What is writer ROI? You often hear business people talking about return on investment (ROI). That means how much money you can make after investing in a startup, franchise, or business opportunity. The term ROI is also common in real estate, where it refers to how much certain upgrades can increase the value—and the selling price—of a home.
How does this apply to writing? If you want to make money from your books, think about ways to get the most from your investment. Writing a book, especially if you self-publish, demands a high investment of your time, money, and energy. Are you getting your investment back? If you’re not, it may be time for a fresh approach. Here’s how to maximize writer ROI and increase your value as an author.
- How Successful Authors Maximize Writer ROI
- Create Related Materials to Maximize Writer ROI
- Sell Books in Bulk to Maximize Writer ROI
- Build a Strong Brand to Maximize Writer ROI
- Cozy Up to Conventions to Maximize Writer ROI
- Get Your Audience Involved to Maximize Writer ROI
- Know That It Will Take Time to Maximize Writer ROI
- Beyond Books for Writer ROI
How Successful Authors Maximize Writer ROI
The 2024 Indie Author Survey is a yearly assessment of independent, self-published authors and how much money they make. The survey found that most authors aren’t making big money from their books, but a small number—around 2,000—make six figures annually from their book sales. The survey found that these writers:
- Write books with the intention of making money rather than as an artistic pursuit or hobby.
- Publish more often than other writers.
- Use their books to create other income streams.
If you’re writing books to make money, you may want to choose genres that lend themselves to creating more income streams. Focus on nonfiction topics like self-help, money, and work. Self-help and spirituality books are also big sellers.
Create Related Materials to Maximize Writer ROI
You knew enough about your chosen topic to write a book about it. That means you’re an expert on the topic and a trusted source. Why not expand that knowledge into different formats? Doing this allows you to stretch yourself creatively, learn new things, and find potential new ways to make money.
Best of all, once you’ve researched and written the book, you’ve done the hard part already. It should be relatively easy to create new products. Here are some ideas to help maximize writer ROI.
- Courses: Online courses and email courses are great ways to prove your name as an expert and create passive income.
- Workshops: Instead of a full-on course, create a one-day workshop that covers the basic information.
- Template: If what you’re teaching lends itself to a template, create one that readers can download for a small fee.
Sell Books in Bulk to Maximize Writer ROI
An excellent way to maximize writer ROI is to position your book as something that every business needs. Is it an essential guide that new trainees in an industry would find helpful? Is it a history of your industry that would make an excellent corporate gift? Maybe it’s a book of tips for passing a tough licensing exam in your industry.
If you can prove that it’s a must-have for any business, offer discounts for bulk buys. You may have to discount your book deeply, but you’ll make up for that in volume. You’ll also position yourself as an authority in your industry.
Remember the business term “unique selling proposition” or USP. Find out what your book’s USP is for businesses, and pitch bulk sales to them.
Build a Strong Brand to Maximize Writer ROI
You’ve heard it before, but it bears repeating. A key part of any marketing or sales approach is creating a powerful brand. Your brand is the image you present to the world. If you want to build a strong one to help maximize writer ROI, make sure everything in your marketing, from your photos to your color choices, reinforces the image you want to create.
To maximize writer ROI, build your brand and create new sales opportunities. Here are some ways to get started.
- Know your brand story. Work with a marketing professional who specializes in brand management. They’ll help you craft a brand story that will be the basis of your marketing campaign, logo, and online presence.
Cozy Up to Conventions to Maximize Writer ROI
Speak at corporate or industry events to help maximize writer ROI. Every profession and industry has a professional association that holds conventions with speakers, panels, and paper presentations. These conventions and conferences are excellent for making contacts and learning what topics are trending in the field.
You can start by attending the panels and talks that relate to your book. Be sure to ask questions and engage with the panel speakers. Eventually, you want to be one of those speakers. Contact the organizers, and ask them about their submission process. Use your book, webinars, and any articles you’ve written to prove you have the ability and authority to speak to their audience.
Get Your Audience Involved to Maximize Writer ROI
Readers and fans enjoy interacting with their favorite writers. This builds a loyal following that you can use to maximize ROI in several ways.
- Paid memberships: Once you begin to build a solid following for your blog, website, or podcast, set up a membership tier that allows members to pay for first access to episodes.
- Interactive events: Use your website to host virtual events, live sessions, chat responses, and book clubs. You’ll learn what types of projects your audience enjoys most, and that will help guide your future efforts.
Know That It Will Take Time to Maximize Writer ROI
Most writers don’t become instant bestsellers. Successful writers with high sales have focused on marketing from day one. They invested in marketing, design, and branding before they published their first book. They also published a high number of titles.
In other words, they went into publishing with a clear plan and an eye on the future. You need a similar approach. Success as a writer won’t happen overnight.
When you’re engaging in these processes to maximize writer ROI, you must accept that they’ll take some time. None of these plans will succeed overnight. You can’t expect instant results, and you should be prepared for a certain amount of disappointment, at least at the beginning. If you can get through it, you’ll lay some excellent ground that will pay off. Start your plan now, start small, and build on it when you can.
Beyond Books for Writer ROI
You can maximize ROI by thinking beyond books and creating a range of revenue-producing products. Start by focusing on getting sales for your book, and then build on that success to build your author brand, engage your readers, and reach new buyers.
We hope you’ve enjoyed this guide to maximizing your writing income. If it’s time to print your book, turn to Dazzle Printing for fast, expert service.