…is not as direct or simple as you might think. I changed the price of ‘New Fire’ from £3.50 down to 95 pence on Kindle thinking that it might boost sales as it brought the book within range of many casual purchasers, those prepared to take punt on an unknown book and author for the loss of a handful of small change.
If anything, the effect has been the reverse. From a post a few weeks back, you can see a chart that shows sales were dropping but since the reduction, I’ve sold just one eBook in four weeks! Although it’s hardly a statistically significant sample, I’m convinved that there’s an important link between price and perceived value, much like two identical but unkown vases; one in a charity shop and the other in an antiques store at 100x the price. Which is the more desirable? How many people will walk past the ‘junk’ in the charity shop without a second glance?
I’ll be raising the price to £2.99 or thereabouts at the end of the month. Or…do you think I should bump it up to £4.99 to continue the experiment? After all, I’ve got nothing to lose.