Thought Leadership Strategies: Write the Book on It

I had the pleasure of catching up with Adam Witty, President of Advantage Media Group to learn more about the surprising facts of publishing a book. A book is the ultimate credibility-builder and demonstrates expertise more clearly than almost any other tactic. It’s a good thing too, because very few people get rich solely because of their work as an author.

Almost 200,000 books are published a year in the U.S., but the average book sells less than 2,000 copies. According to Adam, writing a bestseller as a rookie author is akin to “winning the lottery and getting struck by lightning on the same day.”

The real value in writing a book is the invisible income stream that comes from positioning yourself as an expert – people pay more for an expert, and leads come more easily.

Should you write a book? According to Adam, anyone selling high-ticket products or services should consider it because one new customer would pay for the publishing costs.

So, how much does it cost to publish a book? That depends. With DIY services such as Lulu, the cost comes way down if you’re able to write, edit, lay out, market and design the cover yourself (though many authors budget at least $1,000 to outsource some of the tasks). A hybrid publisher like Advantage Media may charge $10-12K on the low end – or up to 6 figures on the high-end for a year-long marketing program, personalized editor and custom cover design.

And if you’re really interested in making your fortune as an author, here are some of the surprising economics of book sales. An author may earn only $1-$2 for every book sold at Barnes & Noble. Retail stores sell books on consignment; 40% of the books on the shelf are returned after 60-90 days. Many of Advantage Media’s best selling authors sell most of their books themselves after personal appearances or speaking engagements. If the author buys books in bulk for approximately $5 apiece and sells them for $20-$25 each – well, you can do the math.

Clearly, the ROI of book publishing needs to be measured in different ways. It’s not necessarily about selling books but about being an author and standing for something. So, if you have a unique perspective that you think will add to your corporate credibility – write the book on it.

-- Katie Hanusik