Crowdfunding Books WWC 2015
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Discover how crowdfunding can successfully launch a book by providing unique avenues for market testing, pre-publication sales, and building an audience for this book (and your next!). Course includes a review of crowdfunding platforms (including Kickstarter, Indiegogo and PubSlush). Learn what to do before you start, the critical role of socail media, example timelines and budgets, ideas to reward backers, tips on how to deliver your book and then follow up after the campaign is completed. Features case studies of successfully crowdfunded books with insights from publishers who have done the work to succeed (one earning over $150,000 from over 2,000 backers in a month). Includes proven tips to engage and enhance funder excitement.
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Crowdfunding Books WWC 2015
- 2. WHY CROWDFUND BOOKS? I am lucky to have one of the best jobs in the world. As a book designer for over 20 years, I’ve been fortunate to work on over 1,000 books with publishers and authors of all sizes and genres. A large part of my time is spent working with publishers to better understand what their readers want: reviewing books with authors, marketing and editorial staff, distributors, even surveys to gauge if a book is on target. Last year, I was designer for a successful crowdfunded book (over $150,000 in 30 days by 2330 backers). Beyond the publisher’s financial success, I saw a level of engagement and participation from buyers that inspired me. It made me want to learn about crowdfunding books, because I believe this model can help to create books that readers truly want.
- 3. WHY CROWDFUND BOOKS? Crowdfunding gives backers a sense of power to directly affect the market, to be able to speak up on what they want. —AMY REEDER, Author, Rocket Girl NPR.org, Women's Comics are Surfing the Crowd Our users love to be involved in the process and have critical taste. They are not passive consumers – they’re micro patrons. —DAN KIERAN, Author, editor, CEO and co-founder Unbound, Forbes, Crowdfunding Authors' Books Could Save Publishing
- 4. WHY CROWDFUND BOOKS? Do you want your book to be read? Most authors will say: “Of course! What a silly question.” However, I’ve met many authors who write what they want, without first considering if their book is what a reader wants. Because I work with publishers of all sizes, I have learned the advantage of considering a book for both it’s message and marketability from the start. An author has the curse of knowledge, forever being too close to their writing to see a book without the lens of a creator. Crowdfunding requires you to see beyond your role as creator. To succeed it takes planning and honesty, you must be both a judge and cheerleader for your book.
- 5. WHY CROWDFUND BOOKS? Authors today must “sell” their books. I started designing books during the 90s self-publishing boom. A time when authors were excited by technology allowing almost anyone to produce and print books. However, there were not as many options for authors to sell books directly. I empathized with self-publishers who had concerns spending thousands on books that may never reach readers. Independent publishers have better options today. Ebooks, digital and print-on-demand provide more affordable options to market test books before spending $10,000+ on printing. Crowdfunding books is another leap in technology that can support authors to reach their audience. It takes planning and a willingness to listen to what readers want.
- 6. WHY CROWDFUND BOOKS? Crowdfunding books isn’t really a new movement, in fact it’s retro. Charles Dickens pioneered the serial publication of narrative fiction. A form of rolling fundraising with a populist feedback loop, which became the dominant Victorian mode for novel publication. This format allowed Dickens to evaluate his audience’s reaction, and he often modified his plot and character development based on feedback.
- 7. CROWDFUNDING BOOKS In many flavors today and growing…
- 8. CROWDFUNDING BOOKS A Review of platforms in two main themes: Fundraising platforms that help you connect with your audience: Full-service book publishers that use crowdfunding to decide what to publish:
- 9. CROWDFUNDING BOOKS Kickstarter is the most popular platform for creative projects, including publishing. While an open platform, they review projects before launch to ensure they’re in line with their rules. They take 5% of funds collected, in addition to 3-5% payment processing fees. If the project doesn’t meet its goal, the funds are returned to supporters. Since launching in 2009, Kickstarter has seen $70m pledged to projects in the site’s publishing category. In recent years they have seen the number of successful books-related projects more than double, from 735 in 2011 to 2064 in 2014.
- 10. CROWDFUNDING BOOKS Indiegogo is a fundraising platform for any idea, not just creative projects. While they feature book projects, they don’t have a designated “publishing” category like Kickstarter. Indiegogo doesn’t use a review process before projects go live. They do offer “flexible” funding so creators can keep any money raised (4% fee if the goal is hit, 9% if not), or the same “fixed” for the Kickstarter approach at 5% fee. They also have a 3-5% payment processing fee. Research suggested analytics with Indiegogo are not as powerful as Kickstarter. So tracking funder sources is not as automated.
- 11. CROWDFUNDING BOOKS Pubslush is a crowdfunding platform devoted exclusively to books for authors to “prove their talent and market viability.” Pubslush also offers services for pre-order campaigns, distribution, community pages, and allows funders to donate to a literacy foundation. They take 4% of funds raised, in addition to a 3.5% payment processing fee.
- 12. CROWDFUNDING BOOKS Unbound reviews all submissions before launching a crowdfunding campaign for a book. After a pledge goal is met, Unbound also acts as a traditional publisher, offering editorial, design, printing, marketing and traditional publicity, and distribution services. They are based out of the UK, with UK physical distribution into bookstores through Penguin Random House UK. They pay authors 50% of net profit on all books sold. According to their terms, they “usually own the worldwide or English language rights, but this can vary on a project by project basis as this can be negotiated in the contract.”
- 13. CROWDFUNDING BOOKS Inkshares acts as a traditional publisher once books succeed in their funding goals. They produce, print the initial print run, and handle national physical and digital distribution into bookstores and other retailers, plus a team of marketers to generate awareness. Includes a rewards system for readers who refer books to friends or help fund books that go on to sell thousands of copies. Authors receive 50% of gross revenue on physical books and 70% of gross revenue on digital books. Authors grant Inkshares nonexclusive rights, meaning an author can publish elsewhere if they so choose.
- 15. CROWDFUNDING BOOKS Projects by category—559 in Publishing
- 16. YOUR “WOW” STORY THE NEED (Problem) BELIEFS (Why?) PRODUCT (Solution)
- 20. CROWDFUNDING BOOKS Stretch can be more content. Just remember the overall printing costs to you.
- 21. CROWDFUNDING BOOKS Think of stretch goals that are fun, and easy (and low cost) to deliver, like a video of you saying thank you, or jumping for joy!
- 52. PRE-CAMPAIGN Your manuscript should be finished and completed a full content edit. If you are a first time author it will be valuable to have reviews from readers and provide samples of your book to instill confidence and build trust. If you have authored other books, be sure to share that in your campaign. Trust in your ability to complete your book as promised to backers is essential to your success. Author platform with a following of supporters. Your success will rely on your core supporters and fans. They will be the ones to seed support early in your campaign and that show of support will lend credibility and confidence to backers who do not know you.
- 53. CAMPAIGN STEPS 1) Build funding support (your author platform, social media is key) 2) Crowdfunding platform choice (Length 30-40 days) 3) Campaign budget (don’t forget shipping and fees) 4) Project page (your “wow” story) a) Video (be personal, tell your story, ask for support) b) Text (story and campaign details) c) Budget (be realistic, aim for break even) d) Schedule (be honest, share potential delays) e) Rewards & stretch goals (prepare these ahead, to boost support during the middle “dip”) 5) Funding 6) Book production 7) Delivery & Follow up (prep fans for next book)
- 54. FUNDING SUPPORT ENGAGE/BUILD YOUR TRIBE: An author following is critical to crowdfunding success. Up to 30% of your campaign funding will come from your network. Your own website: use a self-hosted domain. For authors this is most likely your name AuthorName.com. E-newsletters/Subscriber base: recommend MailChimp (good integrations with CF platforms). Build your e-newsletter via blog posts, make subscription easy (upper right signup). Do this legally, as double-optin. Avoid being marked as spam at all costs—you loose trust and will be flagged by service providers Social Media: Find out where your audience is and interact. “Social” is before “Me” in Social Media. Try to follow a principle of 80/20 or 80/10/10. Facebook and twitter are easily connected with platforms, but find where your audience is and connect. Spread sheet from the Ultimate Crowdfunding Course for Authors
- 55. FUNDING SUPPORT CORE You and your team LEVEL 1 Your family, friends & fans LEVEL 2 Friends-of-friends & new supporters LEVEL 3 The crowd
- 56. FUNDING SUPPORT Spread sheet from the Ultimate Crowdfunding Course for Authors
- 57. FUNDING SUPPORT L.Y. MARLOW Award-winning Author and Founder Saving Promise Broadway Books, 2010 (Random House). L.Y. started the Saving Promise movement to end domestic violence based on her award-winning book, Color Me Butterfly. ColorMeButterfly.com Broadway Books, April 2014 (Random House).
- 58. FUNDING SUPPORT
- 59. FUNDING SUPPORT
- 60. FUNDING SUPPORT
- 61. FUNDING SUPPORT
- 62. YOUR AUDIENCE Learn more: see my course on Tactical Social Media for Writers www.slideshare.net/Shannon_Bodie/presentations
- 63. YOUR TIME & ENERGY Be realistic about what you can do yourself, consider hiring out what you don’t have time to do well. Learn more: see my course on Tactical Social Media for Writers www.slideshare.net/Shannon_Bodie/presentations
- 64. BUDGETS Budget: Make a budget that is realistic about who will support you and also what you will need to deliver your books. Research recommends having your goal at breakeven, so the funding level is kept low, but you can cover costs after funding (production, shipping, processing fees). Spread sheet from the Ultimate Crowdfunding Course for Authors
- 65. BUDGETS Spread sheet from the Ultimate Crowdfunding Course for Authors
- 66. BUDGETS Spread sheet from the Ultimate Crowdfunding Course for Authors
- 67. TRACKING SUPPORT Spread sheet from the Ultimate Crowdfunding Course for Authors
- 68. CROWDFUNDING SUPPORT A Review of platforms offering more support to authors: If Kickstarter and Indiegogo are more work than you want to take on, there are models to ease the amount of work:
- 69. CROWDFUNDING BOOKS Pubslush is a crowdfunding platform devoted exclusively to books for authors to “prove their talent and market viability.” Pubslush also offers services for pre-order campaigns, distribution, community pages, and allows funders to donate to a literacy foundation. They take 4% of funds raised, in addition to a 3.5% payment processing fee.
- 80. CROWDFUNDING BOOKS Unbound reviews all submissions before launching a crowdfunding campaign for a book. After a pledge goal is met, Unbound also acts as a traditional publisher, offering editorial, design, printing, marketing and traditional publicity, and distribution services. They are based out of the UK, with UK physical distribution into bookstores through Penguin Random House UK. They pay authors 50% of net profit on all books sold. According to their terms, they “usually own the worldwide or English language rights, but this can vary on a project by project basis as this can be negotiated in the contract.”
- 85. CROWDFUNDING BOOKS Inkshares acts as a traditional publisher once books succeed in their funding goals. They produce, print the initial print run, and handle national physical and digital distribution into bookstores and other retailers, plus a team of marketers to generate awareness. Includes a rewards system for readers who refer books to friends or help fund books that go on to sell thousands of copies. Authors receive 50% of gross revenue on physical books and 70% of gross revenue on digital books. Authors grant Inkshares nonexclusive rights, meaning an author can publish elsewhere if they so choose.
- 92. CROWDFUNDING BOOKS BONUS! Many steps to successfully crowdfund your book, work no matter how you decide to publish… So you can plan for crowdfunding, then choose to: 1) Sell to a publisher who’s impressed by your nimble skills at developing a strong manuscript and author platform. 2) Publish independently because you have the support and just won the lottery, so what the heck… 3) Crowdfund with gusto—I’ve got this—let’s roll!
- 93. RESOURCES: • Ultimate Crowdfunding Course for Authors, author Mary DeMuth and crowdfunding coach Thomas Umstattd. • NPR.org, Women's Comics are Surfing the Crowd • TheGuardian.com, Kickstarting a books revolution: the literary crowdfunding boom, Marta Bausells, Friday, 5 June 2015 • Forbes, Crowdfunding Authors' Books Could Save Publishing • JaneFriedman.com, What You Need to Know About Crowdfunded Publishing, Matt Kaye, March 31, 2015 Source illustrations from 123RF.com Please note: I have included examples of books for research purposes, not all of these examples are my design work. You can view my design portfolio at BookWiseDesign.com CROWDFUNDING BOOKS
Editor's Notes
- Crowdfunding Books: Shannon Bodie, BookWiseDesign.com
- During my research, I continually learned from users the advantage the CF model has for listening and adjusting to the reader. This is the “special sauce” crowdfunding offers authors and publishers.
- Authors can utilize the honest feedback loop of CF to see beyond creating a book and why people will want to buy it.
- These were the CF models I read about during research. I’ll give an overview then we will dive into what these platforms look like and do by reviewing campaigns.
- The first group is a platform to help you reach an audience, all of these offer free levels of training. There are also Crowdfunding specialists you can hire to support you. PubSlush offers level of support for free and purchase. From $50 to over $1000.
- The big Kahuna in the group, Kickstarter also has the stronger analytical tools since it has been around longer. Kickstarter also has genres within publishing. More on that later.
- At this clip there are 582 live projects, so just days after the next slide which shows 559.
- One of my clients met with a marketing rep from Nike while in an incubator. The marketing person was great, really savvy and quickly got to the root of the matter. The “need” was not clear. This client is now running another testing with her target market to clarify the need and test before running her Kickstarter. You are going to use all your connections and social capital during your crowdfunding. It is okay to take your time and make sure you are ready.
- I start with this successfully funded project because I think it has a wonderful format. The book was already a successful PDF and the author wanted it to be a print book for the part of her audience that didn’t have easy access to computers. I’ll let her tell the rest…
- If you use this model for making a print edition, you can feature the completed PDF or ebook version to build confidence.
- Plan stretch goals ahead of time, to avoid “the low middle” in the campaign and to boost buyers after you reach your goals. Try not to add things that are difficult to deliver on.
- Maybe a stretch goal is a video thank you or a song, or maybe a live webinar. She could have done a live cooking presentation of some of the recipes and then uploaded the video for those that couldn’t attend the webinar.
- I was poking around and found “PEDAL ZOMBIES” from Portland author Elly Blue. Of course I had to give.
- Examples of added books from author as perk and also provides confidence that the project will happen.
- I didn’t go for the slick videos, that just looked like book trailers. I liked to hear from the author or creator themselves. I felt these authors created a wonderful video.
- My update from the authors about the status and progress of the campaign. This included the image as well. I really liked receiving these updates.
- TIP: Before you close your campaign be sure to add a link to your website and/or order page. These campaign pages remain online, so you want to be sure to have a link.
- Make sure the benefits of the book are clear to backers. Have fun with your perks and rewards, but make sure to keep your target market in mind. What would excite them to support you?
- TIP: If you get frequently asked questions, place the answers on your page. Then you can reduce customer service time. Can anyone see the typo? Shipping these books was a big cost to cover. This publisher worked with the printer to deliver books world-wide.
- TIP: Stretch goals help excite your fan base and keep funding going. These can be extra content, or fun things. Webinars or interviews with authors, artists, or professionals that are important to your audience. You can be creative, but make sure you keep the cost of these in mind as you add them. Plan these ahead of time, so you have your budget in mind.
- You can add reviews to your campaign page to add credibility and confidence.
- This publisher had most of their fan based on Facebook so they focused a lot of the campaign there.
- TIP: Facebook and Twitter are integrated well with Kickstarter and Indiegogo. Let’s take a look at how this publisher used Facebook to feed their campaign.
- Sharing the excitement of success to build momentum and hopefully backers will share this news with potential new backers.
- The backers really enjoyed being a part of the cover design survey. We received some amazing feedback and listened to smaller segments of the buyers than would be typical with a traditionally published book. This was one of the big impacts for me. I really enjoyed having all these buyers involved. Even though it took hours to read through the 650 comments from the survey.
- Offer as a bonus or a drawing like 21-Draw to provide the book as a PDF to backers to review! This was very popular and a great way to catch any last minute typos.
- Early support should be mobilized from your core, family and friends. These core supporters will be your first books for confidence to you and the level 2 and 3 supporters. Your perks and stretch goals can help to boost funding after your core supporters have given. Or improve support and avoid the middle of the campaign dip.
- L.Y. has started a movement to end domestic violence based on her award-winning book. She is a sought-after advocate and keynote speaker invited to speak for multiple public and private organizations, including the United Nations, the International Peace Conference and many more. Her story and work have been featured on local and national television, radio and magazines.
- This email subject: Saving Promise Theater Initiative, should have been more direct about the urgency of support needed. This message just rested in my inbox (to be read later) and I found this author’s campaign during research. I would have definitely supported her from the email. I did support her, but only found out because I was researching crowdfunding. You need to be clear and direct with your supporters so they know they can help you.
- L.Y. has started a movement to end domestic violence based on her award-winning book. She is a sought-after advocate and keynote speaker invited to speak for multiple public and private organizations, including the United Nations, the International Peace Conference and many more. Her story and work have been featured on local and national television, radio and magazines.
- This is an example of the dashboard analytics in Kickstarter.
- This is an example of the dashboard analytics in Kickstarter.
- Where does your audience interact online? What kind of content are they reading, watching, or sharing? How can you engage with them and authentically share your story?
- This is a slide from a presentation based on interviews with authors about their time spent on social media.
- Shipping needs to include packaging. This course recommended using packaging from USPS if possible and having a support group party to fill envelopes. You can use your printer, or Amazon for fulfillment. They will take a fee for this service, so research this step and fees ahead of time.
- Really liked this video and the perks were fun, knitted mittens, travel with the author to Lithuania…
- One of the videos that looked like a book trailer, no personal connection, didn’t really speak to me. Did have some nice perks for horse enthusiasts. For breeders your stallion could be the one to father the filly in this book. If you are a trainer, your name/barn could be included.