Why price promotions backfire

From DearAuthor.com:

In the early days of digital publishing, free was one of the most powerful tools that could be used to elevate the profile of a book.  In a self publishing world, the price is probably the number one promotional tool of an author.  But is it still working?

A few on the Kindleboards have reported more diminished success with Bookbub, a newsletter that broadcasts sales and freebies to an audience of hundreds of thousands of subscribers. I’ve come across a couple of author posts that suggest that free and even 99c promotions aren’t working as well as they might have in the past even though promotional pricing is more popular than ever.

One of the 99c successes was Rachel Van Dyken’s The Bet. It sold over a hundred thousand digital copies, was a #1 NYT Bestseller, and the author was rewarded with a major deal from Forever. (Major is seven figures).  The sequel to The Bet was priced at $2.99.  And despite what seemed to me like a low price, The Wager, sold moderately well the first week and in the third week, the price was dropped to $0.99 and while it showed up briefly on the Times list, it wasn’t within shouting distance of #1.

Read more . . .

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