How to Calculate ROI from a Business Book Project

How do you calculate the ROI on a book project to brand or grow your business? It’s complicated. For most business books, direct profit is simply not there. You can’t sell enough books to cover the cost of your time plus the 3rd party services you need to publish. But profit from direct sales isn’t the right measurement.

The ROI for a successful book project is almost always indirect—and the ratio can be high.

Think about it: A book that brings one or two new clients can pay for itself quickly and decisively. Dave Nelsen, President, Dialog Consulting Group, explained it this way:

“Here’s how I look at the value of my book. With the release of the book, I raised the price of my “standard” consulting program by 50%. If I get the same number of engagements as before, I’ve paid for the book project in 1 to 2 quarters. If I get an additional engagement that I would not have had otherwise, that alone covers most of the project cost. It’s a very compelling ROI either way (and more likely both ways)!”

While increased fees and new customers are obvious ways to quantify the value of a book for your business, these measurements fall far short of the total return. Consider the following positive outcomes that come with publishing a book:

Credibility

Once you publish a book, every introduction and bio, including those on your website and in the press, will rightfully include your title and your credential as an author. You’ll be considered a thought leader and authority. Remember, the root of the word authority is author.

Opportunities to Showcase Your Expertise

Authors receive invitations to present at conferences and events attended by their prospects. Such presentations allow you to demonstrate your expertise to multiple targets at the same time—most often at someone else’s expense. How would invitations to speak affect your marketing strategy and profits?  

Pricing on Value Versus Cost

Established thought leaders do not need to compete with the lowest cost providers. Thought leaders attract clients who value working with top-notch experts rather than lowest cost providers. These clients think in terms of investments rather than expenses. As such, they are easier and more profitable to work with.

Marketplace Differentiation

You can’t help but stand out when you hand a book to a prospect while your competitor offers a business card. Can you estimate a dollar value for being “the one who wrote the book” versus being one among many hard-to-distinguish providers?

Clear and Refined Messaging

Writing a book for publication involves wrestling for the clearest and most concise way to articulate and support your message—in terms your audience can embrace. Once you do that work, you “own” the content in a fresh and powerful way. Dan Dupee, CEO of a nonprofit said, “Now that I have done the work of clarifying our message for the book, I have a different level of confidence. I say what I have to say with authority. As I look at the book now, I’m amazed at how clearly the principles are articulated.” 

Resonance, Relatability, and Demonstration

A book that showcases your style, values, and culture attracts prospects who are a good fit for you. A book that demonstrates the process you use to solve problems like those of your prospects—and showcases the results you’ve achieved with clients just like those prospects is priceless. It builds the “know, like, and trust” element that is essential in sales.

Evergreen Marketing Material

Most prospects aren’t ready to buy at the moment you meet them. And they may not do more than glance at your book when they first receive it. Chances are, however, that the prospect will put that book on a shelf as people are reluctant to throw a book away—where it will be handy when the time is right, with all your contact information at the prospect’s fingertips. There’s a high value for “being top of mind” when a prospect is ready to buy.

High-value Marketing Touchpoint

Sometimes you don’t have the connection needed to get an introduction to a target prospect. When that’s the case, you can open a door by sending a book with a personalized note and following up with a call. On the receiving end, getting a book in the mail sure stands out over that “It was nice to meet you” email that everyone sends.

High-value Content at the Ready

The work of putting together a book yields a significant amount of content that can be used to keep you active on social media platforms. Regular and consistent messages on social media increase your status as a thought leader while keeping you top-of mind for prospects.

Increased Message Impact. You can only give so many presentations, and social media posts only go so far. Books are a different type of content, and magic often occurs when they are available through Amazon. Authors fulfill their mission with greater impact their books are read by people in multiple states and countries that the author couldn’t otherwise reach.

Personal Accomplishment

There’s no feeling in the world like holding a book proclaiming you as author for the first time. Becoming a published author means you’ve been inducted into an elite class of individuals with the intelligence and grit to turn a dream and goal into a hard-won reality. Your sense of accomplishment and confidence not only soars; it remains permanently elevated. 

If you are eager to brand yourself as a thought leader and reap the benefits described here, it’s time to write your book. We can help. To learn more, visit www.GravitasPress.com.