Lefsetz writes primarily about the music industry — his area of expertise — but so many of his posts are applicable to writing and publishing too.
More than anyone I’ve come across who writes strictly about publishing, he understands the overarching issues of building a post-Internet career. Every writer should make a stop at his blog daily.
Know that you don’t know when you’ll be successful. That it will happen after you want it to. Or, if it happens soon, it’s going to evaporate, because you don’t have a catalog and your fans haven’t had enough time to bond and form a tribe.
Know that you charge last.
Boldfaced emphasis added by me.
I’m not an advocate of giving away everything for free. If you’re a professional writer, with credits in book print, you have a right to expect people to pay for your work in e, just as they did in print. That said, you should understand that lower price does not mean less profit. Fifteen percent in print is generous. But when you compare than to 60-70% in e, it’s only greed making you think you can slap a print book price on an eBook. Don’t do it.