Crowdfunding — seems to be a buzz word that’s around everywhere at the moment. Whether you want to start a clothing line, a calendar, or crowdfund your book publishing, the options for you to engage with your audience, and to raise some all-important cash are ever-increasing.
But it’s the outliers and the exceptions that make the news. Those campaigns that go viral and exceed expectations — often many-times over.
For most campaigns, you can expect that most of your funding will come from people you already know — or how know you. People in your networks (whether that’s social media, email subscribers, or simply friends and family. The data show that these people contribute about 80% of the funding for your average campaign. Kickstarter report that 12% of projects never receive a single dollar. (a number that changes daily)
Crowdfunding book publishing
And what about authors? Is it only for people who are already known? (Seth Godin is one author who famously used kickstarter to assess the demand for his book The Icarus Deception — he got seven times the funding he asked for.)
And crowd-funding has other advantages — it can create buzz, help build a strong community around your book (or product), and can help get you noticed when it matters.
So — you want to go in with your eyes wide open, be prepared to do everything you need to do to ensure success — certainly don’t leave it to the platform you use to promote for you.
For authors, I sought answers from Amanda Barbara, President of Pubslush, a crowdfunding platform specifically for self-published books.
Listen in as we answer these questions and more…
- What on earth is crowdfunding?
- Who’s it for and how do I get started crowdfunding my book publishing (or other parts of the process for that matter?)?
- Is it available internationally?
- How much might I expect to raise?
- Why do I have to spend money when I self-publish (and on what??)
- What are the best kind of rewards or incentives to offer to encourage people to invest
- And from an investor perspective — what can I expect if I am contributing to a campaign?
There is a huge amount of buzz around crowdfunding, and it’s a growing opportunity for authors and publishers — if we do it the right way.
Enjoy the interview!