More good news for Kindle authors!
Amazon is offering a new incentive next month to get more of you to enroll with KDP Select. They are doubling the payout to authors who have their Kindle eBooks enabled to be ‘borrowed’, to Amazon’s Prime customers.
While you are receiving less from readers who borrow your book as opposed to buying it, it is still a decent payout (it’s calculated based on the # of borrows of your book and pulled from a pool of $1.4 million per month spread across all borrows). You might look at it as sales you likely would have not received otherwise. There’s little doubt that Amazon is trying to convert as many Kindle owners to becoming Prime members as possible – given the fact Prime Kindle owners can borrow one book/month (as long as the title is listed with KDP Select).
Amazon Prime is another way that Amazon is increasing demand for eBooks. It is a way of ‘pre-selling’ 12 Kindle books/year. When you factor in that Amazon Prime costs $79/year, which allows the Prime member to borrow 12 Kindle Books (1/month), it works out to an average price of $6.58/Kindle book that each Prime member receives. Not to mention all of the other Prime benefits (ie. free shipping, video-on-demand, etc.).
Few companies posses more marketing savvy than Amazon IMHO.
The only drawback for an author who does participate in KDP Select, is that you won’t be able to sell on BN or Apple – since Amazon requires an exclusive during the 3 month period you are enrolled in KDP Select.
However – I’m fairly confident that if you do run a KDP promotion (offering your book as a freeie for five days within the KDP three-month period), and you run a campaign to actually drive people to the page where they can download the freebie (on the days it’s free), then you will more than offset any lost sales through iBooks or Nook.
Ready to take advantage of KDP Select?
Hopefully you’ve published directly to KDP and not through a 3rd party aggregator or distributor. I’ve heard of some appalling fees that some distributors/aggregators are charging authors who want to put their book on KDP Select. If you are in that situation, I’d highly advise you pull your title from the aggregator/distributor and set it up directly on your own publishers account with Amazon. (We can help)
You may also hire to setup and run a KDP campaign for your title. Helping authors maximize their potential (& profit) is all we do!