Okay, from everything that I've heard and read, I'm not convinced that publishing in KDP select is a good idea at all as opposed to simply publishing on Kindle without it.
I'm certainly not convinced that the short term and relatively small benefits of giving work away for free is a great idea either, in fact I would go as far as to say it is a pretty bad one, for you and the self publishing industry as a whole.
So am I right? Wrong? Or are there benefits to KDPselect that I'm missing?
Thanks guys, that's pretty much what I thought to be honest. I was just thinking that maybe there was some benefits such as specific promotion by Amazon that I was missing since so many people keep going to it and putting their work up for free. I thought there has to be a reason they are doing that other than just to shift a load of free books which they make no money on (and makes no sense)? Apparently not. Does the rental thing bring in much money? From what I've heard it is negligible compared to what you can earn publishing on other formats? At the moment it looks like my plan to publish via Amazon, and then later onto other formats is the right one then.
Nparkinson, is it easy to publish on Nook? Or other devices?
I am considering KDP select for a new short story. The one thing that is a little unclear to me for the Kindle Owners Lending Library, is if a Prime member can only borrow one book a month or just one and a time. If it is just one a month, I doubt people will be selecting a low priced short story for the one book. I have other short stories available for free already, so that is not my issue. I may still give it a try for the 90 days, but I am uncertain of the results I will see.
I thought, too, that the price would be an issue for those borrowing books. But my $1.99 book was borrowed a lot, with the nice result that where I got $0.7 for a sale, I got over two dollars for each borrowed book. I think it's more about the genre of the book; some genres have avid readers who save a dollar where they can. Mine is a paranormal romance.
That's interesting. So let me ask you guys, do you think the potential for a small profit on each 'borrow' (obviously accumulating depending on how many people borrow) is worth the potential loss in sales on those free days? Or in fact having people borrow it rather than buy it?
Does anyone know the rough numbers for the amount of people who borrow a new book as opposed to those who would pay a few pounds more to buy it? My novel that I am finishing up for example is an adventure thriller with an archaeology theme. If the borrowing numbers were significant enough for example, then that would obviously be a plus point for select?
Susanna, so you think it is worth doing it that way? What about the potential loss from being able to publish elsewhere such as Kobo or Nook? Have you found that 'borrow' profits are worth the exclusivity? What has been your experience of the promotion aspect of select?
I'm asking because I'm weighing up the pros and cons, I know my views so far have been weighted negatively against it from what I have read and heard, but I'm trying to keep an open mind before making a decision.
I haven't had a chance to try the other operators yet. But my book has been borrowed about 20-30 times a month for the past two months. I don't know whether I can get that many sales on other venues - or more, actually, to generate the same amount in royalties. But not all books get borrowed. My second book hasn't been borrowed all that much. So I have nothing concrete to offer either way. There are those who make more sales elsewhere, but you won't know until you try. It might be easier to try the select first though, if you're interested. It's only 90 days; it's a greater hassle to get your books out of those other operators if you decide to go with the select after all. I don't think there is any promotional benefit in going with the select other than the free days though, and even then you have to do the promoting to get people to download your book.
Thanks for that simple thing, Susanna. I've been trying to find out for half an hour -- you don't have to use the free days with KDP Select. Right? I'm thinking of trying Amazon's KDP advertising, but in order to do that you have to be in Select. Just wanted to make sure no downside to that. I don't give my work away!
People always seem to forget the Countdown offer which comes with being in Select.
I price my novels at $3.99 but once every 90 days, I can drop the price to 99c for 7 days and still get 70% royalties. This comes in very handy when combining with paid adverts from companies such as ENT and Booksends. (Oh I wish I could get on Bookbub!)
You have the free promos, but these generally benefit those with multiple books. Do not use this if you only have one book. I write in two different genres, one of which is short story erotica. I have 11 published and I always see a spike in sales of the books when I run a freebie on one of them.
You are also in the KU borrowing library, where subscribers get your book as part of their prepaid subscription. How much you get depends on how many pages they read.
You are exclusive to Amazon for ebooks and miss out on the other channels. Some people get a lot of sales through them, but other people say that they lost money by not being in the KU library.
Ultimately its a decision only you can make depending on your circumstances.
As has been mentioned, if you try it and don't like it, you can come out at the end of 90 days.