A lot of people put ‘write a book’ on their bucket list. Thanks to Amazon, Smashwords, and fee-based publishing companies, having a book with your name on the spine is easier than ever. There’s never been a better time to be an author, never been more options, but simply being published means very little now.
The Author Is Now In Control
Authors are entrepreneurs. Gone are the days of the solitary writer holed up in a writing cave never interacting with readers. There’s no longer a stigma attached to self-publishing, the stigma is attached to books that do poorly. Your book must earn respect now with sales and Amazon rankings determining value, not the name of the publisher on the spine. Indie and self-publishing avenues (digital especially) have leveled the playing field. But with privilege comes responsibility. For the first time writers have choices – you can traditionally publish or self publish or both, but either way the burden of responsibility for success rests with the author.
A Leveled Playing Field
Traditional publishers have always offered distribution, something authors couldn’t get anywhere else. The cover art, editing, interior design are all services that many publishers are outsourcing anyway, but with digital there’s no longer any need for distribution. Barry Eisler made publishing news a few months ago when he turned down a BIG (I mean, never have to write again big) deal from St. Martin’s Press. He was then approached by Amazon to publish with them first digitally and then in paper at a much higher royalty rate. He didn’t need either St. Martin’s or Amazon for distribution – he already has a substantial platform, but Amazon offered direct to consumer marketing he could tap into. At the Writer’s Digest Conference (WDC) in New York, Eisler claimed he’s made more on the book published with Amazon, than on any of his traditionally published books. Self-publishing was the smart business decision for him.
Writing Is A Business
Traditional publishers typically offer 17.5% royalty rates, but with self-publishing authors keep upwards of 75% royalties. Writing is a business and the business is connecting with readers. Traditional or self-published doesn’t matter because the self-published or indie author can hire an editor and the same cover designer as the big publishers, and put out a comparably packaged product. But not all books are created equal – and whether you’re self-published or traditionally published, failing to connect with readers will be reflected in customer reviews and sales numbers. Just putting a book out there doesn’t mean anyone will buy it – or find it in this crowded marketplace.
A New Business Model
A new business model is emerging. Previously, a traditionally published author would put out 1 new title a year (or less than that), and then build a speaking and teaching career beneath the writing career. Indie publishers are telling new writers to publish 3-5 books a year to keep readers coming back. Writers must be entrepreneurs. Many of the successful independent authors have a team of writers writing for them – their name has become a brand – almost like a fashion label. But this also opens up markets where previously there were none – like short stories and poetry.
If you don’t have a top-notch product (book), don’t have great packaging (interior design, cover art, binding, cover copy), and a social network who will share and recommend your work – you’re playing the author lotto (and the odds aren’t in your favor).
The average self-published title sells 80 copies. You can’t live off that. But the good news is that those are all things you can control through hard work. It’s a lot of trial and error, learning from what didn’t work as much as what did. These authors spoke of testing titles with Facebook ads, and monopolizing a word through Google ads. It’s a serious, purposeful business model being planned up to two years in advance.
Being traditionally published gives you instant credibility with retailers and to a certain extent readers, but that’s overcome with reader reviews, blogger reviews, Amazon rankings, etc. This is a really exciting time to be a writer. Authors no longer need the brick&mortar bookstore, the agent or New York publisher to be a success (whether publishing digitally or not) and that’s changed a lot of things.
Read more about self-publishing from these successful authors: