Can you make money by writing a book?
Majority of the writers would refuse the fact, except for the likes of JK Rowlings and James Pattersons.
But, self-publishing is booming – more people are writing books every year and on subjects that were considered non-saleable before!
What exactly are the writers looking for, with their books – if not revenue from sales?
What benefits are they reaping by sharing their stories?
Traditionally, Books were supposed to be written by only professional writers.
But, we have started recognizing the value of real-life experiences and success stories in the business world.
For small businesses and startups, writing a Book is a time-tested strategy to create visibility for Brand and to put forth their expertise.
In The Business Impact of Writing a Book survey, 96% of the authors surveyed said they did realize a significant positive impact on their businesses from writing a book and would recommend the practice.
The real benefits of your book will go much beyond the revenue from royalties or sales. They also continue over a period of time boosting the presence and impact of your Brand.
Here are 9 ways in which writing a book will help you boost your business in terms of visibility, customer reach and value addition:
1. Position yourself as an expert in the Industry
Today, customers are no longer making purchase decisions merely on the basis of information given in ads. Moreover, nobody looks at the ads to know more about the products.
Then, who do they turn to for information?
Obviously, to the ‘expert’ in the industry – i.e. you, thanks to your book.
Researcher Mike Schultz, principal of the Wellesley Hills Group was quoted saying that publishing a book helps his clients in establishing themselves as thought-leaders, increasing their intellectual capital, and building trust in the community.
As an authority in the industry, your halo will help your products gain an air of authenticity and trustworthiness among customers.
2. Stand apart from your competition
Writing a book goes a long way in establishing a distinct identity for yourself among your competitors.
Apart from establishing legitimacy, your book also facilitates your entry into other communication mediums either for the promotion of your book or as an expert on the subject matter.
Nutritionist Susan Weiner found that, after she published her book ‘The complete diabetes organizer’, she started receiving invitations to appear on radio shows.
Similarly, Debora McLaughlin, author of the “Renegade Leader” found that publishing her book earned her invitations speak at colleges and to act as an expert panelist at Tele summits.
Visibility in the niche mediums helps you reach the potential consumers to whom your competitors do not have access.
3. Business Diversification and complementary sources of revenue
Your book’s stamp of authority will create the scope for collaborations and investments with other players in the industry.
Writing a book demands extensive research and collection of content for your business. This content could be employed to create complementary sources of revenue like online courses, coaching and consulting.
For instance, Look at Tim Ferriss, the author of 4 hour workweek. He has since diversified into cooking and fitness, based on the principles of the first book. He even has podcasts, TV shows, and speaking engagements.
You could even use the visibility created by your book to launch an entirely new product line from your brand.
4. Strengthen your customer base
You have built a loyal customer base with your product over the years.
For the existing customer, your book will be a valuable addition beyond what he has paid for your product.
On top of that, your book is the perfect opportunity to give them a glimpse into your values and growth story.
A good publisher can ensure that your book creates the perfect opportunity for meaningful interactions with customers through social media engagements and book promotion events.
Many of your customers may not be inclined to share about your product on their social media.
But, if you establish an emotional connection with them, they can see beyond the commercials and create visibility for your book, which in turn is reflected on your products in their communities.
5. Upsell your product
The prestige and visibility created with your book would help you add brand value to your existing products.
This value addition ensures that any add-ons or upgrades you offer are immensely desirable to the user.
Upselling helps you to accelerate the time to profit and increases lifetime value to your customers.
Apart from your the traditional hardcopy, your publisher can help you publish Ebooks and audio books. Such add-ons given on the purchase of your book can amp up your appeal for the consumer on the go and also attract the “non – readers” to your product.
6. Attract new customers
Your book will expand your reach beyond your usual customer base – in terms of geography and industry.
Consider the case of Melissa Gonzalez’s. Her book, The pop up paradigm, not only tripled her leads but helped to change her client portfolio from exclusive luxury brands to publicly traded companies.
Book promotion activities will create space for you to interact with new customer groups. You will also get space to promote books on tv and radio – which may not have been previously integrated into your product’s marketing plan.
Your book also puts you at an advantage in the sales process, as customers come in discussing your ideas and building on them rather than, you pitching the product to the customers
7. Get the best people to work for you
Business, no matter how big or small is often dependent on a team of people who deliver the quality products and services.
Having a team that not only maintains the standards but innovates and creates a dynamic workspace is the necessity of the hour.
How do you attract such manpower to work with you?
The innovators and creative minds are not driven merely by money. They are looking for opportunities with a difference.
What better way to pitch your USP of your brand, than through your book?
8. Showcase your brand
For an entrepreneur writing a book is the ultimate opportunity to position his brand for years to come.
Your book gives you the opening to clarify your brand to the consumer and create one on one customer engagement. You will also enjoy a great deal of creative freedom to represent your products and your achievements within the book.
For Entrepreneurs turned authors, a book is an excellent opportunity to combine their communications in one place to create a complete narrative.
You will also have the space to share your company’s story behind the products for greater emotional impact and brand recognition.
9. Enjoy high Return on Investment
Traditional Marketing and advertising are expensive – especially when done by a professional. Even with the advent of social media, strategizing and designing for advertisements still remains fairly expensive.
With self – publishing, the whole process of publishing a book has become a cakewalk.
For comparatively little investment, you can produce quality content, have it promoted by professionals, gain a reputation as the best selling author and end up with a high-value marketing tool for your company.
Hence, to sum up, every book by an entrepreneur or a businessman may not match the likes of a “Steve Jobs Biography”.
But, experience has shown that an entrepreneur turned author often end up generating more leads, closing more deals, charging higher fees, and getting better speaking engagements.
So, are you ready to craft the Book that will Boost your Business?