I’m working with this quite a bit on my own books and on the ones in the imprints. Of course we all invest a lot of time in writing the books in the first place but then we spend time and maybe money on marketing.
It’s good to find out what works and then replicate that. That is the philosophy behind the 31 Day Marketing Plan. There are however still many unknowns and it’s possible that different outcomes will occur with different books and different marketing times.
I’m spending a little money on advertising: Facebook, Amazon, Contentmo, Bookbub, The Fussy Librarian etc. Then I’m using a formula in a spread sheet to turn that into a ROI figure. E.g.
|
Prompts 2022 |
Fussy Librarian |
05/09/2022 |
15.64 |
20.44 |
1.306905 |
So, I spent £15.64 on an ad. The book made £20.44 profit during the time the ad ran. The ROI index is 1.306905 which is 20.44 divided by 15.64. It’s not a huge profit, especially when you take out the fee for the ad, but it is a profit. Sometimes we actually make a loss on an advert but at least it has exposed the book, an author name and our imprint to more people. Sometimes as you probably know you need to see an item three or four times before you respond to it. We’re into unknowns again then.
Before I advertise another title with the Fussy Librarian I would check out all of the ROI figures for The Fussy Librarian and look at which time of the month and what sort of book was involved. When I want to advertise I’ll generally look for the best ROI for the type of book and the time it is being advertised. Time of day and weekday can also affect this.
In addition with Amazon and Facebook you can target different markets. Initially you use some intuition with this but as you start to get results you can start establishing what is working best.
Similarly Contentmo and Bookbub offer different patterns for different prices.
Are you playing around with this as well? Let us know what you’re discovering.
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