My latest ebook comes out in a week, and I plan to price it at 0.99 for the first 3 days, (also during pre-order) and then raise it to $2.99, KDP's suggested price. It's only 31K words.
Does that sound reasonable?
How quickly will I be able to change the price after the 3 days?
thanks for your replies.
$2.99 doesn't sound ridiculously high, but that depends on how good your book is. That's not something we will judge, being best left to your readers. I'm assuming you're trying to meet the 70% criteria?
The easiest answer is to try it and see. If you're not getting any sales when the price goes up, perhaps you'll have your answer.
The price change for e-books usually takes between a few hours and a day to take effect.
It's an excellent idea, if you already having a following in social media or a subscription list of fans. It has worked well for me and my wife in the past.
We did exactly that, to price the book at 99c for the first 3-5 days, and announce on the author FB page and to the subscription fans, making it very clear it is only for a limited time and meant as a reward to long time readers. That gives them the time to get the book, and you must keep your promise to push the book's price up. What this does is jack your sales ranking, which stokes Amazon's algorithms with endorphins, making the system very happy.
After about a week, Amazon sends out an email to people who follow you there, announcing you have a new book out. These people are buying the book at the regular price. Then after another ten days or so, another email goes out, and then near the end of the month, yet another email is sent out. If you make further announcements or reminders, try to time them so they fall between Amazon's emails.
You must tell your fans the initial low price is a special deal for them, and that it is a limited time deal, the incentive to buy.
Oh, and always follow yourself at Amazon, just so you know when those emails are going out.