Regarding Myth #1, the idea that you need 1000 subscribers before even thinking about going paid is some of the worst advice doled out on this platform. I don't know where it originated, but I wish it would disappear. IMO, you should "go paid" on Day 1. Sure, nothing may happen. But it might, and that could mean everything for a new writer.
For Myth #3, I feel bad for anyone who drops their price to $1 (or whatever). They've just set the ceiling for their pricing forever. Flash sales or other limited-time offerings are an exception.
OTOH, a lower annual price vs. monthly is smart; the reader gets a deal, and the writer has less churn. In my opinion, it's a win-win all around.
As for Myth 5, the best advice I ever saw came from Josh Spector: People don't want "more," they want "different." I've adopted this mantra when crafting any kind of paid offering.
I think I'm at Myth #3, because I think it's different when you're writing fiction (romance, to be exact). I notice that other fiction authors on here tend to price low as well.
So, typically, the price range for romance books, is between $.99-$7.99. Ebook or paperback. Hardbound or bundles will be more, of course. The thought is that if a reader is paying $.99-$7.99 to buy your book on retailers, why would they pay more than that to read your serialized material? Even though, when you're serializing, you're offering perks like bonus content, early access to chapters, polls, BTS writing process, BTS book research, deleted scenes, free copy of the ebook once story is complete, merch, etc. Despite that, we start the monthly paid tier at $5.
Now it makes more sense, thanks Evolet. I think a lot of writers share snippets of their work, build an audience, and eventually land a book deal thanks to their Substack. If that’s the case, then keeping the newsletter content free - and monetizing later through a book - could actually be a smart strategy as well.
Huge +1 to all of this!
Regarding Myth #1, the idea that you need 1000 subscribers before even thinking about going paid is some of the worst advice doled out on this platform. I don't know where it originated, but I wish it would disappear. IMO, you should "go paid" on Day 1. Sure, nothing may happen. But it might, and that could mean everything for a new writer.
For Myth #3, I feel bad for anyone who drops their price to $1 (or whatever). They've just set the ceiling for their pricing forever. Flash sales or other limited-time offerings are an exception.
OTOH, a lower annual price vs. monthly is smart; the reader gets a deal, and the writer has less churn. In my opinion, it's a win-win all around.
As for Myth 5, the best advice I ever saw came from Josh Spector: People don't want "more," they want "different." I've adopted this mantra when crafting any kind of paid offering.
And a huge +1 to all of your comments Kevin! Couldn't agree more.
Very good article, Ciler. You can also include what you said in a Note: No more content, rather clear content.
I think I'm at Myth #3, because I think it's different when you're writing fiction (romance, to be exact). I notice that other fiction authors on here tend to price low as well.
Thanks for sharing, Evolet. That's an interesting insight that I haven't realised. Why do you think that's the case for fiction writers?
So, typically, the price range for romance books, is between $.99-$7.99. Ebook or paperback. Hardbound or bundles will be more, of course. The thought is that if a reader is paying $.99-$7.99 to buy your book on retailers, why would they pay more than that to read your serialized material? Even though, when you're serializing, you're offering perks like bonus content, early access to chapters, polls, BTS writing process, BTS book research, deleted scenes, free copy of the ebook once story is complete, merch, etc. Despite that, we start the monthly paid tier at $5.
Now it makes more sense, thanks Evolet. I think a lot of writers share snippets of their work, build an audience, and eventually land a book deal thanks to their Substack. If that’s the case, then keeping the newsletter content free - and monetizing later through a book - could actually be a smart strategy as well.