It’s nice to keep track of my projects and share with my readers whatever findings I have. This is one of my project which I have started last Dec 2012. I’m trying to start a stream of passive income by selling ebooks on Apple iBookstore.
You can read my previous month ebook income report to have a better understanding of my status before going deep into my July’s sales. Every month, I’ll do some analysis on my sales figures, and I’ll think of ways how to bring my sales further.
I treat this income as an experience to share with my readers. I’m optimizing the best pricing per ebook, number of ebooks sales, etc …. Without further, let’s dive in.
Number of eBooks published in July 2013
I’m still publishing 1 ebook per day, according to my plan. I’m trying to increase the number of ebook published, but unfortunately, I don’t have the capacity at the moment. In fact, I’m already struggling to maintain this frequency due to my extra commitment to my family (my daughter is coming out soon) and next month, I’m not even sure if I have the time to continue this project.
Nevertheless, right at the beginning, I started this project with the aim of having it runs itself automatically, without me managing it. If I stop now, my ebooks will continue to sell, making me a small passive income day after day.
In July 13, I’ve published a total of 28 ebooks (+12%). It’s always nice to see a positive figure. But I think I’ve reached the plateau. It’s not possible for me to go any higher without doing 2 ebooks per day. Let me think of a way, but right now, I’ll stick with 1 ebook per day.
In total, from Dec 2012 to July 2013, I’ve published a total of 110 ebooks! Finally I’ve crossed the 100 ebooks mark! Wow! I was thinking to myself the other day, if I never even take action 1/2 year ago, there will not even be a single ebook at all. A small step a day brings great success later! Target to hit 150 ebooks before year end. Possible?
Number of eBooks Sold
This is the interesting part. Let’s look at the chart below.
You can see a jump in the blue bar, that’s the increase of ebook sales. I’ve managed to sell a total of 466 ebooks (+57.4%). This huge figure is because I’ve published several free ebooks for users to download. I’ll explain more in future posts.
As for the red line, you can see something interesting. My amount earned in July was $141.28 (+2.7%). The figure doesn’t go consistent with the previous few months. Despite the increased in number of ebooks published, my earnings stop increasing. This proved that more ebooks don’t mean more money. My ebooks published in July did not sell as well when comparing to the previous month. Why?
The main reason for this is the Cost. If you read my previous post, I’m currently doing an experiment to test the best pricing for an ebook. I’ve did well for the pricing for >$2, and in July, I decided to ramp up the prices to $5.99 per ebook. I know it’s crazy, but hey, you never know.
Well, the data proved everything. In July, my earnings did not increase despite publishing a record of 28 ebooks of $5.99 each. Initially I wanted this test to go on for 2 months but since the first month already proved it wasn’t working, I’m going to stop in Aug and revert everything back to $3.99 pricing.
The change in pricing will take some times to be reflected, and therefore I believe the earnings in Aug will not be much, or even drop. We’ll see again in my next month’s income report.
Pricing of eBooks
First of all, sales of ebooks is highest again at the range of $1-$2. People like cheap ebooks, but not as cheap as below $1. People will find these ebooks probably junk to be that cheap.
Secondly, there’s a drop in the sales figure in the range of $2-$3. This is probably because I’ve not uploaded any ebooks in that range in the month of July.
Thirdly, there’s no sales in $5.99 range and I can confirm it’s too expensive for readers.
Lastly, even though sales figures ($2-$3) is lower than $1-$2, the earnings is still higher, for continuous 2 months. Therefore I can almost conclude that, in order to earn the most, I have to set my prices around $3.99 range (after the fees from Apple and Lulu, each ebook earnings will be around $2.99).
I’m going to change the pricing for all my ebooks published in July ($5.99) to $3.99. On top of that, in the month of Aug, I’m going to set all the ebooks that are going to be published to $3.99. I’m looking for a rebound in the sales, hopefully. But I know the updates in pricing will not be immediate. So we’ll see the earnings again next month.
If the earnings are stable, I’m going to change all the pricing to $3.99 flat. I’m not going to do it immediately. I’m going to spread out the ebooks and maybe change 10 per week. But I need more data before taking this step. Hopefully, after my split test, I’m able to find this optimal price to maximize my earnings.
My target is to hit $200/mth by year end. I’m left with about 3 more months. Frankly speaking, I have no confident at all, but we’ll see. Next month, with the arrival of my precious daughter, I’ll perhaps spend even less time on this project. But nevertheless, I’ll keep updating my progress, whether it’s positive or a drop in income.
So have you published your first ebook? Let me know in the comments below.