In a recent Business Book ROI Study of 350 authors, more than 90% of the respondents reported some nonmonetary value from their book and 89% confirmed writing and publishing a book was a good idea.
However, the study also confirmed that the money most authors earned as a result of publishing a book was not due to sales of the book itself. In fact, researchers stated, “book sales rarely met expectations.” That tells me that the authors’ expectations may have been unrealistic.
Benefits of being an author
You might think that an author’s primary goal is to sell millions of copies of their book.
That may be a goal for some, but for leaders, CEOs, founders, business owners, and other experts, a book is much more than a new revenue stream. In fact, for most of my clients, selling individual copies of their book is the least important reason to write one. They don’t necessarily expect to make lots of money from sales.
They understand that the real value of a book comes from the new opportunities it can help create.
In fact, in this study, the authors interviewed stated that their number one goal was “more paid engagements.”
Armed with a business book bearing their name, authors are strongly positioned for new opportunities that include consulting, speaking, and hosting workshops, among other things. In fact, according to the study, those three activities generated “much more income than book sales and royalties.”
My clients’ experiences back this statement up.
One of my clients used his book as a marketing tool, mailing it out to his top leadership training prospects as soon as it was printed. Almost immediately his firm was awarded a $30,000 contract, thanks in large part to his new book, he said.
Another client used their book to pursue consulting and speaking opportunities with Fortune 500 corporations, building their firm into a multimillion-dollar enterprise in a few short years.
A more recent client published her book about corporate culture, which became a Wall Street Journal bestseller. She has leveraged it to land regular TV appearances that have boosted her business.
On top of those revenue-generating undertakings, authors also qualify for more earned media opportunities, podcast interviews, teaching, and coaching invitations that may lead to more business as well.[/vc_column_text]
Being successful doesn’t require a bestseller
Granted, I have written and edited New York Times bestselling books, but qualifying for that prestigious list is steeped in mystery. No one really knows how many books it takes to be named a NYT bestseller. It likely requires tens if not hundreds of thousands of copies sold, although hitting the Amazon bestseller list in your category may only take a few dozen sales.
In this study, authors reported that “median sales were 4,600 [copies] for traditionally published books, 1,600 for hybrid-published books, and 700 for self-published books.”
Despite these lower numbers, 64% of business books were profitable. “The median profit for books out for at least six months was $11,350.” That’s profit, not sales.
However, the study found that “book sales didn’t predict success or ROI.” Meaning that the two are almost unrelated.
Beyond book sales
While a book can position you for new career opportunities, new business opportunities, new leadership opportunities, and more, some authors have bigger reasons for writing a book.
The most commonly stated goal was to share their knowledge, with other similar goals including elevating a topic that needs attention, building a personal legacy, and giving back to society.
The good news is that most authors achieved their goals, whatever they were.
If you’d like to talk about your book idea, feel free to email me at marcia at marcialaytonturner.com.