Why have I been so quiet lately? Well, there’s two possibilities on that front. Either the publishing industry has gone back to normal, becoming too static and boring to write about. Or.. I’ve been spending every spare second writing this 215,000-word monster:

Not pictured: the 215,000 words inside

The Black Star is the third and final entry in the Cycle of Arawn, my epic fantasy series. Right now, the first book (The White Tree) is free, the second book (The Great Rift) is cut to $0.99, and The Black Star is $2.99, meaning you can buy ~1600 pages of fantasy for less than it would cost you to purchase $4.00 of alternate goods and services. You can get The Black Star at all reputable online bookstores:

Amazon  |  Amazon UK  |  B&N Nook  |  Kobo  |  iBooks

This is the first series I’ve ever finished, and it feels pretty good. Not just because these books are wayyy long and I was stressed for months about how long it would take me to finish this one. But also because, when I wrote the first book in the series, I couldn’t get an agent for it. So.. that was it. There never would be a series.

I wrote that book in 2007, spent the rest of the year revising it (and multiple times afterwards, too), and spent 2008 trying to find representation for it. In those bygone days of yore, there was no Kindle, no self-publishing as we know it today; self-publishing was still that thing you only did if you couldn’t sell anything to New York and you wanted to use your garage for storing 5000 copies of your book instead of one copy of your car. (Note: I’m being facetious. I think it’s safe to say that was the perception of self-publishers, but after spending the last two years glimpsing what they went through, I’ve got a lot of retroactive respect for the old schoolers.)

Anyway, point is, I always knew how the rest of the series would play out. But due to the realities of the industry, I was never going to get a chance to write it. Not unless—and this is how delusional I was—I became a big name with different books, then forced(?!) my publisher to publish this other, older series no one wanted in the first place.

Uh.. not going to happen, haha. Which stunk. Because I really liked The White Tree. It was the third book I’d written to that point, but it felt like the first one that might be any good.

Don’t get me wrong, it has flaws. Plenty. The structure of its suspense, for one, is less than perfect. In fact, if for some reason you’re possessed to read my books in the order they were written, you can see that structure evolve from The White Tree (third book written) to Titans (fourth) to Breakers (fifth). I think a similar evolution is evident in the sentences, too. For the record, I don’t think my recent books are unassailable works of genius, nor that The White Tree is garbage; I wouldn’t have it available unto the world if I didn’t believe in it. I do. And sometimes, the rawness of a book is part of its appeal.

But in hindsight, I can see why it attracted neither an agent nor a publisher. Even if it’s a fine book, it’s rough in many ways, and getting a foot in the door of traditional publishing is so competitive that you need a book to be as close to perfect as possible. I used to keep track of agent acceptance rates—see, I was a numbers guy even before going all self-pubby—and for all the manuscripts submitted to them in a given year, the typical agent would accept somewhere between 1 in 1000 and 1 in 10,000.

The numbers aren’t quite as dire as that sounds, because of course there is more than one literary agent out there. Even so, it seemed like (very roughly) 1 in 100 novels from unpublished authors wound up being represented and published.

Here is one of the major truths self-publishing has exposed: you don’t need to be in that 1% to connect with readers. A book doesn’t have to be PERFECT. It just has to be.. well, I don’t know. Very good? Good? Good enough? Competent? I have no idea where the Line of Acceptability is drawn. If you had 100 prospective novels in front of you, I don’t know whether the cutoff is generous (whether 33 or 50 or 67 of those 100 “makes it” as readable) or miserly (3 or 5 or 10). I do know that number is more than 1. Possibly by a lot.

Anyway, to return to my long-lost point, The White Tree wasn’t that 1 in 100, and that made me sad. Over the course of writing it, I really fell for the two main characters, Dante and Blays. And Dante’s discovery of magic, and his pursuit of it as a calling, was inspired by all the things I felt about writing. The sense of purpose it gave me. The dedication I’ve found for it. How fun it is. It may have been about swords and gods crazy shadow-weapons, but at its core, it was a very personal book to write.

Without self-publishing, it would have been lost forever.

The second and third books—which I feel much more confident about; to date, I think The Great Rift is my best book, for what that’s worth—would never have been written. The story would never have been told. Now, it’s finished.

Probably, the world would have found a way to exist without the complete Cycle of Arawn. For me, though? It’s a pretty big deal. Without question, the biggest advantage of self-publishing is the financial side; due to the ebook boom, thousands of writers new and old are now making a living off their fiction.

But it isn’t all about the money. The creative side of it is pretty dang rewarding, too. Thanks for reading.

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THE EXPERIMENT

Early this year, after getting excited by what the Self-Publishing Podcast crew was up to, and after seeing a friend have great success with it, I decided to try my hand at a serialized novel. Serials were clearly working for a lot of people and it looked like fun on both the writing side (new format!) and the publishing side (a new release every week!).

So I set to work, and by April, I was ready to fling mine out into the world. How did it go?

Well, for the TL:DR version, and my all-time favorite post on the matter of selling serials vs. novels, see Susan Kaye Quinn. The slightly longer version is this: there are advantages to writing serials, but they don’t sell themselves any more than novels do. So if your new release strategies are based on, say, advertising novel-length works, releasing story/novella-length episodes might present you with a challenge.

Anyway, back to my results. I wrote a time travel thriller called The Cutting Room. I decided to write 6 episodes, each one running between 12,000-16,000 words and 84,000 in total, with a TV-style arc. I found a pre-made cover from James at the excellent Go On Write and, for a few bucks more, got him to set me up with six distinct looks as well as a full-length version (a 3D box set version, and a 2D version for Apple, which won’t take 3D covers). Individual episodes looked like this:

Not an ideal nailing of the genre, but suggestive of it, and perfect for the mood. In any event, enjoy the pictures now, because a wall of text is about to follow.

OUT INTO THE WORLD!

The first episode went live April 22, 2013. I alerted my Facebook page, then sent to my mailing list the next day. Neither was huge at that time—my FB page was probably around 100 Likes, as I recall, and my mailing list around 300—but that and some advertising had done quite well for the third book in my Breakers series two months earlier.

Excitement! The first day, I sold.. 4 copies. By the end of the first week, I was sitting pretty at 31. (Amazon.com numbers only—Amazon UK and B&N probably put that around 40, but I didn’t keep records for them.)

Well.

Don’t get me wrong, that’s not bad, given the modest size of my lists and the fact I was offering them a new series in a different format. But by comparison, Breakers #3, augmented by some serious ads, had moved 767 copies on .com in its first week. By contrast, this was looking like a bust.

But the advantage of serialization is you don’t get one release, you get a bunch. Six, in my case. With so many books hanging out as new releases, they should pull each other up the charts. Ideally.

Mine didn’t. To cut to the chase, each episode performed about the same. 25-30 copies sold its first week, about twice that in its first month. In an attempt to kick things up a notch, I made the first episode permafree about three weeks in. That helped a little, but with no way to advertise it on the freebie sites (too short), there was no significant bump.

Here is a chart of my first few weeks. It is mostly made of sad.

This is how each episode fared over its first ten days. Again, Amazon US only. Sales are cumulative; i.e., by day 3, episode #1 had sold 23 copies. Each episode was released exactly a week after the first. So in this chart, Day 1 for episode #2 happened on Day 8 after #1 was released. According to my records, #1 went free the day #4 went live. Also, you’ll note these numbers don’t perfectly match up to the ones I quoted above. That’s because I didn’t start pushing the episodes until the day after they went live, so that’s where I started counting for the chart.

Anyway, not a lot to see here. Every week was about the same as the one before it. At least the few people who got into it stuck with it!

Mostly, the lackluster results were because none of my launches was ever significant enough to start getting the books recommended to other readers. I think that if my first couple days of sales had been 30-60 rather than 10-15, I would have seen growth from episode to episode. Without hitting high enough to garner an internal push from Amazon, I was selling to the same group of saps each week (my readers). (That’s a joke, my readers are the best because they read my books, QED.)

So was it a bust? Well, I’d sold a few hundred copies of the episodes, which was better than a sharp stick in the anything. But my serial didn’t really expand my audience—my primary commercial reason for this experiment—so it certainly felt like a failure at the time. So much so that, before the final episode went live, I altered its ending to be a little more self-contained, so the book could better function as a standalone. (I had ideas for at least one more book if it took off.) Rewriting to audience response (or lack of it) was a fun experience, one you could never pull off in a novel. So, there was that. Overall, however, I was disappointed.

THE COMEBACK

But. I had yet to release the full book. Emboldened by my critical failure as a serialist, and with no momentum on the individual episodes, I decided to go all-out with the complete novel, releasing at $0.99 backed by whatever ads I could scrape together. Here was my cover:

I was in no hurry, and it took about a month to schedule everything, leap through Apple’s hoops, etc. Once it went live into the world, I discovered something funny: a lot of my readers hadn’t been interested in the serialized version, but they were plenty happy to pick up the full novel. With the individual episodes, my readers on FB and my mailing list were good for about 10 Amazon US sales in the first two days. With the full book, over an equal period, they were good for 54, and crossed 100 the day after that.

Then the ads kicked in. Which I could run, because this was a full-length novel, not a 15,000-word short. (Serializing gave me one advantage there, however: since some of my readers had already read the full thing, they were ready to review it right away. It was sort of like ARCs. That I made them pay for. Hahaha.)

With the initial push from my readers, the book became embedded in Amazon’s recommendation algorithms, which the ads helped amplify. Within a week, it had sold 575 copies there. I switched it to $2.99 a couple days after that. By the end of its first month, its Amazon US sales were about 1150, with another 150-200 on the other sites as well. Compare that to 50-60 sales of each episode over a similar timeframe.

Hooray for me! Wait, that’s not what this post is about; this post is about cold-blooded dissection. Where did I leave my scalpel?

LESSONS LEARNED

The first, and the biggest, is that serials aren’t a magic bullet. I guess that should be obvious. Nothing is! Earlier this year, however, it sort of felt like they were; at the very least, it seemed like serialization was a sure-fire way to expand your audience through the boost given to each new release.

For me, it didn’t (except maybe a little bit at Kobo). It could be the book or some part of its presentation hampered it, but whatever the cause, my episodes never gained enough momentum for the algos to take them off to the races.

Know what though, we can break this down. Here’s the main cause of my failure to launch: a) I was starting a new series my readers weren’t familiar with b) in a format they weren’t used to buying (serial rather than novel) c) with a limited fanbase to begin with (~400-500 potential readers on my lists) and d) with no outside sources to augment that potential readership; the episodes were too short to advertise in the venues I was familiar with, and I wasn’t creative enough to find alternate ways to reach people.

So basically, the only people buying the episodes were my core, core readers. The people who would buy and read the Kleenex I just sneezed into. If you’re looking at serializing purely for the benefit of multiple new releases, take a long hard look at your audience and understand that most of them aren’t going to follow your experiment right away.

Genre is part of this equation, too. Serials work better in some genres because those readers are actively searching for new content. Romance, definitely. Erotica/erom, for sure. Zombies, I think so. Time travel special ops? I.. no. No, there’s no rabid readership waiting for the next one of those to drop.

ON THE UPSIDE…

I’m talkin’ all mercenary here, but this experience was a ton of fun. Publishing a new episode every week was a blast. I would love to do that again.

Now, back to mercenary sales talk! Additionally, the format of serials provides you with many opportunities you don’t have publishing full-length novels. After the tepid response to the initial episodes, I was able to adjust my promotional tactics on the fly, permafreeing the first episode before the last was out. Not only that, but I was able to change the last episode itself based on this (lack of) response—since it looked like the season was a failure, sales-wise, I revised the ending to let the book function as more of a standalone story that would, hopefully, be more satisfying and self-contained. ‘Cause I sure as hell wasn’t gonna write a sequel to something nobody appeared to want!

There are obvious dangers with making changes like that, but being able to adjust and adapt to reader response is an incredible option to have in your back pocket.

Also, now that the full book is out there, I still have episode one free pointing to the whole thing. It doesn’t give away copies in the volume that a full book does, but it’s a nice little long-term funnel.

HOW TO DO IT BETTER

First: stick with it. My first season didn’t see any growth from episode to episode, but quite a few people wound up picking up the full novel. I think that, if I were to do more seasons, I would do a lot better. Mostly because my lists are much bigger these days. But also because I’ll have created a readership for The Cutting Room and that readership will be more used to serialization, meaning more of them would pick it up right off the bat.

Along similar lines, it would help lots to serialize something in a series/world where you’ve already got readers. Those people are already waiting for the next installment, whatever it is. That’s going to reduce a lot of their resistance to purchase a different format.

Note that I’m not saying everyone should serialize the next novel in their popular series. Just that, if you are interested in trying a serial, it’s going to help if your readers are already into the world. You could do a spinoff, say; pick up a secondary character or storyline and branch out into that in a serialized format. Now I’d better quit exploring this idea before I convince myself to do it.

Another area to explore with serials is pricing. When I released mine, I screwed up royally. Since $0.99 is the lowest you can charge for an ebook, those faithful readers who picked up The Cutting Room episode by episode paid $5.94. Then when I released the full book, I kicked it out the door at $0.99. That was due to circumstances forcing my hand, but.. that is not how you want to treat your most loyal readers, haha.

So, here’s my wonkiest idea of all: use inverted pricing. Price your episodes so buying them all will cost less than the full book. If you have 4 episodes, buying them will cost a minimum of $3.96; thus, sell your episodes at $0.99, and let your readers know that if they wait to buy the full book, well, it’s gonna cost $4.99. If you’ve got 6 eps, buying them one by one will run them $5.94, but the collection is going to be set at $7.99.

MADNESS!

Yes. Madness. A higher price will make the full-length book less appealing to readers who stumble onto it later. But that price doesn’t have to be permanent; when you get to season two, you could cut a couple bucks off the price of the complete season one. Either way, season one will still have a permafree entry point going for it. You might even package the first two episodes into a double-length pilot, the way a lot of TV shows do, and set that free to help people choose whether to plunk down for the full book. Size matters, gentlemen. If that double-length pilot is up around the 40K word range, you might have an easier time advertising it.

In any event, the point of inverted pricing isn’t to make money here and now on the full-length novels. It’s to take advantage of the perks of multiple new releases, reaching new readers episode by episode, expanding your reach each time. It’s a short-term hit for a long-term gain, Amazon-style.

GOOD LORD THIS IS AS LONG AS A KKR BLOG!

This post has largely banged on about sales, but serializing a novel was a really, really fun experience. I don’t want that to get lost in all the numbers-talk. Serializing challenged me to think about story structure in a new way, and publishing a new episode every single week was tremendously enjoyable. Despite the difficulties, I’d love to try it again some time.

It also taught me a lot about why books sell. Much of what I learned is very basic—people are more likely to buy what they already know and like, be that novel-length fiction or a world they’re already familiar with—but the fact it’s simple means it’s all that more valuable to understand.

The other very simple thing it taught me: episodes aren’t novels. Trying to sell serialized fiction is a much different world than trying to sell full-length books, complete with different advantages and different challenges. If you’re going to try a serial, I would examine those challenges ahead of time and do your best to nullify them.

Maybe that’s just a matter of sticking with it.

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In “stuff you might want to consider purchasing” news: the guys from the Self-Publishing Podcast have put out a book about (you guessed it!) self-publishing. Called Write. Publish. Repeat., it’s available on Amazon, Amazon UK, Nook, and Kobo.

If you’re not familiar with the SPP crew, well, they helped reinvent serialized fiction for the digital era and were some of the first writers contracted for Amazon’s own serial program. They’re insanely prolific—like, millions of words a year; David Gaughran recently blogged about the methods described in their book—and their podcast is one of the best resources out there for independent authors. WPR is the distillation of nearly two years of that podcast into one book.

For the moment, it’s available for $2.99, but I think it will be raised to its list price of $5.99 pretty quick. Hope you find it useful.

(Extra special bonus: in it, they compare me to Justin Timberlake. Next time, I will insist they compare JT to me.)

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(Quick note: Yes, I still exist. I’ve been lost writing an endless fantasy novel, but I’ll resume blogging more regularly once the first draft is done in a couple weeks.)

What is better than stuffing, sweet potatoes, pumpkin pie, and leftovers for days? Nothing. Nothing on earth. But in between naps and the venerable tradition of watching the Lions lose, here’s something else to keep you occupied: 24 books by 24 indie authors for just $0.99 each.

My time travel thriller The Cutting Room is participating alongside a wide array of books including sci-fi, romance, thrillers, and YA. The other authors include multiple award winners and people who’ve made shmancy bestseller lists like the New York Times. It’s a pretty great crew.

Enjoy, happy holidays, and I’m looking forward to posting more soon about the new Kindle Countdown deals, publishing serials, and, of course, pineapples.

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This is the first in a sporadic series of posts examining the publishing market, specifically as it relates to self-publishing. To start things off, I want to look at pricing, and present an ass-backwards case: that it may make more sense to price your oldest, least popular books the highest—and your new books the lowest.

~

Traditionally, a book is priced highest when it’s brand new. Part of this is due to the formats of a new release itself, which begin with expensive hardcovers and later move on to less expensive paperbacks, but this is frequently how ebooks are treated, too.

For instance, Stephen King’s most recent book Doctor Sleep is currently $10.99. Take a look at his backlist, however, and it’s pretty much all priced lower—mostly $5.99-7.99, with a more recent and enduring book (11/22/63) leading the way at $9.99, and running all the way down to $3.99 (The Shining, currently price-dropped to promote the new sequel Doctor Sleep).

There’s no difference in production costs for an ebook sold today and a copy of that same ebook sold on the day the title came out. So why does it cost less now than when it was new?

The answer is demand. When an author puts out a new book, there is a high level of fan demand for that title. Everyone knows you’ll be able to get it for cheaper later. But so long as the price is semi-reasonable, readers don’t care about shelling out a few extra dollars in exchange for having the specific book they want now. And publishers are happy to take advantage of that demand by setting initial prices higher.

Why reduce price of that same ebook format later? I don’t get invited to sit around a lot of Big Publishing House marketing meetings, but the probable answer is obvious. As demand wanes, you cut price, hoping to lure in new readers. Especially the segments of the market that are more price-sensitive. Over time, as a book steps down the pricing staircase, it drops below the purchase threshold of several different markets, garnering new purchases at every step of the way. Eventually, once the higher-paying markets are exhausted and demand settles down to a trickle, you slot the book into a low price—one that minimizes readers’ resistance to purchase, but isn’t so low that it devalues the author and/or the publisher’s entire catalogue.

That’s the traditional model. It makes a lot of sense. Maximize initial revenues by taking advantage of pent-up demand, then lower prices to draw new readers into the backlist (and, hopefully, convert them into fans who’ll then go on to buy frontlist).

The self-publishing/indie approach is way more fragmented, with different people trying all kinds of different things, but I think the general approach is similar: release a new book at full price, or at a slight discount, let it fade into backlist, then run sales on backlist titles to goose new releases and/or the rest of the backlist.

This makes sense, too. I don’t think it’s a bad approach in the slightest. But I think there is a stark difference between the pre-digital publishing market and the current market. Back in the day, you counted on audience growth through word-of-mouth, right? People still treat word-of-mouth like your #1 weapon for growth from book to book.

Well, I think that’s been replaced. Overshadowed, at least. By visibility.

~

Yay, a buzzword! That’s how you know this must be smart. To explain this particular use of “visibility,” it’s time to dissect Amazon’s recommendation engine.

When a new book is released on Amazon—and the other stores, too, but Amazon is the one I’m most familiar with, and the one I believe does this best—its resulting sales aren’t just about the pent-up demand waiting for it. Instead, Amazon’s bots process its initial sales, then actively promotes that title to other customers likely to purchase it.

This is largely black box stuff accomplished through emails and on-site recommendations, so it’s hard to capture hard data on these processes. But I’m guessing Amazon’s system is a lot like Netflix, where people who watched/enjoyed Movie A, B, and C will be recommended Movie D, which other people who enjoyed A-C also watched and liked. Amazon has their own version of this front and center, the “alsobot” recommendations on every single product page.

So a new book comes out. Its fans buy it. And then the mighty Algorithm kicks in, recommending the book to potential customers. The people it recommends the book to are (probably) determined by taste-constellations, i.e. the people Amazon’s system thinks are most likely to buy it. And the volume of those recommendations is determined by the volume of outside sales—anything not initially generated by Amazon itself.

The recommendation algorithms are highly adaptive. Both the targeting and the volume of that targeting are influenced by the book’s performance when Amazon puts it in front of potential customers. The better a book converts potential customers to actual purchases, the more the algos ramp up the juice. The worse it does, the more the juice dries up. (For the record, I make no judgments here about a book’s literary quality—just its commercial potential, as predicted and then tested by Amazon.)

For a brief foray into concrete examples, last month, I released a new book. I was able to push about 250 sales through my own devices. Over the course of the month, it saw “organic” algo-driven growth, and finished September with about 1950 sales. Thanks to Amazon’s marketing, it sold 8x as many copies in its first month than I conjured up on my own.

For anyone who spends any time on Amazon, this general process is obvious. But look at what’s happening here: Amazon’s sophisticated recommendation system is identifying potential customers and then pushing something they’re likely to buy right in front of them.

In other words, they’ve slashed a huge shortcut through word-of-mouth. They have replicated an organic process that used to take weeks, months, or years to really kick in, and condensed it to a matter of days.

~
Back to the launch. Which is no longer just about pent-up demand. It’s about the additional visibility Amazon will hand you on a platter. One that can dwarf the fanbase you bring to the table yourself.
And which you can maximize by releasing a new book at a lower price.
The next question raises itself: What price point will make you the most money? Specifically, what is the best price to maximize visibility (and thus sales) without losing out on too much money in other areas, such as the initial fanbase who’ll happily pay higher prices, or by dropping into an unfavorable royalty rate?
The answer is.. there is no one answer. It’s immensely complicated. It depends so much on how well a book does in those recommendation algos, which is completely out of your control. I mean, besides little things like writing a damn good book with a damn good cover described with a damn good blurb. It depends on if it’s part of a series, and if you expect the new book to lift every backlist title in that series with it. It depends on how many owls you sacrifice to Athena, who probably isn’t even the goddess of books, but whatever, I don’t have time to check Wikipedia right now.
I have no concrete answer. That’s why I titled this “challenging assumptions” and not “slaying assumptions and smiting their ruin on the mountainside.”

I’ve got one bit of data to help approach this, though. In my observation and experience—anecdote alert!—given equal visibility, a book priced at $0.99 will sell roughly 2x as many copies as one priced at $2.99. This is in SF/F; in particularly price-sensitive genres, like New Adult and possibly Romance, the difference may be higher, maybe as high as 3x.

Working from a 2x figure, though, let’s crunch some numbers. Say you have the option of 1000 sales in your first month at $2.99 or 2000 sales at $0.99. $2.99 earns 70% royalties—$2100, in this hypothetical. $0.99 earns 35%—$700. That is a huge difference, one that I have no doubt Amazon intentionally laid out to create a soft floor for ebook prices.

But let’s say you can convert 1 out of every 20 purchases into core fans, people who’ll happily sign up for your mailing list/Facebook page/blog so you can reach them directly when the next book is out. At $2.99, you’ve added 50 core readers. At $0.99, you’ve added 100. Your next book will have twice as many purchases to impress the recommendation algos with than if you’d launched the previous book at $2.99. Multiply by as many books as you intend to write in the series.

Caveats here, of course. A few of the people who signed up for $0.99 books may not buy a sequel at $2.99. And conversion rate naturally degrades the deeper you get into a series. And a 20:1 purchase:signup ratio is generally too high (though it doesn’t really matter what the absolute ratio is, it’s more about the relative ratio of sales between $2.99 and $0.99).

So you can downplay this idea a little bit. Even so, the long-term implications of launching cheap are pretty interesting. And obviously there are more ways to look at this besides $0.99 vs. $2.99. Such as this:

This is from Smashwords’ yearly survey on self-publishing trends. The first thing you’ll note is that it directly contradicts what I claimed above about a title selling twice as much at $0.99 vs. when it’s priced at $2.99. So it’s kind of hilarious that I’m going to use other parts of the data to make a point. But whatever, apply the salt grains as necessary. This Smashwords survey isn’t an apples-to-apples comparison. It’s looking at sales across its entire catalogue, not just at the difference in sales volume when a specific book with constant, equal visibility is switched between different prices.

Anyway, that’s outside what I want to look at here, which is that big ol’ hump in unit sales for books priced $2.99-3.99, the slope between $4.99-6.99, and that floor at $7.99+.

If this data is trustworthy, you can use it to explore the various mini-markets of the overall ebook market. For many people, up to $3.99 is a bargain, an impulse purchase. Another smaller segment doesn’t think much of paying up to $6.99 for an ebook. Move to $7.99+, and you’re at frontlist prices. There’s no bargain at all.

Thus I think there’s a pretty crazy case for punting new books out the door at $3.99, max. Even if you’re an indie and you don’t charge much to begin with—few of us go higher than $4.99—just a small initial discount could pay off.

Whatever the case, applying traditional frontlist prices to new releases maximizes earnings from preexisting fans, but drastically reduces your ability to create new fans. Not just over the long-term, but during the short-term recommendation-driven visibility Amazon will grant you as a new release.

That by itself is a strong argument for inverting the traditional pricing structure. On top of that, you’re actually rewarding your existing fans for their loyalty by charging them less than the book’s eventual list price. Treat your readers well, and they’re more likely to stick around for the future. Yay, a lasting career.

I know there are a lot of good arguments against this general premise. Particularly in series, where you can put out new releases at whatever price you want and use the visibility of the new release to push potential readers toward the (bargain-priced!) beginning of the series. Even so, I think it’s worth thinking about. Particularly for standalones and the beginning of a new series, launching at a lower price than your “list” might be the best move.

~
And here’s the other end of the equation. There is demand for backlist, too. And it’s not all that different from the pent-up demand a fan of an author has for an author’s new books.
All books slide eventually. If you’re so successful that all your books never drop too far in the rankings, this won’t really apply, I guess. But there comes a point when a book has essentially lost all visibility on Amazon. It isn’t on any bestseller lists. It’s buried on the popularity lists. It may be in some alsobots, but mostly of books that aren’t selling anything, either. Amazon is sending few if any recommendation emails about it (which it will do for all books, it’s just more aggressive about new releases).
Meanwhile, a bargain price no longer matters, because no one else is seeing the book to take advantage of an impulse-purchase price. The only people seeing it are those who want it enough to search for it specifically. If your new release has earned you a reader who loves you enough to go hop through the rest of your unrelated catalogue, they’re not likely to blink if that book costs a dollar or two more than the popular stuff.
In practice, then, you might launch at $0.99 and gradually raise to $2.99-3.99 as you exhaust your visibility. Or launch at $2.99 and later move up to $4.99 as sales dwindle to the few who are ignoring the 2,000,000 other ebooks on Amazon to hunt down yours. (Or who are hunting for very specific books through keywords or whatever—though in that case, you will have competition among similar titles, so.)
I don’t care what specific prices you’d want to run with, personally, because everyone’s calculations are going to be different, and because I don’t ascribe to any philosophies about “devaluing your work” (let alone the entire ebook market—take that, books as we knew you!). Personally, all I care about is reaching enough readers to guarantee I can keep writing new books until the day I die and/or am replaced by a long-winded robot. Speaking of, I could have summarized most of this post with “Hey, loss leaders work.”
But given the way online bookstores promote new titles, and the sensitivities potential customers display toward various price points, I think there’s a case to do things backwards. To build your strategy not around preexisting demand, but around visibility.
The best way to do that? Start low, my friends. Devalue your work like there’s no tomorrow! And reap the benefits in the long run.
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A couple days ago, I rejoined the Self-Publishing Podcast once again. This time, we’re talking launch strategies, box sets, sales trends, and how to give a big boost to later releases in your series, among other things. This is either the third or fourth time I’ve been on the show—apparently I’m now the Justin Timberlake to the SPP’s SNL—but I had a particularly great time on this episode, and feel we covered an awful lot of ground.

My August and September were far and away my best months ever, so I was really happy to be able to break down what I did and explore how to replicate it. Hope it’s helpful.
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9/23 Update: Someone contacted Fiverr about a breach of privacy regarding the “quotes” featured in the accusation (which were the only real piece of “evidence” in the entire report). Fiverr confirmed the accuser never worked for their company.

~

I’m loath to give it any traffic, but you may have heard of a so-called scandal making the rounds: the “Fiverr Report,” which claims to blow the lid off a number of bestselling indie authors who’ve bought fake reviews.

Let’s just get this out of the way: it’s total nonsense.

It’s easy to believe a lot of the big indies got where they are through fraud. Hell, early success John Locke admitted to buying reviews, and if you followed the rabbit trail on his fakes, it led to a lot of other self-published authors. Of course, few of the authors indicated in that scandal were big-time or even midlist indies. Most of the people who appeared to have used the same service as Locke fell into a far different category of author: people who had published one or two or three books, typically in paperback, and had bought a handful of reviews (1-10) to try to increase their nonexistent sales.

This was the pattern because authors who are already selling tons of books don’t need to purchase reviews. The authors fingered in this “report” sell thousands—if not tens of thousands—of books every single month. When you’re moving that many books, your reviews arrive in a steady flow. (For reference, I find I receive about 1 review for every 100 sales. Reviews come in faster when a book has few or none, and start to slow down once you’ve got a whole bunch.)

Sure, these authors could have bought their reviews at the beginning, using them to launch themselves into outer space; in that case, the fake reviews would since be buried/diluted by the real ones that came with all those new sales. But there are at least a couple problems here.

First, I am a crazy author-stalker. I look at dozens of Kindle titles a day. I watch the bestseller lists, the popularity lists, and I keep up with the books and new releases of countless sci-fi and fantasy authors I find interesting. I’m pretty familiar with the careers of at least eight of the authors on this list, and while I can’t say with 100% certainty that none of them has ever bought a review, I know at least some of them haven’t. I’ve watched one of these authors from the very beginning of his career. Literally days after he first published. A flood of fake reviews simply never showed up. If some of the accusations are false, it casts doubt on the whole thing.

Second, the report claims these authors have bought at least 500+ reviews. Several of these authors hardly have 500 reviews across their titles. The math just doesn’t add up. Not given how many copies they’ve sold.

Last, the (probable) author of the report has been outed on KBoards. He isn’t mentioned by name, and I don’t know the evidence to support the accusation, but the author in question is infamous in certain circles. He actually has left hundreds of fake reviews on his books. They’re not there anymore—because Amazon stripped them all, and actually made it impossible for people to leave new reviews on the books—but let’s just say it’s plausible.

In summary, these people wouldn’t need to leave fake reviews, because they’re already tremendously successful. It’s hypothetically possible they could have bought batches of reviews early on when they weren’t selling well, but I know for a fact that isn’t true of some of them. Meanwhile, there’s indications the accusations are being made by another indie with an axe to grind.

No actual evidence is presented. Instead, the report presents several “quotes,” without sources, and then seems to have picked a bunch of popular authors with highly-rated books. And the averages on some of those books could look kind of funny. How is it that a book like the Wool Omnibus can have a 4.7 rating on 6235 reviews while a mega-popular author like Stephen King only has a 4.0 rating across 3382 reviews on Under the Dome?

Part of the answer is the Sequel Effect. The Wool Omnibus may have a 4.7 average, but the main lead-in to the series—Wool the short story—only has a 4.4 average. The difference may seem slight, but a 4.4 is actually far more achievable than a 4.7. My novel Breakers has a 4.4 average on Amazon, for instance. What’s happening here, then, is a lot of people are picking up Wool, but only the ones who like it are then moving on to the Omnibus, whereas people who didn’t like Wool, and are more likely to give it a poor rating, never move any further into the series. And later books are buffered even more. This is why a book like A Modern Witch, first in the series, has a 4.3 average, while the last book in the series has an incredible 4.9 on nearly 500 reviews.

The Sequel Effect isn’t the only factor in why indie authors can pull great ratings compared to big-timers like Stephen King. This is more speculative, but I think self-published authors are often far more engaged with their fans. We speak directly to our readers on Facebook, through email, on forums. This leads to a more active, enthusiastic fanbase, one that may be more likely to have positive feelings about the authors’ books. There’s nothing sleazy about this. It’s just a natural outgrowth of authors who are touched about the fact there are actually people out there—lots and lots of them!—who want to read our silly books.

I think the pace of indie publication may have something to do with it, too. I think there’s an unquantifiable amount of goodwill generated when you put out a new book in your readers’ favorite series every 1-4 months. Thought experiment: Currently, A Feast for Crows has a 3.5 average on about 2500 reviews. A Dance with Dragons sits at 3.6 and 4500.

But many of the reviews flat-out state they’re frustrated with having to wait so long between books. AFFC was published in 2005, five years after the previous novel. ADWD came out six years after that. How much long-simmering resentment toward these books would there be if they’d been published every 5-6 months instead of every 5-6 years? I think a great many readers would be far more forgiving of George R.R. Martin flying off track and spinning his wheels if they knew there would at least be a new sequel later in the year.

Anyway, much like A Song of Ice and Fire, this post has gotten far off-course. The fact is that, while I don’t know with 100% certainty that none of the accused authors are guilty of having bought reviews at some point in the past, the report is clearly a sham. If any of the accused actually has bought reviews, their presence on this list is purely coincidental. It is best to assume that none of the named authors has done anything wrong.

It’s easy to believe accusations like this. Self-published authors have bought reviews in the past. Heck, somebody’s probably buying some right now. Meanwhile, indie book ratings can defy belief.

But a successful indie has less motivation to buy reviews than the author you’ve never heard of. And there are multiple reasons that self-published books wind up with better ratings than traditionally published beloved bestsellers. In the case of accusations like this, you can’t go on the basis that a book’s rating just “feels” wrong. You need evidence. Documentation. Screenshots. A trail of behavior.

This report has none of that. It’s a few undocumented quotes followed by a bunch of completely unsupported claims. It’s not worth the time of day.

Now let’s see how long it takes before Salon runs a report on the rampant cheating in the indie world.

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A few months back, I was approached by a group called Podium Publishing about the audiobook rights to my post-apocalyptic Breakers series. Recently, I’ve been getting several emails about the decision, so I thought I’d run down my experience with Podium in specific and my thinking in general.
I tend to get windy, so a quick summary: I’m very happy with both Podium and my decision to sign. Although it’s still very early in our contract and they’re a pretty new outfit, they seem legit. My initial sales seem pretty good, too.
But some of my reasons may not apply to everyone. There are some advantages to producing your own audiobooks, and other advantages in letting someone else handle them. I don’t think there’s a clear-cut right and wrong.
So. Time for lots and lots of words on the subject.
As for how things went down, I was initially emailed about the rights by Podium’s executive producer, James. A quick google turned up little about the company. Although they’d signed a handful of indie authors I recognized, including Andy Weir of The Martian fame, they looked small. Legit, inasmuch as they had indeed produced audiobooks present on retail sites, but I was unsure they’d be able to do much if anything for me that I couldn’t do for myself.
But I didn’t know that for sure. And audiobooks had been on my mind for a while—as one of those many things I needed to get done someday, but didn’t have time for just then.
So we set up a call. And James had quite a pitch. Not only did he mention “algorithms” before I did—a man after my own heart!—but it turned out he and his engineer had experience producing traditionally published audiobooks for the big houses. This, to me, was a big point in their favor. If I were to sign the audio rights away, I would want to do so with someone who could probably put out a better quality product than I’d be able to manage on my own. Otherwise, what’s the point?
We talked a good deal about indie publishing, the history of the digital audiobook industry, what Podium was, etc. Over the course of all this, I got the feeling James knew what he was talking about. So by this point, I wasn’t worried about them being a small startup, because it felt like they were capable of good work (and I’d already heard a few samples)—and that they might know how to sell it, too.
Which made things very interesting. Because I had two basic concerns I wanted met before I’d sign with an audiobook publisher:
a) Can they do better work than I can?
and obviously,
b) The specific terms of the agreement
If those were met, however, I was ready to sign. Which I think runs counter to the conventional indie wisdom that, barring an overwhelming offer, you should produce your audiobooks yourself. And ideally, pay a flat fee to a narrator. Then all those sweet royalties are yours forevermore.
This thinking makes sense for many of the authors presenting it. People who are, in other words, a big enough deal that we want to hear their advice on this stuff.
But I see two key differences between self-publishing your ebooks and self-publishing your audiobooks. First, the cost of audiobook production is generally much higher than the cost of ebook production. At the rates many professional narrators charge, an audiobook can easily cost $2000-3000 to produce. That’s significantly more than most ebooks, which I would generally peg in the $100-1000 range. And second, the audiobook market, while growing, is much smaller than the ebook market. Meaning it’s going to take you longer to recoup that investment.
Meanwhile, there’s an opportunity cost to waiting until you can pay for those production costs. There’s a point at which it’s better to start earning, say, 50% today than it is to wait until some undetermined point in the future to begin earning 100%. (Not to mention the audience growth you lose out on by waiting, too.)
That point differs for everyone and every book, and is ultimately unknowable. And should include the possibility that you might never get around to it by yourself.
Okay, enough blathering about the monetary cost. Because it also costs time to produce your own audiobooks. Ideally not much, certainly not as long as writing a book, but you’ve got to locate a narrator, set terms, deal with any problems that pop up along the way, proof the finished product, publish it, blah blah blah. I’ve watched several friends go through this process. For some, it seemed streamlined, and probably only required a few days total. For others, it sounded pretty hellacious. Sometimes the projects were aborted midway through.
With this in mind, I’d done some research and thinkin’ before speaking to James. I was looking at a backlist of three books in the series, a fourth going live in the near future, and writing two or three more within the following year. Each book could cost me a couple thousand bucks and an unknown amount of time to produce. At that point in my career, I had neither to spare. And when it came to time, I’d rather spend it writing a new book.
So by signing with a publisher and giving up a cut of the royalties, I would be free of nearly all logistical details—and of the risk of never earning back the production costs.
In other words, as a very savvy friend pointed out while I was mulling this over, I was using the exact same reasoning that writers use to convince themselves to sign with traditional publishing houses. But as I’ve laid out in what is surely tedious detail, I feel like the economics of ebooks and audiobooks are much, much different. To where it’s apples and oranges.
Anyway, back to the phone call. After a long, fun talk, James offered terms. I negotiated just a bit and was happy with the outcome. Generally, I love being as transparent as possible, but I don’t think I can get into hard details with this; Podium is my partner now, and it would be improper to compromise their ability to bargain with other authors. Ultimately, I don’t think it matters what they offered someone else—I think what matters is whether you’re happy with what they’re offering you.
According to my email records, this all went down about three months ago, in late June. I exchanged a few emails with them in the meantime, but nothing heavy duty. With very little involvement on my part, the first Breakers book went live on September 5 on Amazon, Audible, and iTunes.
Two weeks later, here is where it’s been hanging out on the iTunes Sci Fi & Fantasy charts:

#9 in SF&F! Whee! #133 in the whole store! Champagne party time!

…so, what does that mean in terms of sales? I have absolutely no idea. Nor what its ranking means on Audible. I do know that, if iTunes’ bestseller lists are straightforward, it’s currently outselling all but one of GRRM’s audiobooks, all the Ender novels, hot new stuff like The Bone Season, etc. Additionally, though it’s not ranked as highly on Audible, its reviews are favorable–4.3 on both story and the narrator’s performance. (And the fact there’s already 15 of them is a positive sign for its early sales totals, too.)

What’s unknowable, of course, is.. well, everything. Would Breakers have done this well if I’d produced it myself? I can’t know. Would its ratings, preliminary as they are, have been on par? Again, absolutely no idea. It does seem that most audiobooks get a lot of visibility purely as new releases, regardless of who published them, and I’ll be surprised if it holds its ranks for too much longer. And while Podium did some marketing for it, it didn’t look like anything overwhelming.

Still, it sure looks like a good start.

Are there tradeoffs? Absolutely. Obviously, I make less per sale. I don’t have direct control of anything. I won’t even know how many it’s selling for some time. Heck, for all I know, Podium is a hyper-elaborate ruse and I’ll never see a dime. That would make this whole post look pretty ridiculous!

All I know is that, right now, it’s doing well, I’m happy with the contract, and that this audiobook wouldn’t exist at all if I hadn’t made this decision.

Yet I know it’s not a decision that would make sense for every single author. That’s why I tried to break down my thinking. I hope it’s useful. Any comments or questions, fire away.

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Big news today: next month, Amazon is rolling out the Kindle MatchBook program.

What is MatchBook? Well, why don’t I just lazily quote their FAQ:

“The Kindle MatchBook program offers customers who purchase, or have previously purchased, a print book from Amazon.com the option to purchase the Kindle version of that title for $2.99 or less. If you have a print version of your title and enroll the Kindle version in Kindle MatchBook you can earn a royalty from Kindle Direct Publishing (KDP) based on the Promotional List Price (choose from $2.99, $1.99, $0.99, or free) for any Kindle MatchBook sale.”

Boiling it down for readers: buy the paperback, and you can buy the ebook of enrolled titles at a steep discount–even for free, in some cases.
Boiled down for writers: if you’ve got a paperback version of your book, and someone buys it, you can choose to offer them a discount on the ebook as well.
I don’t see a single objectionable part of this program, but since it involves money and ebooks, I’m sure someone will be up in arms somewhere. In that case, I offer two ways to look at this. First, look at it from a reader’s perspective. If you bought a physical copy of a book, and the publisher offered to bundle it with the ebook version for an additional $0-2.99, wouldn’t you be high fiving them so fast the resulting wind would blow open the pages of your new paperback?
For readers, this is awesome.
The second way to approach this is via analogy. If you buy a CD, you have effectively bought both a physical and a digital version of that album; anyone with a computer can convert a physical CD into mp3s. You’re paying for a work, not for a format.
Is there a problem with that? No? Then what’s the problem with offering an equivalent service with books and ebooks? The only difference I can see is that consumers can rip their own mp3s, but they can’t rip an ebook from a paperback. Publishers have to convert the manuscript into the digital format for consumers.
But let’s be real. Unless you’re formatting a book with all kinds of fancy non-text elements, ebook formatting is not hard. I literally formatted a full novel yesterday, with discrete versions for Amazon, Kobo, and B&N. It took me about 90 minutes. And that included uploading times and a few rounds of tweaks, because I’m a caveman who writes in a non-Word word processor and who doesn’t use any automated formatting scripts. Formatting is a non-issue.
Meanwhile, you can still charge $0.99-2.99 for the bundled ebook. If somebody’s already paying $8-25 for a physical copy, I think $1-3 enters the impulse purchase zone for a great many people. What section of the market regularly pays full price for both formats? I hate using anecdotes as evidence, but the only time I’ve bought the ebook version of a book I already own in hard copy is when that ebook has been listed at an extreme discount (like when Orbit slashed Consider Phlebas to $0.99 for a little while, or when one of Neal Stephenson’s books has been dropped to $1.99). If this causes many paperback purchasers to spend $1-3 more on the ebook format, that’s far superior to the $0 they’d usually be spending.
Not to mention this may be a way to help entice paperback readers into reading more ebooks. Which might actually cause publishers to hesitate, heh.
And if they do, that’s just one more area where indies can offer similar quality for lesser cost to readers.
Anyway, enough defense of a program that’s brilliant on its face (and for all I know, I’m flailing at strawmen anyway). I love this as a reader and I love it as an author. I’ve already enrolled all my eligible books in the program. Right on, Amazon. Right on.
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That could be the entire post, really.

For context, this morning I was reading a cool post by Courtney Milan about estimating the value of your book’s rights. In it, she compares the value of a hypothetical trad contract vs. what you’d earn self-publishing it. Overall, it’s a very reasonable piece that isn’t about banner-waving for one side or the other, but is rather about assessing the money value of either option so you can make the best decision about which route to take.

The problem, sort of, is that she compares both examples over a 35-year span. On the one hand, when you’re talking about book contracts that can for last decades beyond your death–although she points out the rather neat fact that all authors can reclaim their rights after 35 years–it’s perfectly valid to assess the long-term pros and cons about signing such a contract.

On the other hand… who knows how things are going to look 5 years from now, let alone 35.

So, given that the future of the book industry and ebooks in particular is so unknowable, there’s an argument to be made that up-front money–i.e. an advance–should be weighted more heavily than long-term royalty projections. Which isn’t to say I think Courtney’s wrong; her projections sound very reasonable, and thus helpful in reaching a decision about what to do with your book. This is just something to think about.

Anyway, over the course of discussing the ongoing chaos that is present-day publishing, I went to look at how many new ebooks are currently being published. Late last December, I noted there were 1.8 million titles in the Kindle store. Checking the numbers today, there are just over 2.1 million.

300,000 new titles in a little under 8 months.

Prorate that for the rest of 2013, and that’s roughly 472,000 new books.

1293 every day.

54 per hour.

A new ebook is being published to Amazon almost every minute.

I don’t have any particularly strong insight into this. Besides maybe “Holy shit.” But, to circle back to long-term projections, if books continued to be published at the current rate, then 35 years from now, the Kindle store would contain about 18,620,000 books. Nearly nine times as many titles as are available today.

Or not, because 35 years from now, there may well not be a “Kindle” store. I have no earthly idea.

For the record, I’ll readily admit that “Oh man I have no idea how to even begin to approach this” is far less useful than “Here is one method to help you assess the value of your book rights in regards to whether to sell them to a publisher or maintain them for yourself.”

I think Courtney has laid out a very good process for decision-making. It’s a great post. But hard numbers can provoke confidence. I would like to use a few other numbers to illustrate how far away publishing in 2013 might be from publishing in 2048: one (book per minute), half a million (per year), nine (times as many as we have now).

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