Exchange rates are fun

27 07 2009

Publishers Weekly reporting on how Penguin’s 6% drop turned into an 11% increase all thanks to the magic of conversion rates as the dollar narrows the gap between it and the pound.

Conversion rates are “fun”.  A slow month can turn into a successful one, whereas a steady month might result in a loss all because of a country economic standing against the rest of the world.  How do you financially plan for that?

Conversion rates were much more apart of my life when I worked part-time for a scholarly publisher whose main office operated out of Germany.  Exchange rates change daily, and it is something that a foreign publisher has to be oh so aware of lest they unwittingly flush money down the drain as the tides of the dollar wax and wane.  Conversely though, a publisher has to be circumspect about price changes based on current conversion rates.  Too much, and it creates confusion and frustration among one’s accounts.  And when this happens, they turn away, choosing instead to buy from a domestic publisher whose operations are based on the dollar.  (Which is a little ironic considering how few publishers remain that aren’t owned by some foreign media company anyway.)  It’s hard to explain to booksellers and librarians why the cost has to change, and why prices don’t immediately come down when the dollar grows stronger, and understandably it’s hard for them to accept since their budgets aren’t subject to the nuances of international exchange rates.

I applaud and pity those to whom this sort of financial accounting falls to.  The economics of the publishing industry would have had me jumping from the roof in about a month if certain things (*cough*  RETURNS *cough*)  fell to my lot instead of theirs.





The Third Gatekeeper In The Publishing Chain

21 04 2009

By now we’ve all had a gander or a chuckle and may have perhaps experienced moments of outrage over author May Walters’s article: “The Talent Killers: How literary agents are destroying literature, and what publishers can do to stop them” I waffled back and forth between the laughing and outrage.

To her credit, the author was very loyal to her position and committed a lot of time and effort to commenters without becoming flustered or flying into a rage. As for the article itself, I was unimpressed. It was the fairly typical complaints of the uninformed. I also fail to see how it was necessary and right to demean an entire profession of individuals whom you don’t know in order to free oneself from the uncaring (and presumed moronic, greedy, and/or trivial) agent – editor publishing model. If the pressures of the agent hunt as a road to publication are too stifling creatively…um, don’t query? Why is it necessary to blacklist yourself in order to free yourself?

Now I’m going to stop myself there because the point of this post was not to comment in depth on this article. My reasons for this are:

A.) I didn’t agree with a lick of it so everything that I have to say is pretty much one-sided.

B.) Everything that I would like to say has pretty much already been said. Specifically see the posts of agent Nathan Bransford, Fenestra, and Nick Mamatas. There were a lot of good points brought out in the discussion but at the end of 250 comments those three names were the ones I remembered. And finally…

C.) Something odd occurred to me while reading through the article and its comments. There was a third party missing from the whole equation that no one seemed to be recognizing or pointing the finger at, and that, folks, is what I really want to talk to you about.

Bookstores

Writers tend to look at the agent/editor hunt as their one and only –major- hurdle. It’s often presumed that once a publishing house purchases the rights to a manuscript the rest is in the publisher’s hands after a few rounds of editing involving author, editor, and a copyeditor or two. After that though, the author’s part is done. The publisher has entire departments working on the production, marketing, and sales of the author’s book (though it is only one of many). Certainly many authors are willing to put their efforts into grass-roots marketing via their own bloging platforms and connections, but the major marketing expenses such as advertising, co-op, and events and/or signings are handled by the publisher when the budget allows. The author will very rarely have any communication with sales, ever, unless it is a large title and the publisher feels that this author is so charismatic and strong that sitting them down at a lunch with the book buyers may influence a store’s buy.

Meaning that early on, many writers have a very narrow understanding of the complete road to publication. They’re looking at it from acquisition-on because that’s the stage that is really most important to them. The contract. The chance to maybe make it as a bestseller now that their work is going to be in print one day soon (theoretically). Publishers, editors, and agents, however, are all looking ahead and working BACKWARDS from sell-in to acquisition. Can we project this book to sell well into the bookstores? In what quantities do you think we can get this book out in? What quantities do we want to get out? What kind of marketing and co-op do we need to plan for to influence the buy in this way? It is a different world-view. Before a book is ever signed up, an editor has already projected the profit margins on the idealized finished book and presented that to the business side of the publishing house. When agents and editors talk about whether the book will sell they are not just talking about how many books they can sell to the consumer. First, they have to consider whether the book will be visible to the consumer. If the bookstore is not on board with a title, no matter how high the level of quality is of the writing after all the editing, you won’t be seeing it on the shelves.

When a bookstore takes on a book, they do so for very limited amounts of time with the understanding that they can also return the unsold stock before ninety days is out.. Just because your manuscript is picked up by a publisher and immediately made available once it pubs in all of the major chains such as B&N, Borders Group, or Books-A-Million, do not assume as a writer that your book will always be available. The average initial buy period used to be eight weeks. That’s only two months, folks. If your book hasn’t sold-through or at least sold steadily, the bookstore will return those books and not re-order. Eight weeks is not a long time, especially for a mid-list author who is just beginning to build his or her brand. The situation is so much worse now since four week buys are starting to come through more and more, especially for non-celebrity or franchise authors. It’s tough out there folks. And I’m not just talking about tough-times for the author. Imagine that you are the publisher in an industry that returns an incredibly low profit margin on the goods it produces. Authors complain about how paltry royalty percentages are. It’s really not any better on the publisher’s end (oftentimes worse) once the expenses are paid including developmental fees and company overhead. We’re really all in the same boat, not making much money but doing what we love to do.

Anyway, imagine you’re the publisher and you’ve made your plans hoping this would be an eight week buy with the potential for re-order. Suddenly word comes through that B&N is only going to take the book on as a four week trial and it’s expected that Borders will follow-suit because of that. What are you going to do? Obviously you’ll be watchful over the next four weeks hoping that the sell-through was enough to convince the retail chains to re-order. You can either suspend what marketing activities you haven’t paid for yet in order to cut your losses or increase the budget for that title hoping that the extra effort on your part convinces the buyer to increase their buy as well. Perhaps you’ll be more cautious the next time a project similar in scope, audience, and cost comes through the pipelines from a mid-list author. This in turn affects the agents pitching to the publisher and all the while the grip gets tighter around the mid-list author. It is sad. It’s unfortunate, but that is the state of things. I am glad that self-publishing technologies have advanced as far as they come. I honestly do believe in the value that the publisher adds to the finished book or I wouldn’t have pursued a career in the industry, but as a writer too, I am glad that an author has another option. The traditional publishing model is tough, and it’s not for everyone.

I write this not to point blame at the retail chains. I write this only to point out that they too are gatekeepers, the third and oftentimes overlooked gatekeeper in the publishing cycle. A bookstore is not a library but a business with concerns, overheads, and mortgages just like the rest of us, and it is really not fair to whine about them either. In the end they have no control over consumer purchasing habits; they can only try to influence them. If the book is selling well they’ll be happy to re-order, but they need books to move and move quickly before next month’s promising releases arrive. With all the books being published in the U.S. there is just simply a lack of shelf-space to put it all, and there is only so much room in-stores for a backlist. There are hundreds upon thousands of titles releasing every season. The book buyers have to make some pretty tough calls when looking at all of this and setting up their stores to offer the widest ranging selection to appeal to the consumer. Every book on-sale may not be to your liking, and I’m sure there is a lot out there you might consider utter crap, but you are not everyone. The book buyers are trying to weigh the needs and wants of a variety of individuals and personalities who come to the brick and mortar buildings in search of many different things.

/End of Line

~ Darcy





When The Joke Is On Us

18 03 2009

So I found these light bulb jokes on this blog on my lunch break today. They have thus far been the highlight of the week but what’s worse….
So. Very. True.

Enjoy!

Q. How many publishers does it take to change a light bulb?
A. Three. One to screw it in, two to hold down the author.

Q. How many production people does it take to change a light bulb?
A. That light bulb was supposed to have been changed last week!

Q. How many copy-editors does it take to change a light bulb?
A. The last time this question was asked, it involved production people. Is the difference intentional? Should one or the other instance be changed? It seems inconsistent.

Q. How many marketing directors does it take to change a light bulb?
A. Is it too late to make this light bulb a neon one instead?

Q. How many proofreaders does it take to change a light bulb?
A. Proofreaders aren’t supposed to change light bulbs. They should just query them.

Q. How many designers does it take to change a light bulb?
A. Why is there … an eggbeater, I think?… sticking out of this light fixture?

Q. How many cover-blurb writers does it take to screw in a light bulb?
A: A VAST AND TEEMING HORDE STRETCHING FROM SEA TO SHINING SEA!!!!

Q. How many IT people does it take to screw in a light bulb.
A: Just one, but the new light bulbs aren’t compatible with the old sockets, so they’ll have to buy a new light fitting or re-wire the entire building.

Q. How many finance department people does it take to change a light bulb?
A: One, but they’re not changing it until someone’s signed the invoice for the new light bulb. And how come we’re going through so many light bulbs anyway?

Q. How many writers does it take to change a light bulb?
A. But why do we have to CHANGE it?

Q. How many mystery writers does it take to screw in a light bulb?
A: Two, one to screw it almost all the way in and the other to give it a surprising twist at the end.

~ Darcy





Professionalism and Your SASE

30 09 2008

Okay writers, we need to have a talk about a few things.  I keep seeing some of the same mistakes, over and over again in your query letters and submissions.  So this week is Submissions Week.

The first thing I want to talk about  is the self addressed stamped envelope.  I have not seen this covered often in other discussions of submission do-s and don’t-s so hopefully this is new and helpful to you.  The SASE is actually somewhat important.  It’s usually the first thing that gets pulled out of the packet since it is an awkward thing to hang on to while you read through a submission.  

When readying your submission materials, pay attention to your SASE.  Spend the extra few cents and buy the envelopes that have a plastic label covering the adhesive.  -Don’t- send you submission packet with one of those cheap envelopes that you have to lick.  

More often than not, when you are submitting to an agent or to a publisher (without an agent) you aren’t going directly to the acquiring editor’s desk.  You first have to get through the intern or editorial assistant who is given the task of slugging through the slush pile of unsolicited manuscripts.  Now because they are only an intern or assistant, they aren’t usually given one of those nifty adhesive sticks.  No.  They have to lick every one of those rejection letters.  Now you, the writer, are a complete stranger to that assistant.  There is no telling where that envelope has been or how many hands it has passed between.  And there is no telling where those hands have been!  It is really gross when you think about it.

This may sound like such a small thing that it might seem petty to complain, but consider this.  Even before the intern/assistant reads the cover letter, they get a look at the SASE as they set it aside.  Is the very first thing you want your reader to think, “Ewww! Crap, not another one.”  No, of course not. 

A few more quick things about the SASE.

Don’t use holiday labels, even if Halloween is around the corner.  It looks cheap and tacky. Also what happens if your manuscript doesn’t get looked at until Thanksgiving?  What then?

Don’t dress up the envelope with other stickers (i.e. wolves, fairies, and dragons) and don’t draw on your envelope.  Even if you are submitting a children’s or YA manuscript.  Let your writing show your whimsical, creative spirit.  The SASE is not another place to express your personality.  Save it for where it counts; save it for the submission.  And no, I’m not suggesting you draw on your manuscript either.  You’re trying to sell a book.  Your writing needs to be strong enough to tell it all, sans goofy & superfluous illustrations.

Use a forever stamp to be safe.  It is a pretty common policy to simply throw out any submissions that do not include a SASE or have used insufficient postage.  Recently, postage went up.  So all those authors that submitted prior to the rate hike who didn’t use a forever stamp…well, they are out of luck.

And last but not least:

If you mess up your own address, go get a new envelope!  Don’t use White-Out!  Seriously, what kind of first impression is it when you screw up your own address?

It is clear when an author spends a lot of time on a submission in order to put together a professional packet, but it is amazing to see how often the SASE does not receive that same attention.  So spend the few extra minutes and cents on your SASE.  It can’t hurt your chances.





Juno Books and what I did instead of Otakon

11 08 2008

Well here is where I would have been reporting on all the cool things I’d have found out at Otakon about manga and the like, but…..that didn’t happen this weekend.  I wasn’t feeling so great and the boyfriend and I thought it best just to stay in this weekend.  We watched a bunch of movies and did a lot of shopping instead. I did pick up an interesting book this weekend called Clockwork Heart by Dru Pagliassotti. It’s a steampunk romantic fantasy which sounded different and done by a publisher I’ve never heard of before.

Juno Books

Juno Books is an imprint of Prime Books and was launched only about two years ago.  They already have a lot of their books in e-book format up on Fictionwise which is pretty cool.  Here is the link to the editor’s blog as well.

Enjoy!