I gave it a try. There are plenty of people who vilify the .99 cent price point and others who praise it. Per my nerd girl directive, I wanted to test it out. Here were the questions I wanted answered and the answers I got:
How easy it is to do a sale by changing the price?
I had already hypothesized the answer to this one, and I was right. Not very. I don’t think that changing the price is a good way to go unless you’re going to leave it this way for a very long time. The issue is that it takes a while for distributers through Smashwords to update their prices. In the mean time, even though the prices have been raised elsewhere, like on Barnes and Nobel, Amazon will still be price matching the other distributers (but not Smashwords).
I think it is much better to offer coupons through Smashwords. (This is just my opinion.) For one, Smashwords lets you see stats like how many people visit your book page. This does sound a little obsessive, and I hate what I’m going to say next, but it is something I think about. You can sort of guess, using these stats, if some action of yours is having a direct effect. Are people looking? Are you reaching anyone? Are they downloading samples? This is stuff I do think about in the back of my mind, especially now while the numbers are low and I can easily compare spikes in the data to any effort on my part.
Does a low price for a very limited time lead to more sales?
I had a lot of people interested in the first giveaway, so I thought I would try to encourage any of those people I could with the sale. I made it a clear after giveaway sale, mentioned it on Goodreads, and put text mentioning the length of the sale in the book’s description and on the website.
I did get a few more sales than normal, and since it is still .99, I find I’m still getting sales. But I can’t be sure that’s because of the price point. Any number of things could have happened. In the end, my sales are actually too small to acurately get any data.
How did it make me feel?
Not good. While it was nice to see sometimes two books a day move, I still felt I was under valuing my own story. In my head, $2.99 is cheap. Unless you’re making $6 an hour, $3 is not even half an hour of work, and for $3, you get hours of entertainment. (With a dash of the writer’s blood and soul to boot, let’s not forget, so that has to be worth a few pennies.)
At $2.99, I’m getting close to $2 per ebook sold. Doesn’t that seem fair in a non-greedy sort of way for a newcomer? But at .99, I only get .35. That doesn’t look poor enough, let me type that out. I only get thirty-five cents.
(Oh man, if you all could see your faces. If I could only see your faces too.)
I know that there are authors who make a living off of .99 cent books. I’m not here to judge. Everyone has a different spot they’re comfortable at. It’s just that .99 is not for me unless I’ve purposefully written something out that is meant to be short and cheap– like the next story coming up. I’m going to sell it for .99 cents, not because I think it’s bad, but because I think that is a worthy price point for it. The story will be short and able to be read in a day, but that doesn’t mean that it won’t be a good one worthy of that dollar.
A limited time sale is awesome. I have picked up books I’ve loved at .99 and discovered some new authors that way. But I feel it is also important to note that if I’ve already discovered an author I know I like (as in one whose stuff I have read before and loved), a sale will actually discourage me from purchasing and I’ll wait until the book is back at its regular price.
So I guess I won’t ever say that I’ll never try this again. I have the next few releases in this series planned with other ideas emerging for future books and stories. Plus I have stuff in my head that has nothing to do with the series I’m working on now. Anything is possible. I’m all about experimenting.