The most important thing you can do to market your book is come up with a comprehensive plan, and doing so requires consideration of two principles. Before we get to those, however, it’s important to understand two concepts:
Concept 1: The key to social media is that it’s social, not selling.
If your idea of using social media for book marketing is to tweet, “Buy My Book #mybookisawesome,” you’re not going to get many sales. In fact, you’re probably going to gain a bad reputation and, perhaps, see a backlash.
Social media is about building relationships with your potential customer base.
If your sole motivation for blogging is to sell your book, nobody is going to read your blog. If your purpose of being on a forum is to sell your book, no one is going to pay attention to your posts. If your main focus of Facebook updates is telling people about your book, you’re not going to get many likes or reach many people.
If, however, you interact with people, all these places can be great sources of both help and potential customers. Find a purpose for your blog. Contribute meaningful content to the forum. Use Facebook to connect with people.
The problem is that using social media correctly takes time. Not only do you have to learn the technical ins and outs, you have to understand the etiquette for each medium.
Concept 2: Cost means more than just literal dollars spent.
When I spend an hour creating a blog post, that’s an hour I didn’t spend writing or editing or even learning more about my craft. This concept is called opportunity cost, and, when I mention dollar figures in this post, that’s what I’m referring to in lieu of actually opening up a wallet.
So, with those ideas out of the way, let’s consider the creation of your marketing plan. The good news is that, in terms of deciding what resources to spend on marketing, there are only two principles you need to consider. The bad news is that those fundamentals are in direct conflict with each other.
Principle 1: The more products you have available as an author, the more cost effective your marketing efforts become.
Let’s consider the opportunity cost of marketing. I spend an hour creating a blog post or going on a forum or researching effective use of Facebook. At least a portion of that hour, I could have been writing or editing or learning more about storytelling or technique. That time I would have spent doing authorly things would have directly resulted in some portion of a product being created.
Envision me surrounded by charts and graphs. Assume I have projections and hard data. Picture a differential equation that I use a numerical method to solve. (Note that I don’t say I actually did any of this stuff, just that I want you to think of me doing it instead of just choosing random numbers.)
If I have a single book out, it costs $10 to generate one sale. Each sale generates $4 of revenue. Therefore, I’m losing $6 per sale.
I add a second book, and the fundamental math changes. I still only sell one copy of the book I’m advertising, but, now, half my customers go and buy my first novel as well. I’m still spending $10, but, instead of generating only $4 of revenue, I’m getting $6. I’m only losing $4 per sale! Whoohoo!
When I add my third book, some of my customers now buy one previous work and some both. My revenue on the same outlay increases to $7.50.
As you can see, eventually I’ll actually start making a profit. Based on anecdotal evidence, this tipping point comes around the 5th or 6th book.
The implication is clear: It makes no sense to market your book when you only have one out. You’re losing money on each hour you spend. Once you have five or six books, start marketing.
Principle 2: Each additional hour you spend on social media marketing increases your efficiency for future efforts.
There are two factors at work behind this principle.
1. There’s an initial outlay of learning the medium, setting up accounts, becoming proficient with the software, understanding the etiquette, etc. Once that learning is out of the way, creating content takes less time.
2. Your influence grows with time. One follower becomes a hundred becomes a thousand. Given a set conversion rate of followers to sales, sending notices to more people generates more sales for the same amount of effort.
In this manner, the longer you’ve been a user of a particular social medium, the more efficient you are at reaching customers. My first experiences tweeting will cost me $10 to make a sale. By the time I’ve been doing it a year, maybe I’m down to only $7 worth of effort for the same result.
The implication of this principle is also quite clear: You need to market as early as possible. Basically, as soon as you think you might become an author, you should start building a platform.
See the problem?
An author needs to:
1. Wait to market until he has 5 to 6 books out.
2. Begin marketing as soon as possible.
What’s the solution?
As with everything in life, the answer is balance. Either extreme is likely to result in failure.
If you do no marketing at all from the start, your book is not going to sell at all. You run the risk of becoming discouraged and giving up. Also, self publishing involves real cost. Editing and cover art adds up quickly. If you’re not selling anything, where does that money come from?
On the other hand, if you spend all your time blogging and on forums and connecting on Facebook, how are you going to ever produce even that first novel, much less five or six?
I think the balance point is different for each person. The important point is to consider each principle carefully and make wise decisions.