You may have heard that it’s impossible to make money being an author. While it’s true that there’s no guarantee you’ll be the next J. K. Rowling, if you put in the effort, your book can earn you a wage.
Now more than ever, becoming a profitable author is possible and easier. No matter if you’re writing a novel that satisfies the reader’s longing for adventure or a memoir that contains real-world experience and know-how, your book is a valuable tool for earning income.
Today, we want to share some tips that will help you monetize your book and make the most profit.
There are now several ways to profit off your book content aside from traditional publishing. Via self-publishing, you can create e-books, audiobooks, webinars, blogs, and courses, just to name a few. So, if you have a book or a book idea, you’re already that much closer to turning that idea or product into money.
(Speaking of self-publishing, we’ve got a tutorial that will help you get started right away. In it, we detail the steps to take to make a successful self-publishing debut.)
To make your book profitable, you must first look at its contents. Carefully consider what your book is about, and ask yourself some questions, such as these:
- Who will find this information useful?
What kinds of people are your target audience? To create a powerful marketing strategy, you must know what kinds of people will read your book. Research your audience and note what you find; include their ages, interests, fields of work, and even the times of the year they tend to spend more money. Such data will help you in the next step of developing a marketing plan.
- How will I target my audience?
This is where your research comes into play. Now that you know who your readers are, you will know better which media platforms you can use to reach them. For example, if your book (area of expertise) is about aging well, you will likely find your target audience on Facebook, which tends to attract more mature users. If your book is about business networking, you might find your bulk of professionals on LinkedIn.
This can go beyond social media, too. Perhaps your audience is local; look to your area publications, websites, and email newsletters. Once you know where to find your audience, that’s where you will target your marketing strategy and/or advertising budget.
- Can I divide this topic into more books?
Sometimes selling or publishing your book’s content all at the same time is not the best strategy. Successful authors know to divide their content into more books or products, which they release at regular intervals. This makes your products more affordable, makes your audience more loyal and attracts more readers.
- Do I really need to be on the web?
An online presence is essential for marketing nowadays. You can’t simply rely on traditional methods if you want to reach as many potential readers as possible. If you want to let more people know about your book, then you must step up your promotions. Social media and Google Ads make this easy for you, and it pays off. Seeing more people enjoying your book online is truly a rewarding feeling.
Whether you’re a fiction or a nonfiction author, you have an advantage in earning income using the power of the internet.
For example, nonfiction authors offer specific expertise that people are willing to pay for. People may search specific terms online that are related to the knowledge that you provide in your books or products. Fiction readers are always looking for their next escape, and their favorite genre may be yours. When your audience searches a certain author or book genre, make sure they are seeing your book.
A lot of authors like you—even previously published authors—have monetized their books by self-publishing, and if you’re still not convinced, here is a list of 10 benefits of self-publishing.
So, if you have your book ready, don’t miss out on the opportunity to monetize. You can earn a lot more if you explore these questions to fully answer and plot your publishing and marketing strategy.
Don’t leave your book gathering dust on the bookshelf. As long as you have a product, it’s worth building a business around it, and we’re here to help you!