Marketing tip #3 Budget
This is not a fun subject to talk about. Have a budget. I am focusing on doing as much free marketing as I can for my new novel. Free is always good. But to reach more readers, I am going to have to spend money. Gone are the days where the publisher paid for all the marketing. My budget is small so I am going to be very careful where I place those funds. Every publisher has their own list of what that is so I won’t elaborate here. If you are self-publishing then all the expenses of the book fall on you. A budget is even more crucial for self-pubs to stay on track with what needs to be done.
Facebook, twitter, and other social media are free forms of marketing. Just don’t make every post about your book. There’s an 80-20 rule. 80% of your posts is about other things; your characters, your setting, funny things, memes and photos, other author’s books, promoting other people’s endeavors and 20% talking about your new release and buy my book posts.
Word of mouth is free advertising. Encourage your friends, family and launch team to spread the word.
Marketing cost may consist of launch party giveaways, both virtual and live parties, bookmarks, postcards, flyers, ads. Other possible investments might be craft fair table fees and book trailers. Video trailers are becoming very popular but may not fit your budget.
Marketing never stops
I will need to continue to market after the initial sales. Funds from a portion of the sales must go toward ongoing marketing budget. Authors are in business. So, I better not use every dime of my royalties for household needs or a vacation. A percentage must stay in the bank.
Once that first book is out I will need to continue producing more books because the possibility of that one book becoming a best seller giving me millions of dollars is highly unlikely. So, I’ll need to budget funds for editing and advertising for those upcoming projects as well.
Test the waters
If one form of marketing doesn’t get me the results I desire, I’ll try another. I’ve been advised not to invest more than I am comfortable losing on any new method. Test the waters with the smallest possible investment. If I’m happy with the results I’ll invest more.
If your income exceeds your output, you are a success.
Don’t know what is a reasonable budget? Refer to my marketing tip #3. Ask author’s with good sales figures what they have done.
No amount of budgeting will work if your manuscript is not well-written. Always make craft your number one goal. That said. Even a well-written manuscript won’t sell if it is not marketed well. Writing and marketing go hand in hand.
What kind of budget is working for you?
Where are your budgeted marketing dollars being the most effective?
Because I am new at this too I’d appreciate comments from readers about their experience.