Authors can also learn from airlines, according to The Bookseller. Airline prices rise and fall depending on the day:
But what if the same seat-pricing model were to be applied to books? A model where the titles would have lower prices on Tuesdays and be more expensive on Fridays. Where the R.R.P. on the back cover becomes as dynamic as a company’s share price. Where we compete to buy books like we do in an EBay auction.
One way to apply this is to heavily discount pre-orders, and slowly raise the price the closer to publication date it gets. Then, the price could continue to fluctuate based on “interest in the author, the genre, the topic, and personalized to the reader’s own interests.”
Indie authors also have a lot in common with independent app developers. One person on Reddit shared how they made over $700k from a premium game and hit #1 in the App Store (and the New Yorker even wrote about it). According to the post, it’s very hard to do as an indie, but what’s important is to release regular updates, cross promote to other games, and ask for reviews.
Another thing authors can learn from is content marketing, which is very similar to writing books. Drift wrote about what they learned growing their website from 200 to 27,000 visitors, and they found that blogging is an investment (so content published a while back can continue to drive traffic, much like the first book in a series can continue to generate interest), quality content is important, as is the amount of effort it takes to promote that content (community sites are great that way, as well as working with influencers), and data can only tell you so much, so it’s better to focus on big picture things in the beginning and not small tweaks.
DBW also advocates content communities, and recommends that authors share research, back stories, databases, and more to allow readers to see what’s behind the scenes and feel part of a community.
Related to content marketing is omnichannel selling. BookMachine shared ten things they learned selling at a conference, including the fact that most people make purchases online and many through their smartphone, knowing their path to purchase is important (so when possible, selling direct may be a good idea), when it comes to making a sale, email is much more effective than social media, social media is helpful for customer service, and things are always changing.
Gumroad’s post, “Nathan Barry’s Lessons Learned Selling $355,759 on Gumroad,” sums up everything nicely. Basically, Nathan recommends being able to contact customers (like in newsletters), pricing based on value, using email to build relationships and launch products, and selling in packages at different values.
What other industries do you follow? Share in the comments!
IN MID-OCTOBER, the Nobel Committee for Literature awarded the Nobel Prize to Bob Dylan, “for having created new poetic expressions within the great American song tradition.” The announcement came shortly after the most recent Annual Arts Basic Survey (AABS) by the National Endowment for the Arts (NEA) released data that found adults in the United States read less literature for pleasure. The survey said that adult Americans who report reading literature has fallen to 43.1 percent in 2015. The NEA defines literature as poetry, plays, short stories, and novels. Reading can be text or graphics (graphic novels), online or in print.
The results vary by state. According to the survey, Mississippi had the lowest percentage of adults who reported reading literature, at 21.7 percent, and Vermont had the highest percentage, at 62.8 percent. Tennessee had the lowest percentage of adults who reported consuming art via electronic media at 44.8 percent, which includes watching, listening to, and/or downloading programs or information about books or writers, short stories, or poetry read out loud, and Washington had the highest percentage, at 80.4 percent.
The NEA conducts several surveys in this area, including the Survey of Public Participation in the Arts (SPPA). According to Sunil Iyengar, research and analysis director at the NEA, the first AABS survey was in 2013, with about 23,000 responses from American adults. The survey found that book reading has remained relatively stable, though with a steep decline in poetry reading. Iyengar also said that forms of poetry, such as spoken word performances, may not be captured by the reading question, “Did you read a poem in the last year or did you read a work of poetry in the last year?” He explained that the survey questions had to be kept short and simple in order to encourage people to finish answering.
The NEA isn’t the only organization to find a relative decline in reading. Publishers Weekly recently reported on a Pew Research Center Report that found “that 73 percent of Americans have read a book in the last year, largely unchanged from 2012 levels (although lower than the 79 percent recorded in 2011, when Pew began tracking reading habits).” That data came from 1,520 U.S. adults who responded between March and April 2016. To account for this decline, Iyengar cited the “many competing options for people’s leisure time,” but added, “We can’t say definitively what the reason is.”
Though there is no reliable data on why a decline in reading literature is taking place, Tom Jacobs from Pacific Standard offers one theory: “the rise of movies and other visual content on demand — which started in the 1980s with the VCR — is one likely culprit. After all, why read a novel when you have Netflix?” It’s true that books increasingly have to compete for people’s attention with other forms of entertainment, whether that be movies, videos, games, or something else. According to one recent assessment, Netflix users watched 42.5 billion hours of streaming content last year. Meanwhile, YouTube has more than one billion users, and according to the site, “the average viewing session is now more than 40 minutes.” There are also platforms like Steam, which offers a catalog of games to play on your computer. Steam shares consistently updated information about its users and games, as well as download stats. On October 30 alone, the site reached a peak of 13,081,501 users.
It’s easy to assume that people are reading less because of the myriad options they have to choose from. But is that really the case? What if we redefined what it means to read, as well as what constitutes literature?
Read the rest of the article here.