But does it really make more money?
I've got a number of titles out now, all at prices varying between free and $2.99. There's no doubt that my 0.99 priced eBooks sell well, yet they need to sell a lot in order to make up for the low royalty rate.
If I sell one $2.99 book on Amazon, I'll net $2.07 of that which is pretty good. If I sell one $0.99 book, I'll only make $0.35. So for every one copy of a $2.99 book, I need to sell six $0.99 books.
A couple of months ago I switched my $2.99 novella, Deadly Beauty, to $0.99. I definitely saw a rise in sales, from selling between 2-5 copies a night at $2.99 to selling 10-15. However, at this higher sales rate, I still wasn't making the same sort of money. In fact, I was making half the amount. I left it at the 0.99 price tag for two months to see if it would hit the best-seller list. It did, briefly, but then dropped back out again. Last week I switched the price back to $2.99 and I'm back to getting those few sales but making more money. I'm happy with that.
Pricing books depends on two things; whether you want the book to be a steady income earner or if you want to have a go at getting the book on a best-seller list and selling a lot for it's category (though be warned, this won't last!). When 'Some Love it Hot' was at its peak, it hit #11 on the Amazon best-seller list on Amazon and sold around 80 copies a night. I don't need to tell you that even at 99 cents, 80 x 0.35 is a decent sum.
In the next month, I hope to have two more titles out. One is another short story collection, which will have the $0.99 price tag. The second is a novella and I'm still undecided about its pricing. To match Deadly's pricing, it should really be at the $2.99 price tag, but there's always that voice inside me, saying 'take the chance at the 0.99 price tag. This might be the one that really sky-rockets'.
Perhaps I'll launch the novella at 0.99 and see how things go... Or perhaps I'll just stick with $2.99 and hope it brings in those two or three sales a night that really add up quickly. Who the hell knows what the right answer is (or even if there is one). I guess its still just a case of play around and see what happens!