Let’s Make a Deal – Setting Your Price
Just recently, we blogged about the importance of category research when choosing the right cover for your book.
“But how many books will I SELL?” – Author Events Part Two
One of the first things a publisher or author will ask of any marketing plan is “what is the return on my investment going to be?” The person with the checkbook wants to know that if they write out the zeros, they can plan on a significant return on their investment.
I hate to tell give them the only answer that anyone can give… “It depends.”
Carol Zelaya, author of the Emily the Chickadee series, published by Richlee Publishing, launched her first children’s book in April 2008. She hired a fantastic PR firm to set up the launch, complete with a book signing tour covering four states that she expected would stimulate sales. Her expectations were quickly dashed.
“I mistakenly thought that once you were invited to do a book signing, you had really made it.” says Zelaya “I was so wrong. Even when the stores did tons of publicity and put up big posters, no one came.”
But are sales the only purpose of an author tour? What results and returns can authors expect when the people don’t show up at the event? Why do an author event if no one can guarantee sales?
“The thing you have to remember is the benefits outside of the event.” Says David Brody, author of several novels, including Cabal of the Westford Knight, published last February by Martin & Lawrence.
If you go into a tour looking at it strictly in terms of sales during events, it will not work, Brody says. “I may sell only 5 or 10 books at an event, but that is not the point. I have to take into consideration that the store orders the books a few weeks ahead of time, makes a display, puts up a poster; plus, the manager and employees get to know my book. At the event, who knows who will hear me and what they might tell other people? And after the signing, I will leave a few signed copies and those might get displayed for a few weeks. I can often attribute 50 or 60 sales to an event that drew only 10 sales that day. If you look at it that way, the economics make sense.”
So the question I put out there is this… “What is the REAL return on your author tour investment?” I’d love to hear from authors who have recently toured to see if they think touring is worth their time and money.
Bookstore Feedback – Part One
A couple of weeks ago, we blogged about our research in to bookstore events. We also indicated that the results would be coming soon. We’ll most likely separate our many findings in to several posts.
First is the results of an extensive telemarketing campaign that our team put together. I think you might be as surprised as we were….
Over the past six months, The Cadence Group called 1034 bookstores and asked following question:
“Do you host author events?”
We called a wide range of stores. We called independent bookstores. We called chain bookstore. We called gift shops. We called institutional bookstores. The answers we received were varied and surprising.
“I don’t do events anymore.” “I can’t afford the extra staff, time and effort that book signings entail.” “Will the author bring their own books?” “We don’t do well with author signings.” “We only book events from large publishers.” “We’re too small for events.” “We only book local authors for signings.” “Our customers don’t come out for events.”
This small sampling drove home how deeply the struggling economy is affecting retailers everywhere. It also highlighted the many ways that the face of event marketing in the publishing industry is changing.
When our marketing team started our calls, we expected an enthusiastic and positive response from retailers. We thought we knew that bookstores were ready, able, and excited to host local and regional authors. We thought we knew that retailers were looking for ways to draw people to their stores and that author events would be near the top of the list of how to do so.
We thought wrong. We’ll let the numbers tell the tale…
Out of the 1034 stores we contacted:
- 825 were Chain or Institutional Stores
- 209 were Independents and Gift Stores
- 254 stores told us that they did not do events because they were too small or did not have the staff
- 117 stores told us that they did not do signings because no one came
- 21 stores told us that they were not booking events because they were not sure if they were going out of business or had recently closed their store fronts.
- 18 hung up on us
- 4 yelled and then hung up on us
- 620 stores did events and booked authors for readings, signings, story times or workshops
Out of 1034 stores, only 620 indicated that they do events. That’s roughly 60% (according to my trusty calculator).
While that may seem like a high percentage, you then need to factor in location, region and genre. How many were children’s bookstores? How many were category-specific? How many were located in smaller regions around the country?
When you start asking these questions and reviewing the results, you realize that 60% is not that high of a percentage at all.
So now the question is…..if fewer and fewer bookstores are hosting author events, what’s the next “big thing” for marketing a new book?
And, if authors and events don’t draw people to bookstores, than what, if anything, does?
Don’t Judge A Book By It’s Color
Just yesterday, someone posted an interesting question to one of the discussion groups that we follow.
Basically, the question was “Does anyone have any idea what the “ideal color” for a business book should be?”
I was surprised by the number of responses that actually suggested a color! Blue, it seems, is the color people associate with business books. Apparently, content and subcategory doesn’t matter. It should just be blue.
To me, responses such as these are dangerously irresponsible. How can a group of people suggest a “sellable” color without doing the extensive research needed to choose a book’s packaging?
How can something as vitally important as a book’s cover be reduced to the simple question of: “What color should a [insert your own category here] book be?”
Below are some highlights from my response to the “color” discussion. I hope you find them useful:
1. Research the subcategory – leadership, time management, ethics, human resources, business management, management, how-to business, marketing, etc.
2. Purchase (or at least go to the bookstore and look at) the top sellers in your subcategory. Identify the colors, fonts and images used.
3. Find out what’s working and why. Are they all the same color, same title treatment, same image pattern? I’m guessing not. Why not? Which of the books “popped” off the shelf most. Why? (the color could be why)
4. Pull out books in colors that you and your client like that are in your cover design. Put them in the shelf within your category. Can you see them? Why? Why not? Which colors will stand out on the shelf.
It’s important to keep in mind that cover design is ultimately driven by the consumer. We teach people what to expect when they go in to the business category in terms of look, feel, trim size and even price. So, you want to be sure that you’re what they expect. At the same time, it’s important to stand out. If every book in your subcategory is blue, you might want to try red, or green or muted purple. You might want to try something very bright that practically leaps off the shelf.
Most importantly, there is no set formula for choosing “a color” for any category of books. you need to thoroughly research the subcategory and find out how you can match up against the competition and get noticed on the shelf.
Bookstore Events – Your Thoughts?
The Cadence Group is doing some research in to bookstore events and we’d love your thoughts!
As we know, the landscape of book marketing is changing on a daily basis. Budgets are being slashed at all ends of the publishing process from advances to marketing to promotional placements to author tours. Publishers and authors are trying to figure out how to best reach their readers.
The avenue that we’re currently exploring is the author tour, book signings, and/or bookstore events.
Do they work? The Cadence Group has interviewed a number of authors, independent retailers, publishers and chain bookstores. We’d love to get your thoughts and feedback as well.
What’s your experience?
Results coming soon….
Are things turning around for Borders?
Three months ago, it was announced that Borders was seeking to combine existing stocks in an attempt to bolster their stock prices to above a dollar. Three weeks ago, they announced that their stocks had risen above a dollar all on their own. The cost cutting and new management policies put into place by Ron Marshall seemed to be working. Investors were impressed and the stock has been rising ever since. Last closing, BGI was traded at $2.62.
Business journals that had recently written off the book retailer are now pointing to BGI’s possible rejuvenation. Reporters, who in February named Borders as one of the top 10 companies guaranteed to fail in 2009, are now heralding a new day at BGI.
Will Marshall’s changes be good for the company? What do you think of Borders’ “turn-around”?
Do You Go To Author Events?
One of the things we do here at the Cadence Group is set up author tours.
It is getting harder and harder to convince stores to agree to host our touring authors. It’s not that they don’t want to offer their customers an event, it’s just that they cannot afford to.
Staff at bookstores nation-wide has been cut very deeply and stores do not have the staff to work an author event.
It is hard to convince a cash-strapped bookstore owner to staff up for an event when there is a good chance no one will show up. The extra staffing costs for even one disappointing evening can kill a store’s profit.
So… my question for you is…. do you go to events at bookstores?
Educated by the Audience
Last weekend I had the pleasure of traveling to sunny Florida to conduct a workshop for the Space Coast Writers’ Guild. While I may have been the presenter, I also learned a lot from this really fantastic group of writers.
In fact, I came home with a smart list of questions about the market and industry that I thought needed some extra research. These writers are really on top of their game.
We talked about marketing, positioning, platforms and social networking. They wanted to know category sales trends, competition and how to differentiate themselves from other books on the shelf. They asked smart questions about self-publishing, e-books and grass roots publicity.
While we spend a lot of time talking about the changing landscape of what’s happening with publishers, this group taught me another important lesson.
Savvy writers are learning to navigate our industry just as well….if not better…than the rest of us.
Special thanks to IBPA
http://www.ibpa-online.org/articles/shownews.aspx?id=2771
Careful What You Wish For
This week, The Cadence Group received an order for 30,000 units of our first book. It is the kind of order that could make my year…. it could also destroy my company when and if they all come back.
So here is the question. Do I print and ship books to a company that will send the books back in lieu of payment?
It breaks my heart to say it, but here is the answer: No.
My very first big order of my new publishing program and I am going to turn it down.
Sheesh.
D5 Creation