Who doesn’t love the feel and look of a fresh, crisp hardcover book. It’s impressive. It has gravitas.
But, that hardcover or even your paperback book, isn’t always the most convenient format, especially if you’re commuting to work or jogging around the track.
You’ve written your first book, but how does your audience want to consume it?
In this episode of The Entrepreneur to Author Podcast, your host Scott MacMillan takes you through the important steps of selecting the publishing formats that are best for your book and your readers.
Episode Links
Audiobooks are here to stay: Insights on Canadian listeners (BookNet Canada)
Episode Transcript
Scott A. MacMillan:
You're listening to the Entrepreneur to Author podcast, Episode number 14
Mike Manz:
Welcome to the Entrepreneur to Author Podcast, the podcast that brings you practical strategies for building authority and growing your business. And now here's your host, Scott MacMillan.
Scott A. MacMillan:
It's said the person who doesn't read is no better than the person who can't read. Pretty powerful statement. And while there's truth to that, the way we read and learn is evolving. Listening has joined reading in the arena of long form content consumption, of learning. But you know that. That's what you're doing right now as I speak. Audio is a really powerful tool. Your audience might read your book, but increasingly many will prefer to listen to it. In this episode of Entrepreneur to Author, we'll look at different book formats, audio being but one of them. In 2021 and beyond, the printed word is not the only option for getting your message across. Which format does your ideal reader prefer? This is a question every author must consider.
Scott A. MacMillan:
Maybe they'll prefer a hard cover, something with an aura of permanence, some gravitas. Or maybe something more convenient, like an ebook. We'll get to distribution in a future episode but deciding on the right book format is vitally important. It's a precursor to distribution and you want to make it dead easy for your audience to not only find your book, but also to consume it so they can take in and act on the information you share. Whether that's by way of printed, electronic, or spoken word. I'm Scott MacMillan and welcome to this edition of Entrepreneur to Author.
Scott A. MacMillan:
In bed, lying on the couch, sitting at your desk, armed with a cup of coffee. These sound like great environments to take in a good book. In traffic, while jogging, doing the dishes. These, not as great for having your head buried in a book. But these sound like perfect settings for listening to a great audio book. Reading or listening, does it matter? Well, the trick is to do the homework and make the decision about which platform is best for your audience. And often it's both. Here's something to consider before we go any further. The fact is the formats in which you choose to publish your book, impact the total available market for it. And that's important. The formats your book is available in also impact the brand perception among readers and the value signals that readers receive related to your book.
Scott A. MacMillan:
So how are books consumed today? That question has a few layers to it. So let's peel back those layers. Recent data from 2020 suggests print formats, paperback and hardcover, made up about 70% of all book purchases, ebooks represented between 15 and 20% of sales, while audio books accounted for a little under 10%. Now let's widen our view and go back a decade. Since 2011, the share of sales from print has remained relatively flat, while the share of sales from ebooks and audio books has fluctuated. Now, while both formats gained market share, audio book sales have more than tripled since 2011, averaging 16% year over year growth.
Scott A. MacMillan:
Now, more on ebooks and audio books shortly, but can you see the picture that's emerging? These numbers don't lie. But let's start where it all began: the printed book. Old fashioned, you say? Not at all. Consider this. A recent Pew Research survey found that only 6% of US adults read digital books exclusively, while more than a third only read printed books. That's huge. As a new author, you simply can't ignore those numbers. Fish where the fish are, as they say. No printed book? Well then you've automatically cut off a third of your market before you've even begun.
Scott A. MacMillan:
Of course, there are a couple of different options for printed books: hardcover and paperback. As you might expect, hardcover is the more expensive of the two, but here are three reasons to consider publishing a hardcover edition of your book. The first is gravitas. Hardcover books hold a special place in reader's minds when it comes to presentation. Of course they do. Who isn't impressed by that stack of hard covers at your favourite bookstore? And that thud, when a hardcover book hits a desk or a tabletop. That even sounds authoritative. It gets noticed. There's nothing like a hardcover book to exude quality, authority and permanence.
Scott A. MacMillan:
But a second reason to consider a hard cover is called value anchoring. And here's what I mean by value anchoring. Suppose your paperback is priced at $20 and your ebook at $10. Well, that's pretty good value already, but these look like even better bargains if you also have a hardcover edition priced at $35.
Scott A. MacMillan:
Another good reason to publish a hardcover. Well, these days it really doesn't involve too much more in terms of upfront cost. Using POD or print on demand technology, you can publish a hardcover book without committing to a large print quantity. That used to be a big cost impediment right out of the gate, but no longer.
Scott A. MacMillan:
Now, as far as the paperback format is concerned, paperback is still almost certainly going to be the most popular format of your book. It's easy to carry, convenient to pack away for another day, some even fit in the back pocket of a pair of jeans and they're reasonably priced for readers. Not having a print edition of your book, whether hardcover or paperback triggers readers to question the credibility of the author who only offers books in an electronic format. Now that's not always fair, but many readers have been burned by marketers who spit out cheap, low quality ebooks just to make a quick buck. So because of this, the paperback is the bare minimum standard for being seen as a credible published author because it's harder to fake. But credibility isn't the only reason for offering a paperback version of your book. Let's also consider direct promotion.
Scott A. MacMillan:
It's not a hardcover, but your paperback will land when distributed directly to clients and prospects as part of a direct promotion campaign. And it's less expensive to distribute in large quantities than a hardcover, which means you can afford to reach more prospects. Like the hardcover, another benefit of the paperback is value anchoring as the paperback can serve to anchor the value of the ebook. Finally, the fact is, certain distribution channels simply aren't available if you don't have a paperback edition. And don't forget, even with modern technology, many readers still prefer printed books over ebooks. Without a print edition, you'll miss out entirely on what is the largest group of readers.
Scott A. MacMillan:
When it comes to printing, your publisher is a great resource. They should be well-versed in both POD technology and traditional local printing options, and can advise you on when to use each. There are a few differences between going with a local printer, as opposed to using print on demand. Cost and flexibility are the two that stick out. POD is less expensive at lower quantities, but before you press print, consider flexibility too. For typical trade paperbacks, the quality of print on demand is good. For most books, the result will be indistinguishable from traditional printing. But when a project calls for premium paper stock or unique finishes or other high-end elements like embossing or spot varnishes or metallic inks, then print on demand printing isn't likely going to cut it.
Scott A. MacMillan:
Now, depending on your age and comfort with technology, paperback and hardcover will likely have been your choice, perhaps your only choice for much of your lifetime. But ebooks and audio books have changed all of that. They've literally changed the way we read, how we consume books. In many ways, for the better. If you commute to work, to the cottage, make long road trips of any kind, then you'll likely know the great benefit of audio books. It can change the entire vibe of the trip and make time pass more quickly. So while the paperback and hardcover are the credible pillars you need to establish authority, do not dismiss the practical functionality of ebooks and audio books.
Scott A. MacMillan:
Let's start with the ebook. For most books, ebook design and production is relatively straightforward and inexpensive. If your book is filled with images, tables, photos, and diagrams, then it's essential that your designer create a version specifically designed for ebook devices. Now ebook readers enjoy the personalized reading experience that ebook formats offer, changing the size of the type, switching between vertical or horizontal orientation, using a light or dark background and so on. But let's also spend a few minutes really looking at why ebooks are a great option for authors.
Scott A. MacMillan:
First they're inexpensive to publish. While there are setup costs, a standard non-fiction ebook is rather straightforward compared to a book that will be physically printed. And because there is no printing, there are little or no upfront per unit cost for ebooks. This means that you keep more of the revenue from the sale of ebooks than you would from other formats.
Scott A. MacMillan:
Another attractive element of an ebook: clickable links. The electronic format allows you to include clickable links in your book. These links can lead to reader examples or bonus materials that can be used for marketing related calls to action. You're taking the engagement level to new heights, which can be very useful for entrepreneurial authors.
Scott A. MacMillan:
Now ebooks also open up additional sales channels. Individual ebook sales are one thing, but there's also a variety of digital subscription services offering unlimited reading for a fixed monthly price. This Netflix of ebooks model sets aside a portion of revenue to share with authors based on book downloads, pages read, or some other consumption metric.
Scott A. MacMillan:
Now, furthermore, there are additional promotional tactics that are only available for ebooks. So they open the door to certain digital marketing tactics that are harder or even impossible to access otherwise. Your ebook could be a lead magnet for email sign-ups or you might package it as part of a promotional box set alongside books by other complimentary authors.
Scott A. MacMillan:
Price and free promotions are also much easier with ebooks given the fact that you don't need to pay for printing or shipping. And here's another layer to consider before we move on from ebooks. Online retailers tend to offer higher royalties for ebooks, partly because there's no upfront cost to print, but also because many also sell ebook readers and have an incentive to grow the availability of ebook titles.
Scott A. MacMillan:
Okay, so we've touched on paperbacks, hardcovers and ebooks. Now I want to spend some time sharing my thoughts on the audio book edition of your book. This is absolutely worth thinking about, especially if your ideal reader or in this case, listener, is a busy professional or business owner. In a report published about a month and a half ago, BookNet Canada reports that 37% of Canadians are audio book listeners and 11% listen to audio books exclusively. Audio is the fastest growing segment in the publishing industry today too. And that growth is expected to continue. So the economic metrics suggest increasingly audio is a place to be. However, there are also other good reasons to consider creating an audio version of your book.
Scott A. MacMillan:
There's less competition. At least for now. Why? Well, because there is some work required to create an audio book. Someone needs to narrate it and well. You need professional recording, production, distribution, but all of this is an opportunity for those authors willing to lead the market.
Scott A. MacMillan:
Another reason that audio books might be for you. Well, there's a real chance to make an even more personal connection with your reader. The fact is audio is a more intimate platform than print. And if you're a skilled storyteller, an audio book in your own words told your own way, could create a bond with the reader that a printed book simply can't.
Scott A. MacMillan:
Also, there are more touch points with an audio book too. And here's what I mean by that. The audio format lets your audience consume your book in situations where they otherwise wouldn't be able to. For example, that daily commute to work, during a workout, waiting for the kids to finish practice, you get the idea. And the quality and convenience of mobile devices makes for a terrific experience wherever you are.
Scott A. MacMillan:
It's worth noting. There are unique requirements when producing an audio book. If your book features plenty of photos, graphs, visuals of any kind, that is obviously trickier to convey in an audio book. Production of any kind is work and that work costs money. So good production is vital when working with audio. Factoring in narration, editing, production, adapting cover art, and distribution, be prepared to spend between 2,500 and $6,000 to launch an audio book, even more for longer books. But when it's done, you've got an incredible content asset to support you and your business.
Scott A. MacMillan:
When considering book formats, remember this. For most entrepreneurs turned author, a paperback and an ebook are the standard kit, and will deliver the most bang for your publishing buck. But it's always important to consider your audience and goals when making this decision. For example, if you're gifting your book to high value clients, a hardcover book will feel more substantial and will likely be worth the investment. If your audience is more likely to consume your book while on the go, then an audio book may be a worthwhile option. But as always, when in doubt, think of your reader. That will lead you to the right decision each and every time.
Scott A. MacMillan:
Speaking of time, now is the time. Time to write, time to publish, and time to grow.
I'm Scott MacMillan, until next time.
