Selling Self-Published Books: It Takes Money to Make Money

I was recently reading a few articles about breakout authors who have managed to sell millions of eBooks despite self-publishing. I noticed one thing that some ultra-successful self-published authors have in common – they had money or a pretty good job prior to being authors. They also got into the eBook game early on, when the Kindle craze began. Timing is everything.

For instance, Darcie Chan was a lawyer prior to selling 400,000 copies of her books. John Locke was a successful salesman and marketing mind who had the resources to invest $25,000 in his books before finding the winning formula.

Of course there are exceptions – Amanda Hocking worked at group home prior to becoming a best selling authoress according to Wikipedia. (I would actually love to watch an independent movie about her story, but I digress.) But in many cases, people who have a solid marketing budget available to invest in their books are more likely to succeed as self-publishers.

I receive a lot of messages to the tune of “Help, my book isn’t selling! And I don’t have any money to invest in it!”

I don’t always know how to respond to this type of message, because usually the first suggestion I have is that they fix the cover or get the book edited, which costs money. Not to mention advertising and promotion…

There are two main reasons why it’s really helpful to already have money in the bank if you want to become a successful self-published author.

It Takes Money to Make Money
When Selling Self-Published Books

1)      You need plenty of money to sustain yourself while you’re promoting and writing books. If you’ll notice, most high-selling authors have written 10 or more titles. They can keep pumping them out because they have cash to fall back on and pay bills in the meanwhile. Many other self-published authors don’t have the ability or time to write 10-20 pages a day while still juggling a job and everyday bills.

2)     Money opens doors that aren’t open to small guys in the publishing industry. For instance, a book table at one of the major book expos costs thousands. Buying advertising on top book websites costs hundreds per month. Professional editors and book designers charge thousands to make your book look nice. Some services allow you to pay for high profile reviews.

And as this Wall Street Journal article confirms, authors who already have a large following are the ones who are most likely to succeed.

So where do these authors get that following?

It’s either from time served (they’ve been writing for years and developed a large fan list over those years) or money (they purchased ads or reviews and gave away plenty of books to develop a following).

Not to mention, their writing has to be pretty good to keep people interested.

So if you’re a brand new self-published who no one has ever heard of with little to no following who doesn’t have much money, is it really a mystery why you’re not selling any books?

I’m Pretty Broke — What Can I Do?

1) The first thing to do is to be realistic as a brand new self-publisher. This is one of the top points I try to get across in my How to Sell Books eBook and when consulting clients. Be realistic and take measured steps toward your own personal success. Stop looking at the success of others as a gauge of whether you yourself are successful.

Some people look down on this advice as pessimistic, but I call it realistic optimism. About 130,000 books are self-published each year. According to Para Publishing there are about 86,000 self publishers.  Only 12 self-published authors have sold over 200,000 copies of their books according to the New York Times. That’s roughly .01 % of self-publishers.

The other 99.99 % of indie authors don’t get these stellar results. In fact, the vast majority of self-publishers sell about 150 copies total according to the New York Times.

So am I wrong for telling the truth to the 99.99% and trying to help them get on the right track?

I believe it’s best to be realistic about what you’ll sell and invest accordingly. Then if you happen to join the ranks of million-selling authors (which is largely a matter of luck and partly due to writing an amazing story), party like it’s 2099!

2) The next thing I would suggest is to consider taking time to hone your craft (writing) and save up some money to invest in your book if you’re really serious about self-publishing as a career. (Or at least as a consistent source of residual income.)

3) Finally, invest in affordable, effective, smart advertising. You must have a marketing plan and budget to sell self-published books but avoid places run by “the big boys” who are just trying to rob you of your money. You know, the $5,000 a month retainer publicity agents and $5,000 tables at book conferences. Find your niche audience and attack them with inexpensive yet well-placed ads, reviews and free copies of your book.

Of course I have more tips for self-publishers which I detail in my eBook. Your book is a product, and you have to become a bit of a marketing genius to sell it.

You must think of self-publishing as a business. Selling isn’t very fun. Making money is fun. And the old adage rings true: it takes money to make money.

Are 99 Cent eBooks Worthwhile for Publishers? What About Buyers?

I spent a long evening browsing the Internet for articles on the subject of selling eBooks for 99 cents. This seems to be a popular new trend in the self-publishing world, and since my own eBooks speak directly to self-publishers it’s definitely worth exploring.

One article stuck out of the pile. It is entitled Why Selling E-books at 99 Cents Destroys Minds by Chad Post. 

This particular article caught my attention for a couple of reasons. For one, Chad discusses how eBooks sometimes make the reader weary due to looking at a bright screen for a very long time. It’s not the same as cozying up with a book printed on lovely neutral-colored pages.

He then makes the point that when consumers have access to mounds of cheap 99 cent eBooks they become a commodity. Eventually the quality of  literature that publishers put out suffers because they have to sell more to make a living. Thus the minds of those who read them also suffer due to the lower quality of reading. (Correct me if I’m wrong here Chad).

Chad refers to these 99 cent eBooks as “disposable entertainment,” similar to buying a game app on your cellphone. It is not something you cherish or ever look at again when you’re done reading. It’s partially due to it’s low price (you order a bunch but never get around to reading them all) and sometimes because of quality issues.

I read another article on the subject that made a point that the type of people who are buying 99 cent eBooks are “disposable” for lack of a better word. They aren’t committed, loyal readers who will come back time and again.

This also brings up another point along the same lines. When someone buys a 99 cent eBook but just looks at it as a disposable piece of entertainment, this lowers the chance that he’ll refer the book to others.

So Are 99 Cent eBooks Worthwhile?

Recently I downloaded a short, cheaply priced eBook on the subject of sales and marketing on my cellphone.

When you write and edit 10 to 12 hours a day it is difficult to find the time and concentration to read other works period, but I committed to reading this one.

About halfway through it my brain shut off. At that halfway mark I hadn’t really learned anything. Most of it was fluff, promotion.

I tried to come back to it the next day and just couldn’t focus.

For over two weeks after that I just could not finish the eBook. Finally, one night I forced myself to finish the book off. It turned out that in the end I got a few golden nuggets from it, but why did it take me so long to get through this very short little guide?

Could this be due, as I mentioned early, to my low attention being a writer myself? Maybe.

But could it also be due to the fact that I’m reading it on a small electronic device (in this case my smartphone screen)?

Or is that I purchased it so cheaply that I don’t really value its content as much?

Do people buy cheap 99 cent eBooks just for the sake of buying them and feeling as if they got a deal? They should be buying them because they like the author, they’re deeply interested in the subject matter or because it’s well-written, right?

After all, this particular eBook was far from encyclopaedic. It was written in simple quick prose. If it were a printed book I would have probably finished it in a few hours.

Anyone who has read my own eBook, which I initially priced at $9.95 (and still good with that decision) knows that the original goal was to help traditional self-publishers who were trying to sell print books. However, the latest update I put up last month includes a bit more on promoting a book whether printed or electronic. The next automatic update (free to previous buyers) will likely have even more on eBooks now that I’m getting a more complete view on what works and what doesn’t.

What Do You Think?

So I’m curious... what has been your personal experience with 99 cent eBooks via Kindle, Mobi Readers and such?  Add your opinion to the quick poll below and accompany it with a comment if you have time. If you've sold eBooks for 99 cents, how has that turned out as far as your marketing efforts?

Looking forward to hearing your opinion. Maybe we can come to some kind of a consensus in this matter.

Domain Hosting by Doteasy

Creating a Book Marketing Plan Budget

To launch your book properly, it's a good idea to sit down and start writing a detailed marketing budget. The budget is a preliminary task that you should complete before you spend a dime on publishing your book. Some small publishers make the mistake of jumping right in and spending on their newly finished books before they get a full view of how much it will cost to properly release the title. Start typing out your new book marketing budget in a blank Microsoft Excel spreadsheet. Here are a few key categories that you'll want to address in your budget.

Book Editing and Design Costs

Once you finish writing your book, brace yourself. Before your only investment was time and thought—now you have to start spending money to get the word out about your unique creation. You now have to hire a few people to get your book ready for printing and publishing:

-         Book editor
-         Typesetter
-         Cover designer

Book Printing Costs

A major initial outlay for a self-publisher is your book printing expenses. The traditional method is to purchase a set of books (about 250 to 1000 to start out) and then order more when you run out. The costs when you speak to a book printer include:

-          Book printing costs
-          Prepress fees
-          Shipping costs
 

You can also use a POD service like the one offered by Createspace to print your books on demand. I'm liking the POD option more nowadays because I sell most of my titles online. However, keep in mind that printing with a book printer may give you a lower per-book rate and also open more doors to potential distributors and brick-and-mortar bookstores to carry your book on shelves.

Book Advertising Costs

In 2010 and beyond, I believe self-publishers and small publishing  companies will find the most success advertising online. But when you go on book signing events and the like you'll need some other advertising materials. So be sure to include the following possible costs in your book marketing budget:

-         Putting together and publishing a professional book website. You can simply use a web building tool offered by your web host, choose a professional template, and add your book details, but you may want to hire a professional to handle this (I discuss book websites in chapter 7 of the eBook).
-          Building a newsletter list and using email newsletter services to get the word out about your book
-          Creating and printing postcards, bookmarks and business cards for your book to distribute at events
-          Creating flyers and large mounted book posters to display at your events
-          Hiring a designer to prepare book marketing package materials (like your sell sheet and letterhead)
-          Buying radio ads if you choose (see chapter 12 of the eBook)
-         Getting a toll-free business phone number and renting a PO Box so that you can professionally accept inquiries from readers, reviewers, bookstores, magazines, advertisers and distributors 

In addition to basic book advertising expenses, don’t forget to list the cost of putting together sales packages for potential reviewers, distributors and small bookstores who may want to carry your books. You'll have to print professional materials and send them via an express mail service to your intended recipients.

Book Traveling Expenses

When you publish a book that gets some attention either locally or nationally, you'll have to budget for trips to book signings, festivals, fairs, and other events. That includes:

-          Airfare, rental car, hotel
-          Vending table rental fees (if applicable)
-          Display tables, stands, tents and other supplies for your books if you're planning on attending book fairs
-          Outfits for your book signings (you've got to look good!)
-          Cost of placing a few radio or newspaper ads in the other cities where you plan to visit to promote your books (people who may be interested in your book need to know you're coming and why—they don't know who you are yet!)

Book Selling Helpers

One mistake I made when I just started out selling my own self-published books was to try to do everything on my own. I probably could have made longer strides more quickly if I had just hired a few part-time people to help me out! You don't have to hire on full-time employees as a self-publisher—obviously you can't afford that just yet. Consider the following ideas for getting book selling helpers and add the cost to your budget:

-          Hire independent contractors, like virtual assistants, online (such as on Elance)
-          Talk to an administrator at a college nearby to see if there is an intern program you can join
-          Pay your working age kids or their buddies to be your helpers
-          Consider the cost of hiring a book publicist to help you get the word out about your book

Educational Materials

Before and after you self-publish a book it is very important that you read up on the process in detail. Gathering knowledge of self-publishing helps you gain an advantage in the self-publishing world. This is a small segment of your book marketing budget, but worth adding:

-          Invest in resources that teach you the basics of self-publishing a book
-          Invest in resources that teach you the specifics of how to sell and market a book (you've already got a headstart on this one because you're here)
-          Attend seminars at book publishing fairs and major events to hear from other successful publishers and network

Use these suggestions as a starting point – obviously you'll have more items to add your book marketing budget. If you don't already have my How to Sell Books eBook, use it as a guideline to help you brainstorm more ideas. Okay now enough reading for the moment—get to typing in that spreadsheet!

How to Create Your Book Marketing Plan: The 4 Ps of Marketing

Someone asked me recently, how do you create your actual book marketing plan? The answer is this--your book marketing plan should address the 4 Ps of marketing (product, price, place, and promotion) and how you plan to tackle those elements of selling your books. 

The How to Sell Thousands of Your Self-Published Book e-book addresses the 4 Ps of marketing, to help you develop your own book marketing plan:

1) Product (see chapter 1) - is your book packaged properly for selling?

• Is the book properly edited? Don't let poor grammar or spelling be the one thing that causes others to pass on your book- does your book fill a NEED for a reader, whether it is entertainment value or to teach someone "how to" complete a task? (see chapter 3 as well)
• Is the text easy to read? If it's the wrong font or too small you could lose that sale. also, distributors and wholesalers might reject your book based on poor formatting alone
• Does the book have a great ending if a novel, and is it well-outlined and easy to follow if it's a non-fiction book? Will someone come away with a clear plan of action for how to start implementing those ideas today?
• Is the book packaged correctly? would you stop and pick up the book if you saw it in a store?
• What about your back cover text--does it draw the potential buyer in (advice on how to write your back cover text included as well)

2) Price (see chapter 6) - are people willing to buy your book at the price you've set?

• Why charging $20 for a short paperback book may not be the best idea
• A discussion on how PODs can limit your selling potential due to the requirement that you set high retail prices
• How to set a reasonable price for your book that will still allow you to make a reasonable profit

3) Place - where exactly are you going to sell your books?

• Do you have your book website up? Is it attractive, easy to find online, and easy to navigate? (see chapter 7)
• Information on getting hooked up with a distributor or wholesaler (see chapters 2, 18, and 19)
• Selling your book in face to face scenarios (book signings and even street signings) (see chapters 15 and 16)

4) Promotion - what advertising and promotional strategies will you implement to spread the word about your book?

• Suggestions on how to get the word out about your book. Ponder this question: do you want people to know your author name or the book name? (see chapter 13)
• Do radio and text ads work for books? (see chapter 12)
• How to get media attention for your book using press releases (including how to write one) and other promotional tools (see chapters 9, 10, 14, 17)
• How telling your PERSONAL story as the AUTHOR is the key to grabbing interest in your book (see chapter 5)
• Creating ads for your book (see chapter 3)
• How to promote your book online (the wave of the future) (see chapters 7, 8, 20)

The How to Sell Books ebook also addresses how to narrow down your target market and then figure out how exactly to REACH them. (chapter 3)

All of this information will help you form a rock solid book marketing plan.By the way, here are a few resources you can use to help you format your own book marketing plan:


QuickMBA Sample Marketing Plan


BusinessTown Sample Marketing Plan


You can tweak them to your needs -- just make sure you include and focus on the 4Ps as described above.


Bookmark (CTRL+D) and visit this How to Sell Books Blog frequently for even more ideas and tips for how to sell books and fine tune your marketing plan.

Penelope Thompson is a book marketing consultant with close to 10 years of experience in self-publishing. If you need help composing a custom book marketing plan for your new book, click here to find out about Penelope's services.

How Do I Accept Payments At My Book Signing?

I receive this question at my website often. How do I accept payments at my book signing?

Well the obvious answer is cash, but what about those folks who only carry credit or debit cards? If you think the majority of people are going to run to the ATM machine just to buy your book, you're going to find yourself spending a lot of time waiting and waiting and waiting for them to return to your book signing table!

Instead, there's a beautiful thing that I discovered back in 2005 called a cell phone merchant account that you can use to accept payments at a book signing. With this service you can process credit card payments from customers using your cell phone—nothing else is needed.

When you sign up for a cell phone merchant account, the provider sends you an account number for your business, as well as an 800 number that you have to call into in order to process the payment.

When you call into the 800 number it prompts you for your account number, the customer's credit card number, and the total amount of the transaction. The system will tell you within a few seconds whether the customer's card was approved or denied for the transaction.

It's not required, but as a precaution you might want to purchase a manual swiper and sales receipts so that you can take an imprint of the card and have the customer sign.

Click here to learn more about cell phone merchant accounts and select the "Touch Tone Phone Processing" option.

iPhone or iPod Option

If you have an Apple iPhone or iPod, you can also accept credit cards using this device:

(courtesy: Wired.com)

This is an iPhone credit card swiper (works with iPods too if you don't have an AT&T cell phone account) developed by a company called Squaredup. You have to download the Square app from the Apple store on your device and purchase the small swiper device from Squareup. Swipe the customer's credit card, wait for an approval, and then have him sign on your iPhone or iPad screen.

You can even purchase a bluetooth or wireless receipt printer to go with the device so that you can print a receipt for your customer AND take a photo of the customer holding the book he purchased with your iPhone if you want to eliminate the chance of disputes.


Both of these options are simple, straightforward ways to accept payments at your book signing.

Happy selling!

How to Sell Books : What Motivates People to Buy Books?

On what motivates people to buy books...

Nobody wants to read a book that is all about you and what YOU want and what YOU like. Except maybe your stalker! And hopefully you don’t have one of those.

Readers, like any customer, want to know, "what's in it for me!"

Remember this: a book buyer is only motivated to purchase a book if it will make him money, make his life easier, educate him on something he was curious about, or make his life more fun and enjoyable.





Excerpted from Chapter 1 of "How to Sell Your Self-Published Book"
by Penelope Thompson
© 2009 Penelope Thompson - Howtosellmybooks.com