On February 15 at 7:30pm, I dropped the price of my ebook The List from $2.99 to 99 cents.
It has now been that price for a month. So I'm raising the price back up to $2.99. The price change should take effect sometime tonight.
The List peaked as high as #15 on the Kindle bestseller list. It is currently at #23, and selling more than 1500 copies a day. In the 28 days it was 99 cents, it sold about 20,300 copies. It took 9 days to reach the Kindle Top 100, and has been there 20 days. Each copy sold has earned me 35 cents.
The total I earned during the 99 cent experiment was roughly $7100.
Now we'll see how long The List can stay on the Top 100, and how much I'll make in the next 28 days.
When The List hit the Top 100, I lowered the price of Shot of Tequila to 99 cents. It went from a rank of about #2400 to a rank of about #600. It turned out I was earning about the same at both ranks, so I went back to $2.99 a few days ago, and dropped the price on Disturb. Disturb was ranked around #1200. Now it's ranked at #251.
I dunno if Disturb can crack the Top 100 or not. If it doesn't by the time The List drops to #90, then I'll put it back to $2.99 and drop the price on another, better-selling ebook. I believe Origin, Endurance, or Trapped could hit the Top 100 at 99 cents.
The concept of putting items on sale has served retailers well. I'm thinking that my new sales strategy will always have one or two novels at 99 cents, and then rotate the titles monthly.
It should be fun to watch what happens for the rest of March. If The List sells 500 copies a day at $2.99 for the next seven days, I'm make as much as I did in the previous twenty-nine.
We'll see...