Lindsay - January 14, 2021For this week’s show, we started out discussing some of the predications that Mark Coker of Smashwords made in his beginning-of-the-year post: 2021 Publishing Predictions – Pandemic Reshapes Publishing, Accelerates Consolidation.
After that, we moved into our main topic of trying to offer some suggestions for people who have been writing for a while and have a few books out but still haven’t turned the corner to become profitable. If you’re paying for your book covers, edits, etc. from the income from your day job–or you’re just not making as much as you feel you should–this episode may be helpful.
Some talking points on our main topic (what to try if you’re not making a profit from your books):
- Some encouragement: art is subjective and can be a tough thing to productize and sell, but a business that sells largely (if not exclusively) digital assets is one of the least difficult ones to turn profitable and scale.
- If you’re doing the same thing over and over and expecting a different result… realize you probably won’t get it.
- Get a professional edit and cover, but think inexpensive (i.e. pre-made covers by pro designers) until you’ve proven that your story can sell. Once you’re in the black, you can spring for more expensive covers and spend more on production and marketing overall.
- Be careful about spending a lot on advertising an unproven product and/or a book that isn’t first in a long series with good sell-through (that can more than cover the expense of advertising Book 1).
- Make sure you have a good cover/blurb/title and sample pages — test your book’s sales page via ads measuring conversion and/or ask the opinion of authors who’ve been selling well in your genre for a long time (i.e. they know their stuff, and their success isn’t a fluke).
- Be careful about conflating price with value. Your total income each month counts much more than what the sales price is on each book in your catalogue.
- Make sure you’re able to move past failures.
- Make sure you’ve actually cultivated the necessary skills as an author to write a book that people want to read.
Thanks for listening, and thanks to Joshua Pearson for producing the show.
Hey, I listened right to the end! I love all your bloopers, they make you guys so relatable. Thanks for another great episode with lots of solid advice. I’m so glad you’re doing this show. Happy new year!
Aw, thanks for listening to the whole show and stopping by to let us know, Talena!
There was so much common sense and practical advice in this episode I listened to it twice so I could take better notes.
In particular, I appreciated the advice about not fretting about advertising one’s first book and its lack of performance. Instead, just get the second book, and more, out the door to establish an inventory and then much of the angst over how to advertise will dissipate.
I am new to the 6figureauthors podcast, but I will keep listening. I honestly hadn’t thought that there could be writing and marketing podcasts out there as good as Joanna Penn’s and The Self Publishing Formula and I am glad to be wrong.
All the best
Thanks for the kind words, Rick. I’m glad you found this episode useful!
I love this episode (well, I love them all, dang it:-). You guys are so real, it’s a pleasure to listen to you. Actionable advice from experienced authors – what more could we, newbies, ask for.
And I walk longer when listening to you, so there is an added health benefit.
Thank you!
Thanks, Katarina. We’re happy to help you with your health goals. 😀
I listened to the end, always do😊. Love that you guys still take the time to put these together, I can’t tell you how helpful they are. Feels like I’ve got a weekly writers support group!
Thanks, Melissa! We’re glad to be your group! 😀