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When you lower your prices for a limited time sale, how long do you ride it out?
My list price is $2.99 but I discounted to $1.99 for the month of June. However, two weeks in, I'm not seeing any increase in sales whatsoever. Literally, I've sold the exact same amount these past two weeks as I did the 3 weeks previously. Same amount each day, too.
Only thing different is I'm earning a LOT less.
So I'm debating whether to raise the price back up to $2.99. After all, if I still sell the exact same amount, I might as well make more per sale. Or is it premature to make any moves, since it's only been 2 weeks, and I should continue to ride it out?
My other thought is to reduce the price even more, to 99 cents. Sure, I'll make even less money, but hopefully I'd sell more per day (thus increasing my chance of reviews and of improving my sales ranking).
For the record, my genre is YA chick lit/contemporary romance, and 99 cents doesn't dominate that category. The best sellers in this genre tend to be the trads at $8.99. Even the best-selling indies tend to be in the $2.99 to $5.99 range. Just in case that changes your analysis.
Am I overanalyzing things here? The book hasn't even been available for 2 months yet, and everything I've read says it takes 4-6 months to find an audience.
(I'm selling 5 copies a day currently, down from 10 per day during the first few weeks of he book's life.)
My list price is $2.99 but I discounted to $1.99 for the month of June. However, two weeks in, I'm not seeing any increase in sales whatsoever. Literally, I've sold the exact same amount these past two weeks as I did the 3 weeks previously. Same amount each day, too.
Only thing different is I'm earning a LOT less.
So I'm debating whether to raise the price back up to $2.99. After all, if I still sell the exact same amount, I might as well make more per sale. Or is it premature to make any moves, since it's only been 2 weeks, and I should continue to ride it out?
My other thought is to reduce the price even more, to 99 cents. Sure, I'll make even less money, but hopefully I'd sell more per day (thus increasing my chance of reviews and of improving my sales ranking).
For the record, my genre is YA chick lit/contemporary romance, and 99 cents doesn't dominate that category. The best sellers in this genre tend to be the trads at $8.99. Even the best-selling indies tend to be in the $2.99 to $5.99 range. Just in case that changes your analysis.
Am I overanalyzing things here? The book hasn't even been available for 2 months yet, and everything I've read says it takes 4-6 months to find an audience.
(I'm selling 5 copies a day currently, down from 10 per day during the first few weeks of he book's life.)