The ABC's of Writing

ROI: Return On Investment

This week we’re talking about our worst ROI’s. Don’t think you’ve invested anything yet? You’re a writer, so at any stage of the game you’ve already invested your time. Hopefully it’s been well spent, though it could be argued that the hours sucked into various socials is a terrible ROI if it’s keept you from writing. 

But what's my worst ROI? I’m not too far into my writing career and so I haven't had many opportunities to be wise or unwise. No cases of books hiding under the bed. Though by the time I have a book available in print I'm going to be so excited I expect it'll be hard to stop myself from ordering them! 

So far I've invested in a few different things. The editing dollars I put into The Mars Strain before my turn in date to Recorded Books was well worth it. I count every conference I’ve attended as wise investmenets because at each one I’ve connected with new writers—and we all know that writer friends can be lifelines. And I spend money on my website…but I don’t think I can call that a bad decision because it’s a landing page for people looking me up. I view it as one of those business requirements. 

When I look at what I’ve put into my writing career the number one investment is my time. I’ve poured hours and hours into writing, thinking about writing, blogging about writing, and reading about writing. A day doesn’t go by where I’m putting words to screen or thinking about the words that I will string together the next time I sit down to type. 

As an example I’ll share the hours I put into two of my first drafts. 

Dark Queen’s Daughter (fantasy complete at approx. 83,000 words) = 329.75 hours

Fisyk (sci-fi thriller at approx. 65,000 words) = 230.9 hours

I’ve kept word count spreadsheets for the last three manuscripts I’ve written, but only the last two had a column for hours per day. It’s a column I’ve decided to keep in my future trackers. I like being able to see how many hours per day were spent creating and then correlate them to time of day and word count total. But again, it’s all total time invested no matter how many words are being put down.

And on that note I bring you a blast from the past, April of 2022, and the image that surfaces in my mind whenever I catch myself wasting precious writing time: 

James A. Moore’s words of wisdom will endure even though he has passed from this world. So if you need the nudge, get that ass back in the chair and write. 

James's friend, Christopher Golden has organized a fund raiser to help offset Memorial Expenses and to support James's widow. It is still live if you wish to give.

ROI Ouch

This Week's Topic:  Worst ROI Ever 

The list of low/bad Returns on Investment (ROI) in which I've engaged is long. Whether the returns I'm measuring are cash or brand awareness, there have been some painfully wasteful lessons learned. In some instances, the investment of time far exceeded the returns (hello, social media, looking at you). In others, the hundreds of dollars in cash investment earned less than $5 of return. Those instances can be split between CPC Ads and email-blast companies. 

ROI on ads is a struggle for anyone selling anything, from indies to MNCs, so I don't weep over those losses. Curse? Yes. Sadz? No. I expect losses there; I even budget for them. 

Email-blast companies, on the other hand, I expect more from since bumping up my sales is their core business. The leader in the space, BookBub, is worth the investment for free or $0.99 books in my genres. Higher than that, and my ROI becomes a loss. There are other, smaller blast companies whom I've paid and received nothing. Not one sale, not sales page hit, not one website hit. Not even crickets were aware of the promotion. Sometimes I've had to go eight clicks deep into a blast company's site before getting to a sales link for my purchased placement. Ooof. Yeah, yeah, the blame's on me for not investigating that better before purchasing. Because I'm generous, I'll share my mistakes to save you some $$ and heartburn.

Before buying placement in an email blast, do a bit of due diligence. Check for reports of:

• Crappy Creative
• Are they using your book's cover? Are they using the image with proper ratio/sizing (or is it cropped, stretched, blurred, etc.)? What about the accompanying text? Is there any? Who is writing it? Who approves it? 
• Inflated subscriber numbers
• They're not outright lying about how many accounts have subscribed (though unscrupulous businesses could be), but they're not including how many accounts are bots or how many unsubscribes they have.
• Email open-rate is lower than the industry average
• Few blast companies report their open-rates under the protection of proprietary info.  Anecdotal information should give you a clue.
• Expanded inventory w/o notification and cancellation options
• This is a problem because it lowers the value of the purchased placement--aka instead of placement as 1 of 5 promotions in the email, the placement is 1 of 25 promotions.
• Misleading Marketing Messaging
• They promote themselves as an email-blast company, but the fine print on their website never explicitly states that your book and its buy link will be in that email. Instead, your book's info is lumped under a larger promotion (e.g. This Week's Fantasy Discounts) and buried more than 1 click off the email.  
• They upsell additional placements within their brand (social media pages, website, genre-bundles, etc.) with the classic "increase visibility up to XX%." That "up to" is a deliberate vaguery meant to disguise that what you're buying isn't worth bupkiss.
• Non-Consent Backblast
• The absolute worst sitch is buying placement with a blast company whose email list is built on harvested and/or non-opt-in addresses. Not only do you lose money, but you also lose reputation. This can happen with startups and companies under new management, so triple check before buying.

Admittedly,  I have eagerly supported the underdog/new businesses competing against the big guys and lost money (but not reputation).  Yes, I knew the risk I was taking equated to my purchase being on par with a charity donation. However, those risks were ones I could afford to make. 

As always, adhere to the golden rule of marketing and investments: 

Never spend more than you can afford to lose. 

Calculating ROI - and Accounting for the Intangible

Our topic at the SFF Seven this week is our worst ROI ever. So many to choose from!

ROI is industry shorthand for Return on Investment. It's basically a calculation for financial health of a business. I looked up the origin and found out that Donaldson Brown created the term.

As the Assistant Treasurer [of DuPont] in 1914, Brown developed a formula for monitoring business performance that combined earnings, working capital, and investments in plants and property into a single measure that he termed “return on investment.” It later became known in academic and financial circles as the DuPont Method (or Model) for Return on Investment. The measure was widely taught in business schools and adopted by many companies as a means of benchmarking the financial health of their products and businesses.

That's interesting, because I wondered if it was an old model. Turns out it's over a century old!

Also, the term comprises much more than I think most writers mean when they use it. When I hear writers talk about ROI, it's always whether a particular effort - a conference, buying an ad, buying into an anthology - will be more expensive than the sales it generates. Many reduced it to the simplest math: "If I spend this much attending a con, will I earn more than that on sales of my books?" Often husbands are cited as putting forth this equation, usually as justification for wives not attending cons.

When asked for my opinion there (and sometimes even when NOT asked), I have always said that conferences of all types provide an intangible ROI. Networking and getting your books in front of people give long-term results that aren't always quantifiable. Since I was doing a bit of research, I looked up if anyone thinks the DuPont Model for ROI is antiquated. Turns out there's this:

We demonstrate that firms 'assets are becoming increasing more intangible, and the traditional DuPont Analysis omits this crucial piece of a firm's ability to generate profit.

Those folks are talking market equity, but it occurs to me that many authors looking at simple math and short-term sales are failing to account for the intangible value of building recognition for their work over the long term. 

But I digress. 

The topic today asks about my personal worst return on investment. Since I don't really do the calculations - see above - I don't know a precise metric. I can, however, share an investment regret. When my very first book came out, the essay collection Wyoming Trucks, True Love, and the Weather Channel, a friend of mine, Chuck, told me one of HIS great regrets was not buying a case of his first book. The first edition was worth a great deal and he was sorry not to have done that. So, I bought a case of my books!

Reader: I still have most of them.

See, my first book didn't sell tons of copies and I have not become an NYT bestseller with a TV miniseries based on my books, unlike Chuck. He meant well, and I adore him for thinking that I would have the same trajectory, but I'm not C.J. Box, alas! 

I suppose the key takeaway here is that there is no one size fits all advice. 

Also, that the ROI on cats is always solid.

 

Is Networking a Meaningless Term?

Every time I hear the term "networking" I get a particular image in my mind.

I see a guy - yes, always a guy - in a cheap suit, standing in a hotel bar and handing out cards. He manages this complex multi-handed tango of holding a half-full lowball glass with clinking ice cubes, shaking hands and palming those cards. "Call me," he says with a bleached-tooth smile. "Let's do lunch. Have your people call my people."

I have no idea where I got this image. Probably it's some conglomeration of scenes from movies and TV shows of the seventies. That cheap suit has a distinctly seventies flair, so that's quite possible.

At any rate, knowing this about me, it should come as no surprise to any of you that I never had a good feeling about "networking." I so did not want to be that guy in the cheap suit with the melting ice cubes and the car-salesman smile.

More... I couldn't be.

I'm no good at being anyone but who I am.

Thus, the short and surface answer to this week's topic, "The Net Worth of Networking," is that it's a big fat zero to me. No - less than that! Negative values there.

HOWEVER,

(and this is a big "however," fully justifying the all caps),

I was totally wrong in this image, wherever it came from.

I finally, through a number of experiences I could probably fill a book with, figured out that I had the concept of networking all backwards. Once I figured out what it's really about, I discovered that networking is a skill beyond price. It's brought value to my life - both professional and personal - that is so high I could never place anything as crass as a dollar value to it.

What is networking really about?

Making friends.

That's it. No business cards needed, no fake smiles and multi-armed handshakes. It's about connecting with other people who are interested in the same things that you are. It's being friendly with people in your profession - being generous with offering them help and being willing to ask for help when we need it.

Here's a little story for you.

When I was at a conference recently, I talked on the phone with a writer friend who hadn't been able to attend. We'll call her Writer Wanda. Wanda had heard from another writer friend that an agent at her agency was interested in representing Writer Wanda. Now, Wanda was uncertain about this step. She'd had some bad experiences with traditional publishing, wasn't sure she wanted an agent in general or this one in particular, etc. We talked pros and cons, then inspiration hit and I checked to see if the agent in question, Agent Annie, let's say, was at the conference. She was, so I offered to stalk Annie and find out what she's like.

Lemme tell you - it was super fun to stalk an agent for someone else!

Plus, I'd signed with an agent a few years before, and had pretty much retired those skills, so I also enjoyed polishing them up again.

Now, like "networking," "agent stalking" can be misinterpreted. This is about making contact, not being creepy.

See the parallels here?

So, I started by asking around. In the hotel bar. Hey - many fictions are rooted in reality. I'd looked up Agent Annie's Twitter bio - and followed her in case she posted that she was hanging out - but it's not always easy to find a real life person from a profile photo. It was lunchtime in the bar, so I wandered about, looking for a likely face. Along the way, I saw many friends I've made over the years. I stopped here and there to chat, asking if anyone knew this agent b+6y sight. None of my friends did, but one was eating with an industry gal who knew her. She described Agent Annie for me and verified she wasn't in sight.

I kept looking in this way throughout the day, but finally caught up with Agent Annie at the Harlequin party that night. (I asked the guardian intern dragons at the door if she was on the invite list and they told me yes, and that she'd already arrived.) At the party, I spotted her thanks to that description, and introduced myself. She said, "Oh, you followed me on Twitter today." I told her my mission, and she suggested we sit to eat cupcakes, have a glass of champagne, and chat.

When I reported back to Writer Wanda, she told me, "Networking is totally your superpower."

And I don't even own a cheap suit.