Up until this point it’s fair to say that I’ve spent minimal money on self publishing. Through the help of a couple of avid readers, I had Inside Evil vetted and proofread for free. Uploading eBooks costs nothing, and I spent $50 on the cover. In addition, I bought this blog domain; so overall I’ve only spent about $65. This, in truth, is nothing when it comes to creating, publishing and advertising a novel.
Those who know me, know that I’m pretty frugal. Some would say I’m tight – I would say I’m financially organised and careful with my spending. It’s the way I was brought up. Just because you might want to buy something, doesn’t mean you should or can buy it. If you really want, you should save – these are the lessons my parents instilled upon me which, in fairness, have been a great help in life. Still, that didn’t stop me blowing my entire student loan in the first year of university on a sound system, hundreds of DVDs and so much booze that I ran out of money in May and had to live of baked beans and scavenged bread for about two months.
Still, I get aside from the point; I don’t like to spend money if I can help it. However, I have finally bitten the bullet and invested into a Goodreads advertising campaign.
The problem with self publishing is that, after that initially flurry of excitement, book sales can slump. I’ve tried to kick start things with a LibraryThing giveaway, but have only had one review, 4 stars, come in. More about that in another post. I know that some indie writers have been successful enough without having to do any advertising, but for the majority of us, some investment will be needed.
Creating a Goodreads campaign is very easy, after all, they want to take your money. However, for those who are worried that it’s going to be difficult to create, fear not. It only takes a few clicks, a couple of lines of copy and you’re off. Goodreads Self Serve advertising took me less than half an hour to fill out and prepare the adverts, and then it took around 12 hours for them to be authorised. Please note, you will need a creditcard so that you can throw some money into the advertising account. However, you can carefully control your Cost Per Click (CPC) rates and set a limit on your daily spend so that money isn’t literally haemorrhaging out of your account.
To prevent huge losses without any actual results, I decided to follow Lindsay Buroker’s advice and go with a targeted market campaign. Whilst you can advertise to everyone, you pay for every click. If these clicks aren’t getting you actual sales, then you’re effectively wasting money and being very inefficient. As it is, I am bidding 30cents for a click. With a royalty rate on Inside Evil of $2.70, it means that if I get one sale for every nine clicks, then I’m breaking even.
In addition to carefully selecting the groups of people I want my novel targeted at, I’ve included the price, the genre and the fact that Inside Evil is an eBook in the actual ad copy. This should stop people wanting paperbacks or crime thrillers clicking on the link and wasting my hard earned cash.
Currently I’m testing out two ads, both pointing to Amazon, to see which has the better CPC rate. I’ll probably add adverts for B&N and Smashwords over time, but at the moment I’m choosing to focus on Amazon whilst I get to grips with the advertising process.
In regards to money, I’ve only dumped $35 into the account. I’ve set a maximum of $5 per day, which gives me 16 clicks. You may not think this is very high, but CPC rates can be pretty unimpressive, as low as 0.05per cent, meaning that for me to max out I’ll actually need to have 32,000 indents during the space of the day to get those 16 clicks. We’ll see how it goes, but I’m not expecting to see these high numbers. And, of course, you can change your maximums or dump more cash in at any time.
Another note to add is that your advertising fund will cover all of your ads. I initially thought I would put $35 in for each of the two ads, but upon creating the second advert, I discovered that they come under the same umbrella. This is great as it offers you the chance to play around with your CPC bid costs and different advert copies without having to invest an increasingly large sum of money.
So, you can see that creating a Goodreads book marketing campaign is fairly easy. From perusing forums and Kindleboards, it seems that some people have success with this route whilst others don’t. My adverts have been live less than a day and have had 973 indents and no clicks so far.
I will update over the coming weeks 🙂