The following is an excerpt of an article for Jane Friedman – you may view the full post here.
However, authors have a poor track record doing it. Over 70 percent of author crowdfunding campaigns fail, and many authors who have tried crowdfunding have nothing to show for it.
What Is Crowdfunding?
Most people think money when they see the word crowdfunding, and that makes sense—funding is the second half of the portmanteau. But crowdfunding is much more valuable than just the funds raised.
First, crowdfunding centralizes and organizes your fan base. This is the crowd part of crowdfunding. Unlike when selling your book through brick-and-mortar or online bookstores, where buyer information is hidden from the author, you get all the contact information of everyone who preorders your book on your crowdfunding page.
If you have read even one marketing book, you know the power of having an email list of people that have bought in—in this case, literally—to your product. Instead of hoping your Facebook post appears in your reader’s feed, or paying to advertise in a periodical that may or may not be of interest to your reader, you can email your fans directly, and for free, to let them know about events and offers. You won’t have to hope that the people who care most about your messages will receive them—you will know.
This is important because later, when your book is actually published, sales are driven by rankings, and rankings are driven by algorithms. And algorithms are driven by volume and speed of reader activity. With your fans’ contact information, you can ask them to synchronize their watches to your book’s official publication date, and to go online all together to rate and review your book (and buy additional copies as gifts for family and friends). This kind of “clumped” activity is what has the potential to boost your book’s rankings in the algorithm, and create the visibility for potentially greater sales numbers.
Second, crowdfunding is book marketing boot camp and publication day training.
To read more, please visit the full post here.