The Importance of Return on Investment (ROI) for Writers

‎By Fay Lamb

I’m about to give you some cold, hard truth. Rick Castle is a fictional character. The number of authors who support themselves on royalties, let alone live in a condo in the middle of New York City or any other high-priced locale, are few and far between.

Oh, they do exist. I can name three of them without giving much thought to it.

However, in today’s world where, let’s face it, the market is saturated with people who believe they can write and readers who have been taken too many times, it is so much harder to support oneself on writing alone.

This is why every dollar invested in a writer’s career should be scrutinized. This careful examination of a writer’s budget should begin before the first word is written. For example, as a new author, how valuable is coaching to your career? When the first draft is written or the second or the third, what would be the reasonable cost of an edit? Then, glory hallelujah, a contract is written or a writer is skilled enough in the elements of their craft to publish a book. That’s when the cost of marketing must be considered. Make no mistake about it: even traditionally published authors must shell out payment for marketing. Facebook and Twitter are definitely not going to get the job done.

The mistake that most writers make is paying heavy fees on the front end without considering the return on investment they are likely to receive. They seek an editor or a coach, and they may find good ones, or they might find predators—individuals who have no idea what must go into a novel or a book of non-fiction to make it publishable. As an acquisition editor, a freelance editor, and an occasional writing coach, I have read many submissions in which I’ve commented that a freelance edit would benefit a writer only to learn that the work has already been edited, and I use that term loosely. Then I shudder at the price the person has paid for the edit or the coaching, knowing that the writer is likely never to recoup the money spent.

A key to hiring an editor is to ask for and review their resume. Ask them for author references and for titles that they’ve edited. Follow up on these references and ask the authors if they feel as if they received a good return for their investment. Then read what the editor has edited. Is it the type of editing you require?

Also, spell out for the editor what you require. A good fiction editor understands the elements that go into each genre of fiction. They’ll look for plot holes, for areas of inconsistency, and places where the elements are not strong. An editor of non-fiction understands the framework that publishers desire and will work to put the manuscript into that format.

Oh, and anyone who knows the industry is aware of the importance of return on investment. They will not charge you the same going rate they would charge a J.K. Rowling, or a James Patterson or a John Grisham. See, I told you I could name three authors who can live the Rick Castle lifestyle.

While those three authors have names that sell, you and I most likely do not. So, our only remedy is to get out there into the marketplace and make our names familiar. I’ve already said that Facebook and Twitter are not going to get the job done. We’re marketing to our own people group—mostly authors, and Facebook and Twitter are saturated. The return on investment is good, if you want nothing for nothing or a little for something. There are ways to make them work, but a savvy author needs to reach outside his or her comfort zone, to find traditional ads and marketing that costs them something. In the same way that they carefully examine the cost of an editor or a coach, they should ask questions of other authors who have tried different types of marketing. Authors are usually very kind to tell each other what works and doesn’t work. Authors should price various size ads on websites or in magazines or any venue they plan to work in and research the traffic for those venues.

Click to tweet: Return on Investment or ROI. A savvy author need to reach outside his or her comfort zone. Why? #amediting #IndieAuthors

Another suggestion to lower the individual cost for advertisement is to work in groups, either with authors who write the same genre for a publisher or who self-publish in the same genre. A caution, though: be sure that that the authors promoting with you write to the same standard whether it be social, morals, or in talent.

Start slow. You’ll have to pull from your own pocket at first. Always reinvest your earnings, seeking for a return on investment and eventually striving to put the money you invested back into your own pocket.

Writing Prompt: Jane stared at the returned manuscript proposal in front of her. The story is good. But have you thought about having it edited? The problem was…

 

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