Very few authors make a fortune from book sales. Actually, that’s not true: not even a small percentage of published authors make a living from their royalties. And those are the writers who have book deals.
Which begs the question: why do so many people dip their toes into publishing every year, whether with a big-name press or as a self-publishing author?
The short answer is that while most authors are unlikely to retire on royalties or make money fast, a book can be an invaluable tool to support your other businesses.
Want free money?
In this post, I’ll talk specifically about non-fiction publishing and show you how authors are using their books as a powerful tool for selling their products and services.
What “need” does your product fill (and for whom)?
This is the first question any entrepreneur needs to answer: where is there a gap in the market, and how does your product fill that gap? Another way to look at it is to ask, “what problem am I solving?”
If you’re selling bicycles, maybe they have a safety feature that makes it less hazardous to ride in a busy city? If that’s the case, it also takes care of your next question, which is: who is my target consumer?
For another example, if you’ve developed new accounting software, maybe it helps small business owners handle their taxes by themselves — and will save them thousands in accounting fees.
If you’ve managed to identify answers to those two questions (what problem do you solve? and for whom?), then you’re halfway to a book that can help you sell that product.
How else can you help them solve this problem?
A big mistake would be to write a book that’s all about how great your product is. People don’t want to read a 200-page sales pamphlet. Your aim should be to write a book that helps solve a problem that your target audience has.
If you’re that business with the accounting software, why not write a book that contains your insights and tips for handling small business taxes? Or if you’re selling those safe bikes, perhaps your book is about cycle safety or a directory of cycling routes. You want to connect with your target customer, make them more aware of the problem that your product will eventually solve, and offer them a solution.
These solutions should not involve them buying something from you; that will come later. Now is the time to get to let your customer get to know you, earning their trust — and nothing betrays trust more quickly than a hard sell.
Get out of my book (and into my mailing list)
Once a prospective customer has read your book, learned to love it, and sees you as an authority in your field — it’s critical to get them into your business’s ecosystem. One of the best ways to do this is with a lead magnet (or a reader magnet, as they’re called in the biz).
Somewhere in the book, let readers know that they can go to your website and download additional content for free. This might be a worksheet, a template, a webinar, or an additional book. So long as this content is of some value to the reader, they will be happy to sign up to your mailing list in exchange for it.
Treat your customers right
At this point, if you’ve done everything correctly, the people on your mailing list who have read your book and downloaded the extra content will be “hot leads” — customers primed to purchase your product or service with just a little nudge.
You can set up email automation that will send new subscribers a few useful pieces of content before finally dropping your sales email.
Be sure to take care of these leads: as folks who have bought into your brand, they’re also more likely to evangelize on your behalf. Offer them discounts or bonuses that are exclusive to them; be sure to answer their emails promptly; give them discount codes to share with their contacts.
Also, remember to engage them through your newsletters regularly. Be careful not to spam them, though! Keep your newsletters relevant, and always be sure to offer them free content that’s of value to them. Then, when the time comes to sell them your next product, they’re ready to hand over their hard-earned cash.
And I haven’t even touched on how authoring a book will give you a platform and allow you to secure publicity opportunities like conference appearances and guest posts. In short: if you go about it the right way, publishing a book will be like buying a magical marketing Swiss Army Knife — you’ll wonder how you ever got by without it.