An uncomfortable truth about publishing is that very few books make money. That applies to self-published works as well as those with the full backing of a publishing house. Even a book deal with the Big Four publishers is no guarantee of riches. That’s just the state of the market.
So, you’re someone who wants to hire a ghostwriter to write a book, but as a pragmatist, you don’t want to throw large sums of money away just on a passion project or l’art pour l’art (art for art’s sake), though I contend that if you have the means, writing a book for the sake of the emotional and intellectual challenge is reward alone. But most clients intend to reap some financial reward as well. Here are a few ways, beyond book sales, that you can monetize your book:
1. Get promoted or change jobs—or even careers
Ask Doug Reed, whom I consulted with on his book Lead a Movement: The Insider’s Guide to Powerful Strategy Execution. Doug was already an established figure in the architecture and engineering field when he wrote his leadership and strategy guidebook, but he found himself at a career crossroads. Lead a Movement was not a best-seller, far from it, and the book, while original and insightful, was one of many titles in a crowded subgenre of organizational strategy. Nevertheless, thanks to Doug’s marketing efforts – and the quality of the text itself – he got his book into the hands of the right people, who passed it on to others, who in turn reached out to Doug with an offer to interview. Ultimately, the book paved the way (pardon the engineering pun) to his current CEO role with a prominent A&E firm.
Publishing a book can attract the attention of higher-ups in your company, high-level recruiters in your industry, or the movers and shakers and dealmakers who can open doors for you that would otherwise remain shut.
2. Build lucrative relationships
A good book is not a one-way conduit of information from author to reader; it’s a conversation starter. And conversations can lead to introductions which lead to promising relationships. Regardless of the field you’re in, you understand that once you reach a certain level, past accomplishments and professional expertise mean little without solid networks. A book can spark dialogue with people who are impressed by your knowledge or share your views. This is the starting point of relationships that, if nurtured over the long run, can be parlayed to new opportunities to win new business, meet new clients, or attract investors.
3. Promote a product or service
Many of the business books I’ve written conclude with a call to action, usually along the lines of, “If you’d like to learn more, visit my website or give me a call.” Whether you’re selling professional services, digital products, material goods, or something else, a book serves as an excellent springboard that converts a reader into a loyal customer by the time he/she reaches the final page. Unlike advertising copy, a book has real value, and readers recognize this, so they’re more likely to respond favorably to a book than to a sales pitch.
4. Attract investors
Investors are people too (no, I swear). Sure, savvy investors can chew through a 50-page business plan or a jargon-laden prospectus, but they’re also very much interested in the brain behind the business. A book allows you to convey your vision, your expertise, and (importantly) your personality and background in a way that other materials don’t. Write a book that wows investors and their associates, and you’re on the way to inking million-dollar deals with the folks who can finance the lofty ambitions you have written about.
5. Consulting and paid speaking
I receive a lot of inquiries from professionals who are either public speakers currently, or want to build a nascent public speaking business. Public speakers and consultants thrive on authority and reputation—that’s why they get hired. A book is an excellent, and durable, way of establishing your authority in a way that leads to speaking engagements and consultancies. In fact, they feed off each other: a book leads to new engagements, which generates further book sales as your reputation grows, which in turn leads to ever-greater consulting and speaking roles.
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