had several things I needed to consider. The first, of course, was where in the timeline they would fall. Since the books in the series follow very closely on one another, I couldn’t see an easy way to slip short stories in. Besides, I had folks who wanted to know how Ashlyn Shaw became the character first introduced in Vengeance from Ashes. So, that’s where I decided to begin — at the beginning. With three shorts stories now out, I am closing in on the events that directly led to the events that kick off the series.
Anyway. . . .
Last night I uploaded the files and checked to make sure they converted properly — and, yes, were the correct file with the correct cover — and then continued on through the publication process. Part of that is choosing when to release the story. If you ask a dozen indie authors, you’ll probably get a dozen answers about when they think the best times are to time your releases. I’ve tried any number of different times and days. I’ve studied what other indies and small presses, as well as trad publishers, do. It seems there is a growing trend to release new titles on the first and third Tuesday of the month.
I’ll admit to pondering and wavering on deciding to follow this trend. After all, if I followed it, I would be one of who knew how many authors releasing a new title at the same time. But, let’s face it, that’s something we have to deal with no matter what day we choose to release our titles on. That’s the downside. The upside on releasing on either the first or third Tuesday is that there are a large number of readers who check for new titles on those days because they have learned to expect new releases then.
So, guess what. I chose to try a third Tuesday release. It’s going to be interesting to see if there is more traction for this release than for the other short stories.
The next thing I had to determine was pricing for Battle Wounds. There’s been a lot of discussion since Amazon first opened up to indies on how much we should price our work for. If you ask indies, you’ll get a wide range of answers. Some look at pricing and take the long view on it all. Others look at the amount of money they earn per sale. Both sides have pros and cons. The problem with both, however, is that we are looking at it from the viewpoint of the author. Instead, we need to look at it from the point of view of the reader. After all, they are the ones making the decision to buy the short story or title.
And, like it or not, as indies, we operate in a world where our readers understand, on the whole, that we don’t have the overhead trad published titles have. Therefore, they aren’t going to pay as much for our work as they will for Nora Roberts or Stephen King or David Weber.
So how do we figure out the best price for our work?
The first thing we do is listen to our readers and to readers of our genre in general. We can do that by checking blogs and other social media platforms. We can also do it by checking the best sellers lists on Amazon. Look not only at what indie titles are on it but at their prices as well. Compare the price of the work and its length to what you are about to publish. Then there is the beta pricing tool you can use once you are setting up the title on Amazon.
There is something else we have to take into account when we are setting prices. Sarah, Dave and Brad can get away with charging more for short stories than I can. Why? Because they have a following of readers who have known them not as just indie authors but as trad published authors as well. They’ve earned their bones in the eyes of those readers. They have more published than I do as well. So, because they have the reputation and the experience, they can charge more for their work. Readers even expect them to.
But for me, even though I have 16 novels, 2 (?) novellas and a handful of short stories published, all but one of the shorts have been indie. I can charge more now than I used to — and I should — for novels, not so much for short stories. There are two reasons for that. First, and most obvious, I’m not a “name” that people are willing to pay additional money to read. Second, I look at short stories as loss leaders, which they are. They are promos in many ways to keep people interested in my work until the next novel comes out.
But there is something else. I know what I’m willing to pay. I can’t think of a single indie-only author I will pay more than $0.99 for a short story (for the purposes of pricing, I’m including anything under 20k words). I’ll pay $1.99 for work between 20k and 50k words or so. After that, I’ll pay $2.99 up to $4.99. There are a few indies I’ll pay $5.99 for a long novel but those are very few and far between. So I keep that in mind as I start thinking about pricing.
I also realize there are many, many, many readers who feel the same way I do about how much they are willing to pay for a title. Yes, readers to look at the price and, if they think you are pricing a work too low, they wonder if you aren’t convinced your work is any good. However, for a short story, you can quickly price readers out. So it comes down to deciding if you would rather sell more copies at a lower price and royalty or fewer copies at a higher royalty. For me, because I don’t look at my short stories as a major income generator in the short term, I price them on the low end, where most other short stories are priced. What I’ve discovered by doing so is I tend to sell more over time, more than making up for the difference in royalties.
But the decision is yours. Just remember, you need to look at more than how much are you going to make per sale. You need to take into account what the going rate for stories in your genre with a similar length. If you price yourself out of the market, you are not only cutting your own royalty throat, so to speak, but you are denying your readers the opportunity to read your work.
I really wish there was an easy to use manual that told me the best way to promote my work, the best price point, the best day for release, etc. Instead, I get to watch my hair turn even whiter as I try to figure it out for myself when all I really want to do is write.
Oh, go buy Battle Wounds. My kitties need kibble. 😉