While there are many good reasons to write a book (my website offers plenty of them), this post, courtesy of Mike Dowling at Wool Street Writers, absolutely nails it. It reveals how writing a book created nearly a million dollars of new business for one of his clients.
What kind of ROI can you expect from writing a non-fiction book?
This question is often put to me by aspiring authors. If you’re thinking about writing and publishing a book, you’re probably wondering the same thing. I’ll offer some guidance in this post.
First of all, here’s what NOT to expect: Don’t expect to get rich from sales of your book. Getting your book in a chain like Barnes and Noble is great, but it doesn’t guarantee sales. With so many choices on bookstore shelves, not many customers will even see your book, unless they’re already looking for it. It’s safer to assume that revenues from sales of your book will simply help offset the costs of producing it.
Your real ROI will come from the boost your book will give to your business and your career. For example, when one of my clients, Lee Ellis, wrote Leading with Honor, it enormously enhanced his brand as a leadership consultant. Since the publication of his book, he has appeared on CNN, FOX News, and other national media outlets. His speaking invitations have dramatically increased, which naturally have increased his consulting revenues.
Here, in his own words, is what another of my clients, Marty Harshberger, author of Bottom Line Focus, told me just this week:
Recently, I was curious to know how much consulting business my book had generated for me since it was published. I went back and tallied all the revenues that were directly attributable to it. They totaled $870,000, and they’re still coming in! That figure didn’t include other business that might have indirectly resulted from the book. I’ll tell you one story to illustrate how my book has benefited me. Not long ago, I gave a copy of Bottom Line Focus to the CEO of a bank. He liked it so much that he ordered copies for his twelve branch managers, and he invited me to put on a one-day seminar for them. This went over so well that this CEO bought copies for ten of the bank’s best customers. He then asked me to put on monthly seminars for these customers for one year. I’m in the process of presenting these seminars now. Of course, they are generating some nice consulting income, and it will be exciting to see what additional opportunities they open up.
I love to hear these kinds of stories! And I’m pleased to say that I hear them quite often.
Have you thought about writing a book? A professionally produced book is one of the most powerful tools for opening doors to new opportunities and establishing your brand as a thought leader. When you become an author, others will see you as an authority in your field. You will become a sought-after speaker. Prospects who read your book will come to you predisposed to buy.
What kind of ROI can you expect from your book? Answer: It can take your business and your career to a whole new level!