We now know that devoting as little as five hours a week to your marketing plan can result in much higher sales. That seems like a minimal investment in time, but how much will it cost? What is the price of success? We asked 4000 of our bestselling authors how much they spent marketing their books.
Not as much as you thought, right? 65% spent less than $500. If you add the authors who spent nothing (7%), the total number of authors who spent less than $500 in marketing is 72%. In other words, nearly three out of four best-selling authors spent less than $500 promoting their book.
How best-selling authors spent their marketing budgets
As you can see, authors spent the most on advertising. Website and purchasing promotional copies of their book come in second and third, respectively. From this data, we see that the price of success is tied closely to advertising spend and maintain an author platform.
Below is a detailed breakout of how authors spent their advertising budgets.
$500 or less is enough to promote a book. You don’t need to spend thousands of dollars. Most authors spent 28% of their overall budget on advertising, 15% on their websites and 14% on buying promotional copies as well as copies they sell direct to readers.
Determine a marketing budget for promoting your book based on how many copies you think you will sell. Take into consideration annual fluctuations in sells as well as any upcoming holidays.
Examine previous promotional spending and determine what worked and what didn’t. Adjust your marketing plan to more accurately target your intended audience.