How Much Money Can You Make from eBooks?
The short answer is – Sky is the limit. You can make any amount of money depending on your book’s good and how good your marketing strategy is.
If you launch your eBook and hope to make thousands from the sales, you are far from reality. It would be best if you had a sales and marketing plan to make money from your eBooks.
Which are the Best Forums to Sell eBooks?
The best part about eBooks is that you can sell them at a lot of places. If you have an author’s website, you can convert your book to pdf format and put it on your website. Link the book with a payment page like Paypal or UPI and make it available to your readers. In this case, you don’t have to pay any third party any commission or spend time and effort in creating the eBook. You can also list your book on Kindle, Blurb, Kobo, etc. Each of these platforms has a different fee and commission structure.
The Rates are in Your Control
Unlike the paperback version in which the price is not in your control, eBook prices are totally in your control. There is printing, binding, and shipping cost with the paperback version, which you cannot avoid. In the eBook version, there is no such cost. The only cost is the commission that the platform charges for hosting and selling your book.
For example, Amazon charges around 30% for every sale of your book. If you are keeping an MRP of the book as Rs 100, for every sale you get Rs 70 with Amazon (TDS may be deducted in some instances).
As a rule of thumb, the price of your eBook should be less than the price of the paperback version. If there is no paperback version, you get to decide the cost of your eBook. The best strategy to determine the price in such a case is by the number of pages. Look for the price of a book with a similar number of pages and in the same genre. You can keep the price around that price.
Given there is flexibility in deciding the price, you can sell the same book at different prices on different platforms depending on your need and strategy.
The Pricing Game
Another great advantage eBooks have is that the price of books can be changed – increased or decreased. With a paperback, once the books are printed, price variation is not possible for two reasons. First, the margins are limited; second, the MRP is mentioned in the book. So at max, you can change 10-15% of the original price as part of some promotion.
You can change the eBook price as per your liking. If the current price of your book is Rs 299, you can reduce it to Rs 99 for a certain period. Like Amazon’s Kindle, some platforms let you sell your book for free as part of a promotion.
You should use this feature to attract readers.
How to Maximize eBook Profits?
There are thousands of ebooks available online but not every book is generating enormous profits for the writers. If you are looking to maximize your earnings, follow below points:
1. Write a high-quality book
There is no replacement for quality content. Unless you have a high-quality book, you should not expect huge profits from your eBook. The quality is always good for a writer, so to judge the actual rate, you should send out a few initial copies to book reviewers for review. If you receive good reviews, you can confidently work on other points. Also, these reviews will help you in getting more sales and hence profit.
2. Choose a profitable eBook niche
If you are still deciding what you are going to write on – you better do some research and see which eBook niches are most sold. If you have already written the book, try and place your book in a most relevant niche and highly profitable.
3. Choose the best selling platform
There are many platforms where you can sell eBooks; however, you have to choose the best platform. You have to ensure the forum you are choosing is popular among readers and gets a good number of visitors every day.
4. A good marketing strategy
If you are choosing a platform with a high number of visitors, you are going to compete with a lot of other eBooks. Just choosing a suitable platform won’t help; you have to develop a good marketing strategy to make sure you are reaching new readers.
It is a myth that ebooks are not money-makers. Making money through eBooks is not very difficult; all you need to do is create and implement your strategy effectively. It is a low-cost and low-risk business opportunity that can go a long way.