MRP is the Maximum Retail Price of your book, or in other terms, what will be the listed price on your book. Always remember, MRP is not the price on which you have to sell your book but the upper limit of your bookselling price.
There are a few concepts we are sharing to help you decide your book’s MRP:
- MRP of your book should be a minimum of 4 times your book printing cost. For example, if you got your book printed at Rs. Seventy-five then your books MRP should be Rs. 300 minimum.
The logic behind this concept is that 25% of the money goes to printing. There will be a sellers commission, in case of online distribution, that is 30%, including courier and packaging, and in the case of the offline seller, it will be 40% to 50%.
This calculation helps you earn 45% to 25% on your book. We want you to make some money every time you sell your book.
- MRP of your book should be at least ten times your printing cost. For example, if you got your book printed at Rs. Seventy-five then your books MRP should be Rs. 750 minimum.
The logic behind this concept is that most authors write books for credibility and use them as a marketing tool. We never want to get associated with low-value things in life. Most authors give their books as gifts to their prospective clients.
We, as credible people, will never give gifts of low-value things; the book is our life summary on a specific topic. It is precious.
When prospective clients receive your high-value book, their perceived value for you also shoots up. We want our value to be high in the minds of clients.
The significant benefit is you can still sell your book at Rs 300 at a considerable discount, and we all love deals.
- MRP of your book should be two times the minimum printing cost. For example, if you got your book printed at Rs. Seventy-five then your books MRP should be Rs. 150 minimum.
The logic behind this concept is to make sure that your book reaches the maximum number of people in your surrounding so you can impact the world at large through your book.
Why not sell at the cost of printing if you want to keep the MRP as low as possible. Yes, you can do that too. But there will be some additional cost of courier, packaging, transportation and sellers commission who will help you reach the world like Amazon.
So we recommend a minimum of 2X of your book printing cost as the lowest possible price.
Conclusion: – We recommend that you please select your book MRP concept as per your objective from the book.
If you are running the book for charity or want to impact millions of lives, go for the lowest possible MRP.
If you want to use your book to help you grow your career or business, go for a high MRP of your book.
If you are confused, go for the first concept 4X of book printing is MRP.
Happy Writing, Let’s impact the world around us.