Self-Publishing Today: Tapping Into the Economics of Abundance
by Bob Baker
(This column first appeared in the St. Louis Publisher's Association newsletter.)
I don't know about you, but I'm leery every time I hear some self-proclaimed expert or pundit talk about how "all the rules have changed" and that you'd better embrace progress or be left behind. Even though technology and the tools we use have changed a lot, there are still many core truths and aspects of human behavior that remain consistent.
However, on the other side of that coin are some truly significant advancements that have created opportunities that were not possible just a few years ago. For authors and publishers, those advancements include print-on-demand technology, digital printing and the relative low cost of using the Internet to create a buzz over a book and make it available to the masses.
So in that regard, if you're still solely focused on the traditional path to book publishing (meaning large print runs, retail distribution, paid advertising, etc.), you may not be making the most of the big picture. Authors and small publishers no longer have to compete with the "big guys" to have an impact. You don't have to play by their rules to enjoy success.
Meet the Long Tail
An article in the October 2004 issue of Wired magazine really drove this idea home for me. It's called "The Long Tail," written by Wired's editor-in-chief Chris Anderson. The subhead reads "Forget squeezing millions from a few megahits at the top of the charts. The future of entertainment is in the millions of niche markets at the shallow end of the bitstream."
The article, which discusses how indie, small-budget and self-produced products are weaving their way to end users -- while turning a profit -- has been causing quite a stir and forcing people to rethink the realities of modern entertainment marketing and sales.
Here's the gist of the Long Tail:
The old way of marketing and distribution was based on physical scarcity. Entertainment products (books, music, film and video games) were primarily offered to the public through retail locations. Due to cost and space limitations, only the top-selling titles were stocked in stores. If a title couldn't justify its shelf space, it was eliminated. Hence the creation of lowest-common-denominator hits and bland superstars.
The Truth About Hits and Misses
Some self-published books and independently produced products still found an audience via other means (live events, word of mouth, creative marketing), but the mainstream sales channels were mostly unavailable to these "fringe" players.
However, in recent years successful Internet-based companies such as Amazon, iTunes, Netflix and others have turned the old business model on its head. While all three of the aforementioned web sites indeed sell the "hits," they also see the value in offering lesser-known titles to their customers. And by doing so, they've seen some interesting results ...
They found that people are actually willing to explore and try new things. Using customer reviews, popularity charts and personal recommendations, consumers are discovering new music, films and books they would have never found in a retail store.
The Beauty of No-Limit Thinking
And -- gasp! -- these fringe titles are profitable (at least when considered as a whole). Sales reports indicate that nearly one-third of revenues at Amazon, iTunes and Netflix come from selections that fall well below bestseller status. The term "economics of abundance" is being used to describe this development. Without the limitations of finite shelf space, "scarcity economics" is melting away and giving consumers more choices ... while giving authors and publishers more opportunities to find an audience.
It's a fascinating read, and it's available free online. Anderson is now working on a full book on the subject. You can read his Long Tail blog at www.thelongtail.com for updates.
Bottom line: Technology and opportunities for publishers have indeed changed dramatically for the better. What has not changed is the fact that it's still up to each individual to make the best use of these new opportunities.
Bob Baker is the author of "Unleash the Artist Within," "Guerrilla Music Marketing Handbook" and "Branding Yourself Online." Get a FREE subscription to Bob's newsletter, "Quick Tips for Creative People," featuring inspiration and low-cost self-promotion ideas for artists, writers, performers and more. Visit PromoteYourCreativity.com for details.
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