In the traditional publishing scheme, hardbacks are released first and paperback versions of the book are released later, if at all. Nobody knows when e-books (aka: the future, the apocalypse, our salvation, the devil) should be released.
Some think that e-books should be released with hardcover. Others think they should be released between hardcover and paperbacks, and some believe they should be released last, in order not to cannibalize dead-tree book sales. The problem with releasing them with hardcovers is that you’re trying to sell a $25 version and the e-book version, which is likely going to be much cheaper, and you’re trying to tell people they’re equal in every way. Releasing ebooks after paperbacks is too much of a delay (because tech-savy people are not good at waiting, apparently). So releasing e-books between hardback and paperback versions seems the only way to make people happy. Except it’s not really making people happy, it’s just making them not-unhappy.
So my suggestion: release the e-book first.
Hear me out!
1) E-book havers are, at the moment, classic first-adopters. These are the kind of people who tell their friends about the new band, who upgrade to the new operating system first, who had twitter back when everyone else was still signing up for Facebook. These are the kind of people who start trends. They are exacty the kind of people publishers want to give their book to.
2) E-book production is cheap(er). If early readers universally decry the book as terrible, as fit only for electronic bedding for the cage of their electronic pet, publishers can always shout “stop the presses,” cancel the hardcover, and save some cash.
3) One of the big complaints about e-books is they are hard to give or lend. Despite what people say about how you can have more than one Kindle on an account, you can’t give an ebook like you can a paper one. Now, note that the giving of a book almost always happens after the book has already been read by the giver. So let givers read books in e-book format, and then provide them with a handsome, shelf-worthy hardcover they can buy and hand to their friends on Christmas.
4) This strategy creates a collector and fan market. We can see Seinfeld on TV any time we want, but we still buy the DVDs. Even though they may own the e-book, fans and collectors will buy the paper version so they can say they own it. We are all magpies in that way, and we like owning things.
The major downside of this strategy is that paper book sales will likely decrease because not everyone will buy another copy (or buy their first copy in paper once they’re told about it by an e-book reader). The sad truth is that paper book sales are probably going to decrease anyway. We are all magpies and we like shiny new things and we are all going to get e-readers even if they’re not as awesome as books in so many important ways.
I’m calling it right now: the publishers that do well in the coming publishing world will be those that use e-books to build buzz and establish base sales for books that will later be released on the hides of those other wonderful things we’re slowly getting rid of: trees.