Thursday Thoughts: What's it Worth to You?

 

Today, I want to talk about perceived value and how this pertains to book sales and publishing. I'm sure we've all heard that saying: You get what you pay for. Right? And while I do believe this is true to an extent, I think we need to be careful about painting everyone and every situation with the same brush. 

Let's take freelance services, for example. A lot of authors are skeptical about editors or cover designers who don't charge a lot of money. Why? Because there's a fear that maybe the editor or designer isn't legitimate, or doesn't have a lot of experience. A lack of experience isn't always a bad thing, though I do warn authors to proceed cautiously. On the flip side, authors can also be skeptical of service providers who charge too much money because what qualifications do they have that warrants that price tag? 

But, if you're anything like me, you're not willing to charge someone else what you yourself aren't willing to pay. Also, as an Indie author myself, I understand how expensive this industry is and how little we make per book sale. For these reasons, I intentionally keep my editing rates low. And yes, I have experience -- a decade's worth. 

Now, let's switch our focus to actual books and the sale of them, specifically digital books. They are cheaper for authors to produce and are often sold at a cheaper price point than a print book. 

A lot of authors will offer an ebook for free or $0.99 to entice readers to start a new series or try out a new-to-them author. This is a very valid marketing strategy, and it's one I employ rather successfully. The first book in my Cursed Series is free. All the time. Across a wide range of vendors. My goal is to get people into the story with a free book and that they'll go on to purchase the other 6 books in the series. 

Some people will argue that if something is free or cheap, the quality must be terrible. And yes, this does hold true sometimes. But not always. (Which is why I always urge people to always do research and make your own determinations about things) On the flip side, some people will die on the hill that the more something costs, the better it is. I also disagree with this sentiment. 

There are a whole host of reasons someone will choose to sell something or offer a service at a reduced price (or free) -- and there's nothing wrong with that! I think the black-and-white thinking of cheap/free = bad and expensive = good is doing a disservice to everyone. 

Yet, there IS something behind that thought process. 

Recently, I started the process of rebranding my Cursed Series with new cover art, fresh edits, new content and interior formatting, etc., and I'm investing financially in doing so. Additionally, the cost of printing and shipping has gone up, so I have to take that into account as well. As a result, I reluctantly raised the prices on my ebooks. 

Books 2-7 ranged from $2.99 to $3.99, but since doing the rebrand, I've raised the prices to a consistent $4.99 across the board (except for book 1, which will always remain free). 

And you know what?? My sales have increased SO MUCH since I raised the prices! Talk about confused (and thrilled). But this leads me to believe and buy into the idea of perceived value and how a slightly higher price tag switches something in the brain that tells readers -- this book has value and is worth the money and you should buy it. I'm not sure I'll ever understand this, but it's certainly been on my mind a lot lately, and I'll be experimenting more to see if this holds true. 

At the end of the day, only you can determine what something is worth to you, or how much you're willing to pay for something. 

What're your thoughts on perceived value? Do you think cheap or free automatically means something is bad or of a lower quality?