What Is An Ebook Worth?
June 10th, 2008
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Are ebooks worth the money?
About three months ago I recommended an ebook called Learn More, Study Less by Scott Young, priced at $39.95 (but see Zen Habits for a special exclusive offer).
A lot of people complained about the price, but this is by no means the most expensive ebook out there. One that comes to mind is Desperate Buyers Only (which I haven’t read) by Alexis Dawes, priced at $77. And there are yet more expensive ebooks out there, some well over $100.
But this is the internet age. With so much free stuff out there, can an ebook ever be worth the money? Absolutely!
What Is Money Really Worth?
First, I think we need to look at some conflicting beliefs people have about money.
Whenever someone writes a post about how money isn’t that important, almost everyone jumps on board and says “Yeah! That’s right! All that matters is [choose from family, health, happiness, etc].” But when it comes time for them to buy something, they do a complete 180 and attach far too much importance to their money, being unwilling to part with just a few dollars for something that can be worth much more.
It’s not a good idea to waste money, but it’s also not a good idea to hoard it. Money is meant to be spent on things that improve your life. What kind of a world do we live in where people will drop $20 for a pair of tickets to Sex and the City, yet balk at the cost of a $20 ebook?
Many people who read blogs think they’re getting such a good deal…all this information for free. But nothing is free. What is your time worth? $5 an hour? $50 an hour? How many thousands of dollars do you spend each year by using your time to read “free” information?
The Value of an Ebook
The reason ebooks cost money while blog posts are free is simply because ebooks are much better. Not every ebook is going to be for you, but if a particular ebook is what you need, it should have a lot of useful, insightful, original information, perfectly targeted for its niche, impeccably presented, and instantly delivered. Not to mention that it’s probably from someone you know.
No spending countless hours combing the web for free information that may or may not be out there somewhere. No getting in your car and burning gas to get to the bookstore, only to pick up something that will clutter your home for the rest of your life. No buying a book from an author you know nothing about, only to find out you don’t like their style.
Of course, not every ebook delivers. I just read an ebook that normally costs $19, but I got it for free. It’s fine as a free ebook, but it’s sure not worth $19. That’s why it’s important to know the author or get a referral from someone you know. You can do this by reading blogs (yes, even though our time is precious, there are lots of blogs worth reading).
So why do I think that one ebook is overpriced at $19, while I think “Learn More, Study Less” is worth $39.95? Simply because ebooks are not a commodity. The difference in prices is miniscule compared to the difference in value. While double the price of the $19 ebook, the $39.95 ebook has a free preview, a money-back guarantee, and a 50% affiliate program (so the ebook is free if you refer two people). It’s also by an author who has acquired thousands of readers with his unique ideas. It’s also well presented and beautifully laid out and illustrated. And now having read it, I can say that the information it contains just doesn’t exist anywhere else, as far as I know.
What about p-books? (By p-books, I mean “paper books.” As e-books become more popular, it becomes more important to make a distinction.) Why are p-books often cheaper than e-books? It’s because the p-book publishers know they’ll sell millions of copies, so they can afford to sell them dirt cheap and still make millions of dollars. Bloggers don’t have nearly as large a market, so they’d be crazy to sell their ebooks for pennies above cost like the big book publishers do.
Support Your Favorite Bloggers
In fact, many people severely overestimate the income of bloggers. Did you know that only 1 blog in 1,000 makes $20 a month? Even Scott Young, author of “Learn More, Study Less,” who is in the Technorati top 4,000 blogs out of 2 million, only expects his blog to earn roughly $15,000 - $25,000 in 2008. An impressive accomplishment for sure, but hardly a princely sum.
A lot of bloggers have a donate button where you can send them a little money to support their efforts, which is perfectly reasonable, seeing as how their earnings almost always work out to be less than minimum wage. I like to support my favorite bloggers, but instead of just making a donation, I prefer to buy their e-books (or p-books if they have them). That way, it’s mutually beneficial.
Yesterday I bought Randy’s Pausch’s p-book The Last Lecture
I think that buying an ebook can very well be a good investment. You have to do your homework and buy wisely, but an ebook can give you instant access to the latest information that may not exist anywhere else, presented in a style that resonates with you (or you wouldn’t read their blog), in a format that doesn’t take up space, while letting you support a deserving blogger. Isn’t that worth a few dollars?
June 10th, 2008 at 1:55 am
Hi Hunter,
I do agree, e-books often appear over priced, but if the value is there, you can end up with an extremely good ROI.
I personally prefer an e-book to a p-book. I like the fact the e-book can be in your hands in a matter of minutes. With the amount of time I spend on my computer, it’s also easier for me to read them.
And to you, what will the price of your e-book be? I’m assuming your first e-book was just a (free) “preview” of what we can expect from you in the future. If that’s the case, it will be a “best seller” I’m sure.
Barbara Swaffords last blog post..NBOTW Promotes Living Green
June 10th, 2008 at 5:56 am
In addition to Scott Young’s e-book, are there any others you recommend, either for free or for pay?
I had a few free e-books and one e-book I paid for. It was Leo’s “Zen to Done” that was the paid e-book, and it was my favorite from the few that I’ve read.
Al at 7Ps last blog post..Want More Success? Just Say “No”
June 10th, 2008 at 6:31 am
… how did I forget to mention that my 2nd favorite was your e-book, “Zen of Blogging”. No, it’s not a blatant attempt for flattery. I really did enjoy reading it when it was mentioned in Problogger.
Al at 7Ps last blog post..Want More Success? Just Say “No”
June 10th, 2008 at 6:44 am
I’m just in the last throws of finishing an Ebook, called “From Tragedy to Triumph: How to Win Through a Live Crisis”. It should be ready in a couple of weeks. I agonized over the price! It’s fully illustrated and beautifully produced. And it will have a free audio version with it. I’m offering it for $12.50 - which I think is very low. I’ll be offering an affiliate program.
It’s the first time I’ve written an Ebook but am the author of a PBook. I had no idea how much work the Ebook would be and how the cost of producing it can mount up if you have high standards.
It’s going to be an interesting venture. I really have no idea how many sales to expect.
I like your comment about supporting bloggers! I’ve never worked so hard for FREE before. I think blogs are super value. With luck you can get top writers offering indepth articles.
Like this one, for example.
June 10th, 2008 at 8:30 am
The sheer range of quality in the eBook market is stunning. Thanks for recommending a few. I only purchase ones that come with recommendations from people I know (including of course “virtual” friends). The most expensive one I bought was a few years ago when Mike Filsame issued his first “Butterfly Marketing” report - it was $97 and now he’s giving it away for free.
June 10th, 2008 at 9:00 am
I liked the post. I’m wanting to do an ebook, but for my first foray, I’m thinking of a freebie for anyone who subscribes to my newsletter. So, I guess I will be “charging” for it in a sense. Any experience with freebies to get subscribers?
Tom Stine | Living from Consciousnesss last blog post..Miracles and the Law of Attraction
June 10th, 2008 at 12:50 pm
Until now, I never heard the term, “p-book.” I prefer saying books and e-books, no different than (snail) mail and e-mail. Why specify paper when a downloaded e-book could be sent to one’s printer? See my point?
That said, I’ve never read one.
June 10th, 2008 at 4:00 pm
Like everything else out there, there’s a huge range of quality when it comes to e-books. Nothing beats needing information on a topic, finding an offering for an e-book, reading testimonials and perhaps a preview of the book, knowing that there’s a money-back guarantee if you don’t like it, and then–if you decide to purchase it–having the e-book on your computer screen within minutes. I read somewhere that soon paper books are going to be as obsolete as the VCR. We’ll see . . .
Marelisas last blog post..Meditation in Ten Easy Steps
June 10th, 2008 at 8:59 pm
@ Barbara, I like the instantaneous delivery of ebooks too. And I probably prefer to read them on the computer too…not entirely sure though, because sometimes I’m in the mood to hold something in my hands. My next ebook is going to be free. I’ll write a paid ebook at some point, but this one should really be free.
@ Al, I’m glad you liked my ebook. I have some ebooks I recommend on my Resources page. It’s a small list for now, but growing. I’ve read three more ebooks that I haven’t reviewed yet, but reviews will be forthcoming.
@ Mary, your ebook sounds like a great value. The audio version is a nice touch, and affiliate programs are always good. Yes, I think supporting bloggers is a noble cause. It sure is a lot of work for free, isn’t it?
@ Annie, I always wonder what it means when an ebook goes from say $97 to free. Is the information no longer good? Did he decide it was overpriced to begin with? Did he exhaust his market? It must be a bit painful to see it given away for free after you paid $97, but at least you had access to it way back then instead of waiting for years for the price to drop.
@ Tom, giving away a free ebook in return for subscribing to an RSS feed or a newsletter is a pretty popular way to do it. I’ve only written one ebook so far, and it was a straight download available to anyone. It ultimately was the biggest factor in going from 44 to 205 subscribers very quickly, but only after Darren Rowse linked to it a couple months later.
Caroline Middlebrook made her ebook freely available because she wanted as many people as possible to read it. But I think she later said that she wished she had required people to subscribe to her newsletter. Her point was that if you don’t have to do anything to get an ebook, you might think less of it. But if you have to pay or opt in to something, it seems more valuable.
@ Ari, I think your example illustrates the point. First we had mail. Then e-mail came out, so mail had to be called snail mail. Otherwise it’s ambiguous. If someone asks if you got any mail today, what kind of mail do they mean?
I saw someone saying on his blog that he had written a book, and I was very impressed. Then I found out that he meant ebook. I’m sure he didn’t mean to be misleading, but getting a book deal is a lot harder than just creating a PDF document. So now when someone says they wrote a book, I always wonder what they mean.
BTW, why specific electronic when a paper ebook can be scanned and uploaded?
@ Marelisa, I think paper books might be declining in popularity slightly, but I don’t see them going away anytime soon. We’re still waiting for this paperless office thing to materialize.
June 12th, 2008 at 2:34 am
Hi Hunter - What ebooks are worth would depend on who’s written them, how good they are and what you get out of reading them.
Some are good and some are complete garbage.
The thing I like about ebooks is that you can get more up to date information from them than from a regular book.
Cath Lawsons last blog post..Are You In The Business Of Misery?
June 12th, 2008 at 7:28 am
Ebooks are a good investment, but like you said we must do our homework before we buy. It’s easier to buy a book from the bookstore because they have the editor’s and publisher’s stamp of approval. They aren’t necessarily better, but most of the bad writing has been weeded out at this point. Anyone can publish an ebook, in fact I gave it a go, but didn’t do any marketing so it didn’t go anywhere.
My point is that there are plenty of good ebooks out there and it’s these writers that need to be supported. It’s upon recommendations like yours and Zen Habits that purchases should be made.
Great article! Congrats on the quote in the Last Lecture. I’m only on page 68 right now, so when I come upon it I’ll think of this blog.
Karl Staib - Your Work Happiness Matterss last blog post..How to Be a Man at Work
June 12th, 2008 at 9:28 pm
@ Cath, I like the up to date information too. It seems that a lot of internet p-books in particular are out of date by the time they’re published, with bad URLs and such. And ebooks really do range from great to garbage.
@ Karl, that’s a nice thing about bookstores–you know that the books have gone through certain filters to get there. And also, you can take a quick look at the books in the store to get a feel for what they’re like. I think overall the quality is better in p-books, but sometimes e-books can be terrific. Recommendations are important because of the huge range in quality. BTW, I’m taking a short vacation starting tomorrow, and I’m taking The Last Lecture with me!
June 12th, 2008 at 9:29 pm
Hi there Hunter - I really do appreciate the information in your posts - eg this one and the Yaro one (I went back and read it and implemented some of the stuff - got quite a few hits from my ezine article)
Thanks - Robin
Robins last blog post..The Money-Go-Round
June 12th, 2008 at 9:41 pm
@ Robin, I’m glad you liked it. And you’re getting traffic from ezine articles, huh? Marelisa said it worked for her too, so I guess Yaro was right to include that tip!
June 24th, 2008 at 6:01 pm
I’m totally fascinated by your idea that if money really wasn’t worth anything to us, than we wouldn’t be so darn stingy. I’d love to see a whole post on that. I think it would help everyone if some us admitted that money is incredibly important, if only because it gives us more opportunities to enjoy [health, family, insert item here].
Saras last blog post..It’s Okay to Just Shut Up: Understanding Introversion
June 24th, 2008 at 11:53 pm
@ Sara, I definitely think that money is more important to people than they’re willing to admit (though it’s certainly not everything). I’ll make a note to revisit this topic again!
June 25th, 2008 at 12:57 am
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August 11th, 2008 at 7:29 am
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August 11th, 2008 at 7:56 am
I purchased a Kindle last month so I’ve only recently been exploring the world of e-books, but I look at the pricing differently than you (mainly because I am stingy). I look at it from a “What does this cost the publisher to make?” point of view.
If I go to Amazon and see an e-book selling for $14 and the hardcover selling for $16 I feel like I’m getting ripped off for the e-book. Why? Because unlike the p-book, the e-book has zero material or production costs. Therefore it should be considerably cheaper than p-books without fear of reducing the profit to the author or publisher.
When you take into account that e-books can’t be loaned, traded, sold, or donated after you’ve read them, that reduces their value even more.
I know the e-book game is still relatively new to publishers and they (and resellers such as Amazon) are still feeling their way through it trying to find the best price points, but in this early stage it seems like they’re aiming awfully high.
Pauls last blog post..Murder and motivation.
August 11th, 2008 at 8:58 pm
@ Paul, I’d have a hard time deciding between a $14 e-book and a $16 p-book. Last week I read a review of a book that looked good, so I went to the site to buy it. I thought it was an e-book, but it turned out to be a p-book. I thought, “A p-book? But I want to read it now!” I went ahead and bought it, but I’m not sure which format I would prefer, even for the same price.
E-books can’t be loaned, etc., but they also don’t take up space. And yesterday, I was reminded of how annoying it is not to be able to search in a p-book. And an affiliate program really changes everything!
I see your point about material and production costs. I’m not sure how much they are, but yes, an e-book could be offered at a lower price while making the same profit.
Looking at it objectively as a consumer, all that matters is whether the price is worth it to us, regardless of how much it costs the publisher. We buy lots of products without even knowing what it costs to make them. But subjectively, we might wonder why they don’t give us a better deal if they’re able to.