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!
Editor’s note: This post originally appeared December 2016.