What Business Book Publishers Look For in an Author
If you are involved in the business world, you know that things have gotten a lot tougher in recent years. The housing crisis, which persists to this day, along with the great recession that began in late 2008, have conspired against the business book world in a big way. In today’s challenging economy, sans Border’s, it is harder than ever to get a business book published. Many authors, particularly first time authors, ask me this key question: what do publishers look for in a business book author? Here are some answers, not necessarily in the correct order. Publishers look for:
* Super smart authors with great and original ideas
* Authors that have a great on line presence. This could mean an email list of say, 100,000 names, or a very big following on Twitter, Facebook, and other social media
* Authors with a superb Website and blog with tens of thousands of users
* Authors that give dozens and dozens of speeches per year, or host a similar number of seminars
* Authors whose last book was an unmitigated success (and conversely, publishers avoid failed authors—that is—authors whose last book has failed)
You get the idea. When you get right down to it, publishers look for authors that have the ability to sell thousands of copies of their own book. That’s because the author platform, which is determined by the answers to the aforementioned questions, often means the difference between success and failure for a book project.
Some authors then ask the next logical question: if I am going to do all of the marketing and selling, what do I need a publisher for? That’s a fair question. Publishers actually bring a great deal to the table, but of course, not all publishers are created equal (I will save that thought for another blog posting). But in the meantime, consider this: a good publisher can lend great prestige to a book, helping you to build your brand in a way that would be impossible any other way. A good publisher will also help you to develop and shape your manuscript, and come up with the right package for your book (e.g. title, cover, subtitle, chapter titles, subheads within chapters, etc.). They also do much to market and distribute your book to brick and mortar bookstores as well as online resellers like Amazon. This is true in the U.S. and around the globe. With the most popular business books, they pay for special bookstore placement in airports stores and other national chains (e.g. table placement for your book with Barnes and Noble). They also have publicists on staff that attempt to get as many mentions for your book in the print and other media, as well as book reviews, and when appropriate, radio and television interviews. Lastly, their rights departments attempt to sell your book to as many international publishers as possible, which often means additional streams of income (this is especially true with management and leadership books, as well as books on global topics).
So to sum up: publishers look for authors with great platforms that can sell tons of books. In return, however, publishers bring their considerable resources to bear to maximize your book’s potential. It is fair to say that publishing is a two-way street: however, the traffic on the road has never been more treacherous.
Permit me to add a postscript to this piece: if it occurred to you that I spent little time discussing the quality of the content of your book idea, you are not alone. After writing this posting I was struck by the fact that there was only one mention of the actual book idea. The truth is that many business publishers examine an author’s platform before closely reviewing the content of the manuscript. I think it is a sad commentary on how the business book industry has evolved. But it is also reality. It doesn’t make me love what I do any less, it just means that I have grown to be a bit more cynical than I would have hoped.
What Business Book Publishing and the Stock Market Have in Common
If you follow the stock market closely enough you know that today’s market is a study in volatility. But that wasn’t always the case. When I bought my first stock in 1974—Gulf Resources at 14 1/4—only about 15 percent of American households were invested in the market, and trading volumes were anemic. Markets were sleepy. That changed a decade later. By the late 1980′s, despite the crash of ’87, stocks became all the rage. Everyone seemed to get in the market, volumes ballooned, and stock market investing became a global phenomenon. The great bull market, which started in 1982, continued with a vengeance in the 1990s. In fact, the great bull market that commenced in 1982 did not end until the dot com crash of 2001-2002. So how is the stock market like the business book market?
The great bull market in business books also started in 1982 with the publication of Peters’ and Waterman’s In Search of Excellence and Ken Blanchard’s The One Minute Manager. From that point on business books became a booming industry, with many of them, including the two aforementioned titles, gracing The New York Times Bestseller List. However, like the stock market, business books were not new. The father of modern management, Peter Drucker—who I devoted an entire book to in 2009—had been writing a whole genre of business titles since 1946. However, there was a vast difference between Peter Drucker and Tom Peters, co-author of In Search of Excellence. Peters was considered cool, a by-product of a new era in which CEOs were the new American heroes (think Lee Iacocca and Jack Welch). Business books, like stocks, were no longer considered to be something for only a slim slice of the population. Business books were now considered hip, and they seemed to be everywhere. They even became fodder for cocktail party conversation.
Fast forward to today: in 2012, volatility in the stock market—as measured by something called the VIX index—has become the norm. The financial markets are characterized by turbulence. The same is true for business book publishing. The demise of bookstore chain Border’s has been a great loss for the publishing industry. There are now fewer places to “place” books, which has had a chilling effect on the book business (in all genres, not just business books). In addition, the proliferation of free information on the Internet and the fragile state of the U.S. economy has made business book publishing a very tumultuous industry. Layoffs have become the norm in book publishing (and on Wall Street). Perhaps the greatest comparison between the two industries is its unpredictability. No one knows what tomorrow will bring. Who could have known that Border’s would fold and Amazon would emerge as a major book publisher? Who could have known that eBooks would become such a major force in the industry after starting out in the 1990s as a major flop? The stock market and the business book market have one more important link: they tend to move together. Business book sales rise when the stock market goes up. It’s a case of rising tides lifting all boats.
I could go on, but you get the idea. One thing is for sure: both turbulent industries will bring us plenty of surprises in the months and years ahead.
Literary Agents Level the Playing Field
As many of you know, I have had the good fortune to be in the publishing world for almost exactly 30 years. And not only in the publishing world, but in the business book part of the publishing world. For 27 of those 30 years I have worked with such great publishing houses as McGraw-Hill, Dow Jones-Irwin, and Portfolio/Penguin. And wrote or published works on such business luminaries as Jack Welch, Lou Gerstner, Ross Perot, George Soros and Warren Buffett, to name a few. That is, until 2009 when I decided that I would become my own boss and create a unique business: a literary agency that offers agenting services as well as writing and editing services. I figured that two factors would set my business apart from the typical literary agency:
1. All I do is business books, making me a true specialist of the industry; and
2. I offer all sorts of writing and editing services, helping authors develop whatever they need to distinguish themselves and their work(s) in the marketplace.
Oh, one more thing: I also specialize in working with first time authors. I have a respect and love for the business book world which is why I enjoy educating those special group of budding authors about to tackle their first book project.
I often get the question, “do I really need a business book agent?” And my answer is always the same. You may not need one, but you definitely want one. Why do you want a business book agent? There are several key reasons:
1. An agent with a sterling reputation can help bestow a whole other layer of credibility to your project. Some of the best publishers won’t even look at a business book proposal unless it comes from a reputable agent. By hooking up with the right agent, your book takes on added and not insignificant authority.
2. A literary agent can help ensure that you are putting together the right materials that publishers require in order to make a positive publishing decision. This includes the business book proposal, which is a specialty of my firm;
3. An agent, especially one that does nothing but business books, has all the key contacts in the industry to ensure that your work will end up in the hands of the right editors and publishers. I have hired or worked with as many as half of the key business book editors in the field at one time or another;
4. An agent will get you a better deal than you can get for yourself. This one may be the most obvious. An agent knows what to look for and ask for—things that you might not even think of. Negotiating is not only a strength of mine it is an absolute passion. You might find this hard to believe, but there is nothing in life that I don’t negotiate. Hell, I even negotiate the number of toys for my sons’ Happy Meals at McDonalds!
5. A good agent sees the big picture. In recent months I have worked with authors who have the potential to write several books. I advise them on which book comes first, and helps them to map out a five-year strategy for their entire writing career. Put another way, I see beyond the dollar signs of a single book and instead see the forest through the trees. My entire future is dependent on authors who can write multiple books that succeed against long odds.
There is much more that I can offer an author but I will leave that to a future blog posting. If you think you may need my services then email me at jkliterary@comcast.net or call me directly at (630) 323-5499. Feel free to contact me 7 days a week as I seldom take time off. I look forward to hearing from you soon.
Ghostwriter Needed?
I have learned that there are many great potential authors who can use some help on the writing side. I found this is especially true in the business book category. Great business minds are usually so focused on their passion (e.g. investing, leading) that writing may not be at the top of their skill set. In fact, some of the best business folks I know often need help when facing the blank page. They have a great idea but they might not know how to get it down on paper. I also understand that time is one of their scarcest resources, and I am able to get ideas on paper using the least amount of the author’s time.
I worked in business publishing for almost 30 years and some of the best books I’ve read during that time were scribed with the help of a ghostwriter. The key thing to keep in mind is that there is nothing wrong with that. I have been hired to work as a ghostwriter by several top notch business types who knew that writing was not their strongest suit, and if you are thinking about writing a book in the business category, I would like to work with you.
To get in touch with me and discuss your writing needs, feel free to email me at: jkliterary@comcast.net. If you are the busiest of business people, you will be glad that you did.
BESTSELLER: How Many Copies Do You Have to Sell to Become a Bestseller?
Last year I wrote what became my most popular posting ever—entitled “How many books do you have to sell to be a bestseller?” Since then, remarkably, people in more than 54 countries have googled ”bestseller” and have found that posting. Today I want to shed more light into that all-so-elusive bestseller space. Since my specialty is business books, I will devote much of this blog posting to that subject. However, I will also give you a more macro-view by comparing business to the larger non-fiction bookshelf. Although on this particular week, there is no comparison.
In this particular week in late August of 2010, the top two bestselling non-fiction works are two different paperback versions of the same book, Eat, Pray, Love, by Elizabeth Gilbert (Penguin), an incredible phenomenon that has sold well over 5 million copies since it was published in February, 2006. This book was a rare gem in the publishing industry from the start. In August of 2010, a movie version of the book was released starring Julia Roberts, which put the book back in the epicenter of the publishing world once again (there is even a preview of the movie that you can watch on the Amazon site). The movie, which grossed close to $25 million its first week at the box-office, explains why the book sold almost 140,000 copies the week the movie was released (as measured by Nielsen Bookscan, which covers about 75% of all book sales in the U.S.). That is an extremely impressive and rare achievement for a 3-year old book—especially when one examines the rest of the non-fiction bestseller list. The fifth bestselling book, for example, Love at Last Sight by Kerry Shook, sold under 11,000 copies that same week. In fact, only five non-fiction books topped 10,000 copies in this week in August, with Eat, Pray, Love, topping the list.
Now let’s turn to the business category where there are very few books turned into movies (quick quiz: can you think of any business book that became a good movie? Find the answer at the end of this posting). On this particular week in August, the bestselling book of the week more than doubled the second bestseller. The #1 book, which has topped this list many times since it was published in early 2007, is StrengthsFinder 2.0 by Tom Rath (Gallup Press). On this particular week, this fabulous book sold just over 9,000 copies, and just under 300,000 for all of 2010 (to date). The second bestselling book, The Big Short, by the same author as The Blind Side, Moneyball, and Liar’s Poker—Michael Lewis—sold 4,200+ for the week, and almost 400,000 copies in 2010.
Let’s fast-forward a week and see if anything meaningful changed: On the non-fiction front, the number one and two books were still Eat, Pray, Love. However, sales of the two editions of the book had fallen by almost half, to about 73,000 units (a dramatic fall-off that we see more often with movies than books). On the business book front, StrengthsFinder 2.0 kept its #1 status and actually increased in sales, to almost 10,000 copies, a nice 10 percent pop from the previous week.
What did it take to make it on the top 50 business bestseller list that publishers are so focused on? In the last week of August, a period that used to be the kiss of death for business publishing (because the whole publishing world was on vacation), the 50th bestselling business book sold almost 850 copies. (Since Bookscan only captures about 75% of sales, the real number is likely over 1,000 copies). That is an impressive statistic, and is a reflection of the times in which we live. Given the tough economy, fewer business people are taking multi-week, summer vacations. Those that still have their jobs are searching for books that can make them more effective at work. In days of old, no one in publishing worked in August. But that has changed forever. When I contacted the top ten business book editors the last few weeks, all but one were hard at work, sitting at their desks, searching for that next all-so-elusive bestseller. I hope that gives you some idea about how many copies a business book has to sell to make it on to a bestseller list. Of course, and I will cover this in a future posting, it’s the velocity of sales that ultimately determines whether a book makes it on to a bestseller list or not.
ANSWER: So what business book made for the best movie? My vote goes to Barbarians at the Gate, that terrific book by Burroughs and Helyar. First published in 1990, it is one of my favorite business books of all time, selling many hundreds of thousands of copies before it was turned into an engaging, fast-paced HBO movie starring James Garner in 1993.
Literary Business Off to a Great Start
It has been too long since you last heard from me but that’s only because my writing and agenting business has been going so well. I have been working like a dog in my one-year-old-plus company, and I am delighted to report that things could not be much better. That’s because I have had the good fortune to work with some of the greatest people I have ever worked with—including the great authors I have worked with in my 27 years in corporate America.
I take great pride in the work I have done with co-host of the new hit CNBC show Strategy Session—Gary Kaminsky. Gary has emerged as one of CNBC’ s brightest new stars, a sagacious and singular figure that knows more about the financial markets than most anyone I know. He is a rare client that has become a good friend, and my agency owes him a huge debt of gratitude. That’s because my business is a referral business, and Gary has sent other CNBC colleagues my way and I have benefited greatly from these important relationships.
In fact, I am now working with one of the other ingenious market experts and CNBC personalities—the Chief Market Strategist of Virtus Investment Partners—Joe Terranova. If the name sounds familiar it should—Joe is one of the stars of the highly successful CNBC show, Fast Money. It took me almost two years of prodding to convince Joe to write a book; he is simply too modest and didn’t think the time was right for a book until now. His book has garnered great interest from the publishing world and will be published by one of the great business publishers next year.
That’s about it for now. I must get back to work if I am going to make my deadlines!! I will be checking in far more often so please be sure to check my blog every so often.
A New Business Model and a New Bestseller?
Every so often a literary agent gets the chance to represent a book that is so unique in every way that it is a privilege to represent. Last week I was given the opportunity to handle such a property. However, I must confess, that I did not immediately “get” the book, largely because it breaks most every rule of business book publishing. First a bit of history.
Two European authors—Alexander Osterwalder and Yves Pigneur—spent years putting together a stunning book on business models entitled BUSINESS MODEL GENERATION. The two authors had a great deal of help with the design and content of the book, as it was co-authored by 470 Business Model Canvas practitioners from 45 countries, which in itself is highly unusual for any book, business or otherwise. The authors self-published two versions of the book, starting with a gorgeous 4-color hardbound version that lays flat when you set it down on a desk or table.
Some weeks ago I was contacted by author Alex Osterwalder asking if I would represent him and the book (I was referred to him by one of my other authors). My first reaction was to refuse taking on the book. After all, even though the author self-published 5,000 copies of the book and sold them all through his website (businessmodelgeneration.com) , there was no “official” record of those sales so I knew that publishers would be quite skeptical of the book. And that was only one roadblock. There were also several other obstacles the book faced that would make selling it to a top notch publisher an uphill battle:
* The authors were not based in the U.S., which often complicates matters
* The book has a “clunky,” awkward title (Business Model Generation does not roll smoothly off the tongue)
* The book has a very high price tag of $46.99, more than double the average price of a bestselling business book—and in an impossible economy to boot
So I did not take on the book. Then, some weeks after the authors sold out their 5,000 copies, they reprinted 10,000 copies of the book. Now here is where things get really interesting. On February 3rd, 2010 the authors managed to get a third party seller to sell the book on Amazon. Finally, the authors would get some help in selling the book beyond their own websites (the other site is businessmodelalchemist.com). But once again, there were obstacles that made it very difficult to sell the book on Amazon:
* It’s not even Amazon selling the book on Amazon, but a third party vendor
* It is very difficult to even figure out the price of the book on (see the Amazon page for the book)
* There is absolutely no discount offered for the book (usually Amazon discounts books by 40 percent)
* The Amazon page is so bleak, it makes the book appear as if it is out of stock
One would think that all of those obstacles would derail the book, but a funny thing happened to the book on the way to the bestseller list. The minute the book became available on Amazon, buyers came out of the woodwork to purchase the book. Within 48 hours the book ranked as high as #74 on Amazon, an amazing feat for most any business book and especially this one. Since then, the two versions of the book have occupied two of the top 25 slots on Amazon’s list of bestselling management books every single day. This kind of success is so rare that I would classify this book as a “phenomenon” book, one that beats huge odds to become a bestseller (and this is before any publisher has entered the picture). This time I did not repeat my mistake and happily agreed to take on the project.
Last week I contacted a handful of my favorite editors/publishers and this time I was not surprised when every publisher I notified expressed interest in the book. Given the success of the self-published versions it was hardly surprising that interest among publishers would run high. By this time next week we should have found a great home for the book, with a publisher that sees the book for what it is: an exceptional product that is helping to build a community of people who appreciate all of the blood, sweat and tears that make this a one-in-a-million book and opportunity.
Business Book Editors at the Top of their Game
Last week I had the chance to meet with many editors from the most prestigious publishing companies in the industry. All of these smart people publish business books, although many of them publish in other non-fiction categories as well (e.g. history). I am writing this post to tell you how completely blown away I was by the collective intellect of these publishing professionals.
I visited these publishers in my capacity as a writer (a ghost writer) and/or as a literary agent, but my purpose for meeting with them did not alter the fact that some of the smartest people in the industry publish business books. That makes perfect sense, given the fact that business publishing continues to outperform many other publishing categories. Put another way, people buy business books even when the overall economy is limping along (although they buy fewer when things are really tough—but the drop-off is worse in other disciplines). Given that reality, it is no wonder that publishing companies assign some of their most talented editors to the business category.
You may be asking, didn’t you expect these editors to be bright? Yes, but their level of thoughtfulness, their vision and their intellect surprised me. For the most part, these people were not only gifted, but they were both interested and interesting as well.
So if one of your book proposals gets turned away by a business book editor or group of business book editors, do not take it personally. Business is still one of the most competitive of all business categories, and the collective intellect of business book editors does not change the fact that every successful business book must be fresh and innovative, and every winning business book author still must possess a mighty impressive platform—the kind that will help the publisher sell thousands of copies of the book.
My Publishing Outlook for 2010
I must forewarn you that I am an optimist at heart and always will be. However, I am also a pragmatist and have learned that “facing reality” is one of the most important business philosophies if one is to succeed. That said, I believe 2010 is going to be a very good year for business books.
2009 was anything but.
Many publishers were forced to scale back their programs, lay off scores of good editors, marketing people, and other professionals—all while combining and reorganizing various imprints. They did all of this against an ugly backdrop of an awful economy and a liquidity and housing crisis that sunk the Dow to multi-year lows in March of 2009. If you are wondering what the Dow has to do with business book publishing, the answer is “everything.”
Sales of business books—all business books, not just investing and finance titles—are very much dependent upon a strong stock market. Now that the Dow is over 10,000 once again and consumer confidence is up for the second month in a row, sales of business books will likely improve in the first quarter of 2010. However, we are not out of the woods yet. We are still seeing publishers continuing to cut positions and reorganize publishing divisions. But I believe that we are in the seventh inning on that—much nearer to the end than the beginning. Those publishers that do not cut back so sharply will fare the best when things turn around. Some publishers are positioning themselves to come out on top by continuing to aggressively acquire new titles to be published in 2010 and 2011. Of course, a great deal depends on the books and publishing programs of various houses. Unfortunately, several topics have already been over-published—think Bernie Madoff and the Liquidity crisis— and that trend will continue (publishers always follow trends and tend to saturate markets very quickly).
However, there are many great business editors out there who are acquiring and publishing original and compelling books. These innovators will be the ones most amply rewarded when the economy comes back. And the economy and the financial markets always come back…eventually. I happen to be one of those who believe that it will be sooner rather than later.
The Killer Book Proposal
The most common question I get from first time (0r even second time) authors focuses on how the publishing process works: How do I get started? How do we make sure that publishers will be interested in my book ideas? How do I set my work apart from the pack? These are good questions, and the answer to them are all the same.
It all starts with a killer book proposal.
Much to many authors’ surprise, it is a rare event that a publisher gets an entire manuscript in the mail. Instead, publishers get book proposals to review. And while no two proposals are constructed exactly the same way, the best of them contain the same elements—those key segments that all editors look for. The purpose of this posting is to give you an idea of exactly what needs to be included in every business book proposal. For those “big” books—one that you feel could break out and make a bestseller list—your proposal should run about 50 pages in length. That’s what is required to give editors and publishers a complete, three-dimensional picture of your book. As to what should be included, consider the following:
* A synopsis of the book, describing the book as vividly as possible. Make it sound compelling. Draw a picture of what the final book—the finish line—will look like. This overview of the book should not only paint a vivid picture of your book, it should also be written to draw readers in. This first critical section of the proposal should run about four to six pages but could be longer or shorter depending on the book topic, what you intend to write in other parts of the proposal, etc.
* The primary benefit of the book: also known as the USP, or unique selling proposition; what will readers get out of your book that they can’t get elsewhere? This could be part of the synopsis of the book or could be written as a separate—albeit brief—section of the proposal. The key here is to make your book sound like a “must have,” rather than a “nice to have.”
* A quick description of the target audience: this is important, since it will tell us who you are trying to reach. Is it a general Wall Street Journal audience, or higher level, such as financial professionals? If it is a leadership book, is it for “C suite” executives? Or is it for most anyone who sits in a cubicle? This section can be written in a couple of paragraphs, but is nonetheless important.
* Competing books:tell us what books are closest in content to your book. However, this is a bit tricky. The key is to include books that are not only similar to yours, but have also sold well. You may not know which books are successful, so this is one key area for your literary agent to step in and help. Most agents subscribe to a service which includes the sales records of all books published in the U.S. One additional note of caution: you should not include books that have sold hundreds of thousands of books, especially if you are a first time author or someone with anything less than a spectacular track record. Including blockbusters as competitors will make editors think you have unrealistic expectations or even a bit delusional.
* Books specifications: all relevant specs—the length of the book, number of tables, graphs or other pieces of art, and how long it will take you to write the book should be included. Is this a 150-page book or a 350-page book? This is the section that gives editors real insight into the length and level of the book you intend to write.
* A chapter-by-chapter summary: These are crucial, and should run one-to-two pages in length. This is where you put the meat on the bone and give editors real detail on the content of the book. Make sure you include a table of contents first, and then list every chapter title followed by a detailed description of all of the key topics to be included in the book. This is the longest part of the proposal. If you have, say, a fifteen chapter book, then this section should run about 20-30 pages.
* One complete chapter: This is particularly important, especially if you are a first-time author. This shows publishers how talented you are as a writer, while also providing the most amount of detail on one particular topic in the book. Make sure you select a chapter that really is pivotal to the book, and one that you know very well. It should also be one of the most interesting chapters in the book.
* Your bio and platform: This is yet another critical—and usually the final—part of the book proposal. However, your platform—those things that you do that will help sell copies of the book, re: seminars, speeches, TV appearances, social networking presence, etc.—is so important that I usually ask authors to include aspects of the author platform throughout the proposal. For example, if you are an author that appears three times a week on a cable news channel, then you might even lead with that way back in beginning, in the synopsis of the book. The key here is to use your judgment, and remember that the author platform is one of the most important determinants of whether or not a publisher (or multiple publishers) will make an offer on your book.
- What Business Book Publishers Look For in an Author
- What Business Book Publishing and the Stock Market Have in Common
- Literary Agents Level the Playing Field
- Ghostwriter Needed?
- BESTSELLER: How Many Copies Do You Have to Sell to Become a Bestseller?
- Literary Business Off to a Great Start
- A New Business Model and a New Bestseller?
- Business Book Editors at the Top of their Game
- My Publishing Outlook for 2010
- The Killer Book Proposal
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About Jeffrey
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As former Vice President and Publisher of McGraw-Hill's trade business books division, Jeffrey Krames has personally edited and published more than 275 business books, including many award-winning, best-selling titles on business luminaries that include Jack Welch, Michael Ovitz, Ross Perot, William Paley, Michael Dell, Bill Gates, Herb Kelleher and Lou Gerstner among others. Read more...
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