OLD POST ALERT! This is an older post and although you might find some useful tips, any technical or publishing information is likely to be out of date. Please click on Start Here on the menu bar above to find links to my most useful articles, videos and podcast. Thanks and happy writing! – Joanna Penn
Despite being an introvert, I love public speaking, especially when I get to share the positivity I genuinely feel about publishing and being a writer in these amazing times.
I also stayed for the two debates that followed as well as a diametrically opposed keynote to mine where the speaker basically said the internet would destroy everything creative, Amazon was annihilating everything and publishing and authors were doomed. I don't believe that and don't want to repeat it on this blog, so you can go find doom & gloom elsewhere if you want it 🙂 But I have included some of the positive key points from other speakers below.
The Rise of Indie Authors and How This Helps Publishing
You can view or download my slides here => PublishingInnovationJoannaPenn
I acknowledged the ‘tsunami of crap' that people expect with self-publishing and pointed out that we don't really see it. It sinks into the depths of Amazon with rankings of hundreds of thousands. Customers are now the gatekeepers with book reviews and stars being the way Amazon shuffles content.
I then went into the difference between self-publishing and independent publishing, pointing out that most of us use professional editors and cover designers, acknowledging that publishing is a collaborative activity if it is to be a quality product.
I outlined the positives of being an indie that make it worthwhile:
- 35% or 70% royalty, payment by check/ bank transfer 60 days later
- Reconcilable reporting to the sales figures we can see daily on the back end (vs the late and enigmatic royalty statements traditional publishers provide)
- Transparency in reporting which enables agile marketing and response as well as tracking of results in real time
- Direct relationships with readers and the ability to respond to them with sales
- Experimentation in genres with readers as gatekeepers
- Speed of publishing, instant changes and speed of income
- Global sales in an increasing ebook market
I also outlined my sales figures to 2 March 2012 – 33,734 books. 75% sold to the US, 25% UK. 99% ebooks. Bestseller on Action Adventure and Religious Fiction lists.
Finally, I outlined how indie authors could benefit traditional publishing in terms of new models, a form of slush pile and working in collaboration/ hybrid models.
Pan Macmillan MD on why indies take traditional deals
Here are some of his points, my notes only so not verbatim.
- Amanda Hocking & Kerry Wilkinson (UK indie author) both accepted traditional deals because (a) they didn't want to be publishers (b) they didn't understand how they became successful and were worried they would disappear just as fast unless they solidified their careers with a trad deal (c) publishers develop the author as a brand over time (d) global distribution in print as well as ebook (e) protection from piracy (f) publishers can make ‘pretty stuff' (quality print product) (g) books can be sold at a higher price. This represents the value add that a publisher can provide.
***Update: As per comment below, Kerry Wilkinson has responded that these are not the reasons he went with traditional publishing. I shall endeavor to find out more***
- Publishers will survive if they generate emotion in an author's work that touches an audience. [I thought this was more the author's job in terms of writing something that touches an audience.]
- The model used to be that the grad students sifted through the slush pile. They didn't have the experience to choose great books. This is how Harry Potter got missed. But this has been changed now so more experienced people look at new authors.
- Publishing and self-publishing can be a symbiotic relationship, so indie can act as a form of slush pile. It can also show publishers the way to experiment with digital and other models.
- We are finding the things that don't work and we're trying to fix them, albeit slowly. The slush pile didn't work but now we are fixing that. Pricing is being experimented with. There is some alchemy in getting a reader to pay more than £5 for an ebook. The bookshop is also not working right now, so we need to fix that.
- No one knows how these breakout books work. The magic happens but we can't recreate it. It's about listening for an echo when we pitch books. Self-publishing is almost the chance to listen for an echo.
- The object quality of print books is still important. Only 20% of sales are ebooks right now and publishers still do print better.
- The challenge is to verticalise the business and get the right book to the right audience.
In general, this was a positive conference with some great people. I know my glass is always half full but I genuinely believe there is a great future for publishing of all kinds as well as for authors who treat this as a business and connect with their readers.
What are your thoughts about how indie authors relate to traditional publishing these days? Please do leave a comment below.
I am available for speaking on all things writing, digital publishing and marketing. More information here about my live events as well as testimonials from happy customers. Please do contact me if you need a speaker, either live or via Skype.
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1 2 Next »Just to point out that, of those reasons listed for me taking a publishing deal, not a single one is actually true.
Hi Kerry, Congrats on your deal and your continued success - and thanks for pointing that out. I suppose I took everything said in good faith. Although my notes are not verbatim, they are definitely the gist of what was said.
Would you mind sharing why? I'd love to have a guest post on the blog if you're keen or just your comments? Most of my audience are from the US, so a different market.
Thanks so much, Joanna
To address the above points:
a) Not true. I actually liked the control of being a publisher. I can change things quickly without having to go through anyone else - plus I have lots of ideas which I know work. Self-publishers also get paid far quicker.
b) Partly true, although it didn't affect any of my decisions. I don't know how I started selling on iTunes, which is what kicked everything off. I'm pretty savvy about a lot of things that happened after that. I have a very large self-generated mailing list of readers from people who have contacted me. I wasn't worried about disappearing at all. I have a great career away from being an author, which I am continuing in.
c) This may turn out to be true, and hopefully is, but it wasn't in my thinking.
d) Perhaps. I agreed a UK & Commonwealth deal and am selling overseas rights separately. The print version will be nice but, again, it wasn't really in my thinking.
e) I can protect my books from piracy as well as publishers - ie, not at all. If people want to download it for free from places they will continue to do so, as people do with music and movies. Obviously I hope they don't but most people 'pirate' huge packs of thousands of books at a time. It's not as if they're ever going to read them all, they are simply digital hoarders and not *that* worth worrying about.
f) Half-true but it wasn't part of my thinking. They might make terrific print editions but they can drastically mess up ebook versions by not understanding how chapter points work, etc. There are some really bad examples of this if you ever look at complaints on readers' forums.
g) Acutally, this is more a reason to continue self-publishing. If it was only about money, we would take Amazon's 70% royalty.
My two biggest reasons for accepting the deal were:
a) Quality. I want the books to be as good as they can be and it annoys me when people spot the odd typo or clumsy sentence, etc.
b) What have I got to lose?
I have a great career away from "being an author" and will keep on doing that. I agreed a six-book deal including the three already released and three more. The three "new" ones are all complete in various guises - first drafts, etc. There will be new drafts but the hardest part of the work is already done.
Hopefully it will be a big success for both myself and Macmillan and the character will reach new people and new markets and become even more popular. If it doesn't? I'll be 33 years old with my mortgage paid off and a number one book to my name - and I'll still have the career I had before.
Thanks so much for your comments Kerry.
I really like your attitude and I like the model of selling books you have already finished, as well as 3 you have already started. Presumably you will also be writing new stuff as well which you may or may not go with a traditional deal for. It sounds like this suits you right now, and the future choice is also yours.
I think every author has to consider their personal choices when (or if!) they have the kind of success you have had.
Sounds like a good conference, Joanna
I was at SXSW last week and went to several talks, most having some say on music and the internet. I saw so many similarities, and started to try guess where Book publishing could go in the next few years.
Some of them are a little out there (my thoughts that is), but i feel we could be in for an interesting couple of years :)
Matt (Turndog Millionaire)
I'd like to make it to SXSW sometime as it looks like a great conference. Let me know when you post your thoughts on you think publishing will be looking...
It's a lot of fun, it really is. I want to go to the interactive week next year too, as well as music. Mix in some more work with the pleasure :)
http://bit.ly/GFtufw
I've just posted my Blog about my first thought on the future of publishing. The idea is a little risky, but i feel it could go be tried and tested not too long from now
Matt (Turndog Millionaire)
Interesting article. (Boiling my blood as usual, but diametric views are good for the mind.) Just wondering, under what circumstances does and indie author lose half their royalties? You say you get '35% or 70%' - that's quite a difference. Does it depend on the retailer, or is it tied to some other sort of deal with the retailer?
Hi Felice - blood boiling just shows you care :) Passion is what we need in this industry in general, right!
Amazon royalties for indies are:
35% if your ebook is priced 99c - $2.99
70% if your ebook is priced $2.99 - 9.99 - hence incentivising this price point
Smashwords pay 85% royalty. I hope that clarifies.
Joanna,
This is a fantastic look inward and outward at this brave new world for indie writers.
I love that you touched on the need for balance and collaboration. It's not just a soap box against traditional publishers; it's about working together to bring more stories into the world that can make a measurable difference.
I would love to see more indies experiment with the content creation process and how they build an audience for their work before publication ... less of the "how" we publish.
I think the former, with enough of us pushing the fringes, could really catapult more new authors into the limelight.
IMO, the conversation on self pub revolves too often around the platforms and methodologies of publishing, and not enough around the sharing of game changing ideas.
Thanks!
Thanks Brett - I am also over the publishing methods discussion. It seems like the least interesting part of the process to me at the moment. The creation of the project, in whatever exciting format, is fun - and so is connecting with readers and fans, and all the marketing side of things - game sharing ideas, I like :) I hope this is just a growing pains time which we will soon transcend in order to move into more interesting areas.
Amen X1000. We just have to be the change and move the benchmarks into new areas.
Best of luck!
Many thanks for the interesting summary of the Conference. This time last year I had no idea what a Kindle was let alone an indie writer, but then I heard Penelope Fletcher speak about self publishing. I remember thinking 'I can do that', so I did. It was just one of those moments in life when everything fell into place and I could see ahead with clarity. Initially I simply wanted to discover the process of self publishing so I chose a book I'd written for my son some time ago.
One year later I've had almost 120,000 of my second ebook downloaded. The first point you made resonated a great deal - I do know how it happened (one tweet and a bit of luck!) but it feels incredibly tenuous and I want to solidify, to have support. I know my book does not 'fit' into the children's market at the moment but although I'm getting good feedback from readers the publishing world is just not inerested.
My insecurites are - how can I maintain this level of downloads? How can I grow and develop? I feel as though I keep ploughing forward with a mixture of determination, common sense and a lot of luck. I've learnt an incredible amount, met some great people and wouldn't change anything I've done this past year but realise I still have a lot to learn - the indie road can be very unsteady. I find that although I can put my hand up and proudly say, 'look, I've learned to blog, I've set up a website, a facebook site, I've learned to tweet, I've created book covers, written blurbs, fought my way though formating', that all seems to count against me in the publishing world. The dynamics are very interesting. I'm pleased to hear that some publishers are becoming more indie savvy and I suppose these are early days so maybe it will all change - here's hoping! We can only move forward by talking, sharing and having appreciation of the work we each do.
wow Kate - that's amazing! 120,000 is brilliant. I would say that you can't maintain that level of downloads, it's just not possible. The idea is to have the next book ready to go when you get that level of success. I think any road is unsteady these days - we just have to ride the ups and downs, and get on with writing. We're in this for the long haul - and it sounds like you're doing really well!
Great article. As an indie-author wannabe, this is great stuff to chew on. Thanks!
Great stuff Joanna. I think that any position that says "trade publishers are all crap" is just as unwise (and untrue) as one that says "indie publishers are all crap".
I've worked with both sides for many years, and continue to do so. Both have strengths and weaknesses. One path will suit one author or one book, and not another.
I'm personally working on four books right now. Three I will self-publish, and for the fourth I am pursuing the traditional route initially, because it's my first novel and the discipline is good for me. I'm happy for it to take a little longer while I hone a different area of the writing craft, because I'm in this for the long haul.
I continue to be impressed with your achievement, Joanna. The Amanda Hockings of this world make wonderfully inspiring stories, but they are not repeatable. Serendipity made that happen, and you can't organise serendipity. Your success of 30,000+ books in the first year is actually quite outstanding when compared to traditional print runs for debut authors. And your success is the kind that is repeatable: hard work, smart thinking, dedication to quality and an understanding of your audience. The rest of us can learn a lot of useful stuff just from watching you. As always, thanks for sharing so openly.
Belinda :-)
Thanks Belinda, and I do hope what I'm doing is repeatable as I have some more books to come :) I would like to have a hybrid publishing career at some point. I feel like I am only just beginning really and many publishers are getting digital and author-marketing savvy these days. I am ever positive about the future for us all.
You make some great points, Joanna. Like you, I believe there's room and a need for both models. I self published, actually small press since self-pub had a stigma, my first book, "Handbook to a Happier Life," in 1996 and it did very well worldwide. I then sold the right to New World Library. It was re-released in 2003 and is still selling today.
I've been on both sides of the self-pub/traditional-pub equation and, as you pointed out, there are pro's and con's to both. I think, today, the way to get started, and maybe remain, depending on the book and your goals for it, is to self-publish and even focus your energy on Digital to start. Now, I'm looking forward to using new platforms that can incorporate multi-media.
As I used to tell author coaching clients, it's more about your plan, overall goals for your book and career, and how you intend to sell books, than it is about whether or not you have publisher. For example, if you're a speaker or your book is niched, you may be better off as the publisher since you can get the books at a lower price and maximize your profits, however if you're shooting at NY Times #1 spot, you almost have to have bigger guns in your corner.
Thanks Jim, and I agree. It's more about the goals for the author in terms of what is best in terms of publishing methods. I am personally focusing on ebook only for my fiction and we'll see what else lies ahead.
Thanks for the article! I've been indie publishing for two years now and have sold close to 20,000 books through my publishing company The Pantheon Collective. Indie all the way!