With the launch date for my first book, Book Blueprint, approaching in August and the rest of the publishing process unfolding as planned, I turned my focus to marketing.
The plan was to sell as many copies as possible before I went to print, thereby offsetting my publishing costs, dictating how many copies I should get in my first print run, and avoiding the bleak possibility of being left with thousands of books going mouldy in the garage.
I thought a couple of hundred books was reasonable. My unspoken fantasy number, which I haven’t revealed to anyone until now, was 1,000 books. 1,000 books at $24.95 each is almost $25,000. Minus the $7,000 I spent on producing the book (this doesn’t include marketing) and about $5 postage per book, I’d be ahead by $13,000. Not a bad return on my initial investment, and hopefully those initial sales would fuel a regular flow of sales over the coming months.
What actually happened? I reached out to my colleagues, clients and other entrepreneurial connections. I ran a few weeks of Facebook ads. I did a couple of podcast interviews.
And I sold 11 copies. In fact, three of those were for my mum, so I actually only sold eight.
The key to a successful business book
11 copies of my book at $24.95 each is $274.45 – barely enough to make a dent in my publishing costs. Was my book a failure even before it went to print?
As a standalone product, yes, my book was likely to be a failure. However, in the wider ecosystem of my business, the story was very different.
While my Facebook ads campaign didn’t lead to many book sales, it did lead to people signing up for the first two chapters of Book Blueprint for free. Now I’d always expected those who signed up for the first two chapters to buy the rest of the book. Instead, people who read those chapters contacted my team about Grammar Factory’s services.
I sold four one-on-one book planning workshops and four editing packages, adding up to $13,600 in revenue. In other words, my book brought in close to $14,000 in new business before it went to print.
The big learning? It’s not about the book sales.It’s not about the book sales Click To Tweet
It’s not about the book sales
My team and I have worked with close to 100 entrepreneurs across a range of industries – business, finance, health and wellness, travel, marketing, property, hospitality, law, photography, personal development and more. Most of them don’t make a profit on book sales alone, yet the majority have said that their books helped grow their businesses.
How? They view the book as a stepping stone to other opportunities.
Let’s look at book sales from a traditional author’s perspective. The book is the author’s product. To make an income, they need to sell their book. However, if their profit per book is only $10-$15 (in traditional publishing, their royalties would be closer to $1-$2), it’s going to take a lot of copies for them to make a decent income from book sales alone. This is why most traditional authors struggle financially.
If we look at book sales from an entrepreneur’s perspective, it’s a very different strategy. The book is a piece of marketing collateral. It builds the entrepreneur’s credibility; helps potential clients, partners and the media get to know them; and it spreads the word about their other services. The focus for the entrepreneur isn’t selling a book for a $10-$15 profit – it’s using that book to bring in other opportunities.
Some of these opportunities might include:
- Potential clients signing up for other products and services – by giving them a $25 book, your client is more likely to sign up for products and services that net you hundreds or even thousands.
- Charging higher rates – published entrepreneurs are seen as being more in demand and it’s expected that you will charge more for your services. In fact, I added over 50% to my workshop fees and had a client comment that my rate was much lower than he expected!
- Speaking opportunities as a credible authority – publishing your knowledge leads to instant expert status, which means you are more likely to stand out from other entrepreneurs trying to enter the speaking circuit. Speaking engagements then lead to other opportunities, including an additional stream of income, selling your books or products from the stage, and being invited for more speaking engagements.
- Media appearances as an established expert – as with speaking opportunities, published entrepreneurs are more likely to snag media appearances. Published content equals credibility, and journalists are always looking for published experts they can quote.
Ultimately, your book can transform your business, but only if you focus on leveraging your book for strategic opportunities rather than trying to sell it for a profit.Your business book is a stepping stone to other opportunities Click To Tweet
3 tips to get a business return on your book
So would any book have led to $14,000 in revenue before going to print? No. For a book to lead to those business results, it needs to meet the following criteria.
- It needs to provide value
Your book needs to provide value for your target readers. I have so many clients who worry about giving away so much of their intellectual property that people won’t want to work with them. What I always say is that if you give readers a lot of value in your book, they’re even more likely to want to work with you. After all, if you gave them so much value in a $25 book, just imagine how much value they’ll get from working with you personally!
This is one of the reasons why I gave two chapters away, rather than just the introduction. Chapter 1, which is all about finding the right book idea, has a lot of practical advice and most people experience an ‘ah ha!’ moment when they’re reading. I knew that if I could give people an ‘ah ha!’ moment at that stage of the book, they’d be far more likely to buy the full book or work with me than they would be if I’d only shared my introduction.
- It needs to be related to your business
While I’m sure you have a number of personal interests and stories you could write about, for the most impact your book should directly relate to your business. It could:
- Help your readers achieve the result that they would get when working with you. If you’re a personal trainer, your book might help your readers lose weight. If you’re a financial planner, your book might help your readers reduce their debt.
- Help your readers complete the work they need to do before they work with you. At Grammar Factory, our core service is book editing for entrepreneurs. Before someone can come to us for editing, they need to have written a book. My book teaches them how.
A book that is related to your business automatically draws people into your funnel of products and services. By contrast, an erotic romance is unlikely to have the same effect, as there’s no clear link between your book and your business. While your book may attract readers, they are unlikely to be your ideal clients. If they are, they’re unlikely to contact you for your personal training or financial planning service, because they haven’t been reflecting on that part of their lives while reading your steamy saga.
- It needs to be marketed to the right people
Although my book didn’t sell many copies, the copies it did sell went to the right people (with the exception of my mum). The same goes for those who downloaded the free chapters, and later signed up for other services.
My Facebook ads were targeted at Facebook users who ran business pages who were in the age range and locations of my typical clients, and who had an interest in entrepreneurship, small business, thought leadership and other related topics. This meant my cost per conversion was pretty good, though I do wish I’d increased my daily spend to increase the reach of the campaign.
In the end, the key is putting the right book in the hands of the right people. That’s when the magic happens.
Over to you
Writing a book? Start thinking about how you plan to leverage it for your business with the following questions:
- What opportunities do you want it to lead to?
- Who are your target readers? Will your book give these readers value?
- Is your book clearly related to your business? Is there a logical next step that your readers can take with you?
- How will you get it in front of your target readers?