Budgeting Small

What To Consider When Understanding Your Marketing Budget

Understand Your Total Budget     

For first time, small and independent writers, it is important to understand what you can allocate for marketing. It is important to stay within your means while still promoting yourself and your work. Marketing should be considered essential and one of the first things prioritized after you figure out which avenue of publishing or promotion you will need. It is best to consider the bigger picture when considering your budget. When creating a plan for promoting yourself, the focus should be on building authority for yourself – your personality, what sets you apart as a writer, your story, and the story behind the story. Remember that this process does not need to be rushed, just like when writing a book, an outline can take time.

Traditional Publishing

A literary agent will assist you in this process, usually in exchange for commission and various rights. This route also has the possibility of marketing being done for you through the publisher.

- Juxtabook is a great source for understanding this process as well as The Best Selling Author both providing insights into what this avenue offers and requires.

Pre-Production Budget

If you have not published your work, then you must calculate these costs first. These expenses may include editing, formatting, cover design, ISBN registration, and printing.

- Wrapbook has a free pre-production book template that allows you to organize yourself and understand what you may need – which can also be useful when pitching your work to agents or publishing houses.

Outline your potential expected costs. Professional editing can be costly, although it is important to the way your book will be perceived overall and how it is reviewed later. You should spend 15-30% of your budget on this stage. A cover is also important because, despite efforts: books are judged based on their covers. Consider spending 5-15% of your budget on this if you think it is needed for your genre and style.

Production Budget

After understanding your pre-production expenses, decide what you can then give to the actual creation and distribution of your work.

Marketing and Promotions

Consider the kind of marketing you will need and how you want to divide your funds between yourself and your work. Much can be done on a small scale on your own, using guerrilla techniques as well as social media campaigns.

Misc. Expenses, Total Budget, and Next Steps

Prepare for any issues that may arise by leaving yourself a small portion of your budget for emergencies. Calculate the total cost of all necessary items first such as editing, ISBN & Copyright Fees and the intricacies of what goes into the design and distribution costs. Then whatever is left over can be moved around into the other categories listed above as well and prioritized accordingly.

Afterwards, when all is said and done, you should implement methods to track whatever marketing you have employed. I recommend promoting a way to stay updated with news about yourself and your book as well as a pre-order list if you market before the book’s release. It will give you an idea of your audience and who you are actually reaching. You can also track what marketing methods are working so you can pivot to other techniques if needed.