by Lisa Norman
“I am a warrior, so that my son may be a merchant, so that his son may be a poet.”
This quote, often attributed to John Quincy Adams, stuck in my brain the first time I heard it. It beautifully captures the idea that being a poet—or any kind of creator—is of the highest value, something generations could strive toward. So why do many authors undervalue their work—and themselves? The challenge is understanding “perceived value.”
What is Perceived Value?
The Cambridge Dictionary defines perceived value as “the value of a product based on how much customers want or need it, rather than on its real price.” This differs from “intrinsic worth” or items that have a specific value.
Another way to look at this is that perceived value does NOT equal the cost of a thing specifically; however, it can influence what an author charges and what a reader is willing to pay. Intrinsic value is what a thing costs. The intrinsic value of an ounce of gold in the moment that I write this is $2500. If you melt that down and turn it into a family heirloom, the perceived value might be higher. Or if it was an ugly thing, you might just give it away!
It is important to understand that both the author and the readers are dealing with the concept of perceived value.
For authors, many factors influence perceived value, including self-worth, feedback from reviewers, and market trends. Not understanding the true value of our work can lead to stress as well as confuse readers.
Pricing Strategies and Perceived Value
Many authors price their books low, hoping to attract more sales. However, as Mark Coker of Smashwords pointed out many years ago, raising the price of an ebook can sometimes enhance its perceived value and lead to better sales.
One author I have worked with for years consistently works to price her books as low as possible. She covers her costs and makes a small profit. Her books sell extremely well for their genre, but the profit is barely above cost. She’s just been happy that so many people want to read her books. Recently, one of her friends published her first book and priced it at over twice the price of my friend’s book. And people bought it. My friend finally questioned her pricing strategy.
Was the first author undervaluing her work or was her friend overvaluing hers?
Impact of Pricing on Self-Worth
Pricing decisions can significantly affect an author’s self-esteem and perceived worth. A friend of mine raised their Substack subscription price from $7 to $10 per month and found that their own sense of self-worth improved. They commented, “Funny, I feel MORE confident now.” And their subscriptions increased. Pricing can influence not just sales, but also personal confidence.
Ethical Considerations
It’s important to mention that price collaboration between publishers—even indie publishers and authors—is illegal. That is price fixing. Don’t do that. Instead, thoughtfully consider the value of your work when setting prices. Get access to statistics on current book sales trends. Talk to your fans and look at what other books in your genre are selling for.
My own experiences with Perceived Value:
Undervaluing Work:
My mother had a natural gift for art, but growing up, she was always told that art wouldn’t pay the bills. Coming from a poor background, she chose a career that would keep her out of poverty. She never took her art seriously, only doodling on the edges of papers and contracts.
Later in life, after battling cancer, she finally had the freedom to study art and discovered just how talented she was. Her friends were amazed by her skill. I often wonder what beauty she could have shared with the world if she had pursued her passion earlier.
Just before she passed away, she lived in an area with many highly respected artists. She saw the value of art firsthand, visiting their mansions and seeing their paintings sell for thousands of dollars. Her regret has fueled my determination to pursue my writing passion.
Overvaluing Work:
My father, on the other hand, had an inflated sense of his own worth as an author. He once sent me a manuscript to critique, and I gave him extensive feedback. He was furious, insisting I had no idea what real writing was. Later, he paid a company to print many copies of the book without making any changes from the draft I’d seen. Those books sat in his garage until he died. One reviewer even called it “the worst book ever written.”
Whenever I seek critiques on my writing, the real question I’m asking is, “Is it actually any good?” Because I’ve seen firsthand how blind someone can be to their own lack of talent.
Just Right:
My father’s brother also wrote a book. After my harsh critique of Dad’s book, he sent me his brother’s draft, hoping for similar feedback. Misery loves company, right? But to my surprise, his brother’s book was well-written and edited, with a clear plot and engaging story. I suggested he try to get it published, and he found a small indie publisher who published it successfully. He learned to value his own worth through positive feedback and successful publication.
Practical Tips for Authors
Assess Your Value: Keep track of market trends, reader feedback, and your own self-worth. Good pricing strategies include researching similar books in the market and setting a price that reflects the quality of the work.
Invest in Yourself: You are worth it! If you find that your writing is lacking in some area, invest in your craft by taking classes, using tools and technology, and collaborating with editors and professional artists. These investments enhance the quality of your work and its perceived value.
Something as simple as treating yourself to a trip to an artsy coffee shop to spend time with a fellow writer can increase your confidence.
Prioritize your emotional well-being.
Recognize the worth of both yourself and your art.
Remember, the value of your work is not just in its price tag but in the impact it has on your readers and yourself.
How do you determine the value of your work, and how has it affected your pricing strategy?
About Lisa
Lisa Norman's passion has been writing since she could hold a pencil. While that is a cliché, she is unique in that her first novel was written on gum wrappers. As a young woman, she learned to program and discovered she has a talent for helping people and computers learn to work together and play nice. When she's not playing with her daughter, writing, or designing for the web, she can be found wandering the local beaches.
Lisa writes as Deleyna Marr and is the owner of Deleyna's Dynamic Designs, a web development company focused on helping writers, and Heart Ally Books, LLC, an indie publishing firm.
Interested in learning more from Lisa? Sign up for her newsletter or check out her school, No Stress Writing Academy, where she teaches social media, organization, technical skills, and marketing for authors!
Top image by Markéta Klimešová from Pixabay
