Welcome back tot he CEO Author Podcast! I am your host Sharlrita Deloatch and I love talking all thing business and books. They both go together in my eyes.
Let’s talk about it. Here are some things to consider when publishing your book.
Establishing a realistic budget: It is important to create a budget for your book project to ensure financial feasibility and to guide your decision-making process. There are various components to consider, such as writing and editing costs, cover design and formatting expenses, marketing and promotional investments, and distribution expenses.
Prioritizing expenses: There is the significance of prioritizing your expenses based on your goals and target audience. Make sure that you allocate funds to areas that will have the greatest impact on the success of your book, such as professional editing or cover design, which can enhance the quality and marketability of your book.
Calculating return on investment (ROI): Her are some concepts of ROI (Return on Investment) and how it applies to the business side of book publishing. You can measure your ROI, such as tracking book sales, revenue generated, or the growth of your author platform or business as a result of publishing the book. You also want to consider the cart value for your book. Think of amazon. Once someone lands on your landing page to purchase your book for maybe $19.99 and on that same page you have a valuable upsell for $17.00. On the thank you page you have a one-time offer for $97.00. That is a total of 133.99. That is a great cart value. Not everyone will purchase your upsell or one-time offer. Let’s say out of 100 people 10 people purchase your upsell and one-time offer. That’s 1339.90 and the other 90 purchase the book. That is a total of $1,799.10. Adding both numbers together you will get $3,139. Let’s say you have 100 people per month purchase your book. That’s 37,668 per year. THAT IS ONLY ONE STREAM! Amazing!
Marketing and promotional strategies: In order to sell 100 books a month you must allocate a portion of your budget to marketing and promotional activities to maximize the visibility and reach of your book. The different strategies such as social media advertising, book launch events, influencer collaborations, or targeted online advertising can contribute to the ROI of your book
Distribution options and costs: There are a variety of distribution options available to authors, such as self-distribution, utilizing online platforms. Most self-publishing platform have no cost. I do know that Ingram Sparks has a cost so consider that platform. With each platform, some may allow you to print books on demand and you want to consider that expense.
Tracking and evaluating expenses: Always track your expenses throughout the book publishing process. Keep detailed records and utilize budgeting tools or software to monitor their spending and ensure they stay within their allocated budget.
Long-term revenue streams: You do have the potential of long-term revenue streams beyond book sales, such as speaking engagements, consulting opportunities, or additional books in a series. Consider these potential revenue streams when evaluating the ROI of their book project.
Adjusting your strategy: flexibility and adjusting your strategy based on the results and feedback received. Analyze your ROI periodically and make informed decisions on adjustments to your marketing, distribution, or pricing strategies to optimize profitability.
Learning from the process: There is so much value in treating your book project as a learning experience, regardless of the financial outcome. Take note of the lessons learned throughout the process and apply them to future projects or business endeavors.
Seeking professional advice: As always seek professional advice, such as consulting with a financial advisor or speaking with experienced authors or industry professionals, can provide valuable insights into budgeting and maximizing ROI in the book publishing process.
Are you considering writing a book? Let’s chat on Instagram and lets see which way you should go. I would love to voice note you! 🙂 Let’s chat at www.instagram.com/sharlritadeloatch
Thank you for listening to this week’s episode. I look forward to talking to you on Instagram
