An author has many potential revenue streams. Let’s face it: until you actually do manifest a mega-bestseller (and not just make it onto the list) and sell hundreds of thousands—or millions—of books, you’re not likely to be living off your publishing royalties. For this reason, it’s important for authors to diversify their offerings and continually try different communication channels.
The Internet provides a plethora of opportunities and taking the time to master various e-marketing strategies can be very advantageous for your career and your bank account.
Note: You might be aware of most, if not all, of the following revenue streams listed below, but seeing all of them in one place might spark an idea in your head.
Here’s a list of 14 basic potential revenue streams an author can create:
- e-Commerce–enabled website: Developing a series of products and becoming a master marketer can help you build a healthy stream of revenue from web sales.
- e-Books/Special Report landing pages: If you have a highly-attractive offer and you are a competent marketer, you can generate a consistent stream of revenue from this strategy.
- Teleseminars: Although most teleseminars are free and used by marketers to upsell listeners on other products and services, if packaged properly, you can charge for these calls.
- Distance-Learning Program/e-Courses: Once you’ve developed your course/program, you’ll probably need to create a marketing system and an e-books landing page.
- Telephone coaching: You can charge for individual calls and/or monthly coaching.
- Consulting services: You can charge for specific deliverables, go on retainer, and/or create a performance-based program where you’re tied to the success/profits of the enterprise.
- Bookings/Speaking: Fees vary based on market demand and your platform’s perceived value.
- Workshops/Seminars: You can charge for three-hour sessions, full-day workshops, or weekend retreats.
- Publishing Advances/Royalties: See the Become a Best-Selling Author guide-book for details.
- Sponsorships: As a speaker, you may be able to pick up a sponsor—if that’s appropriate for your platform. Patrick Combs, public speaker and author of Major in Success (Ten Speed Press, 2003), was able to get MasterCard to invest $150,000 in his speaking tour to college campuses. (Check out Patrick’s site.)
- BOTR (Back-of-the-Room) Sales: Packaging and selling product at your speaking engagements can become the primary source of revenue for an author/speaker.
- Ancillary Products/Merchandising: These products can be sold online and at your events.
- Affiliate Programs: You can leverage other marketers’ affiliate programs to generate revenue and/or create your own and have other marketers selling your products—affiliate commissions can vary from 5 to 50%.
- Google AdSense: If you have a high-traffic website, you can sign up for Google’s AdSense program, which is like putting Google Adwords on your website.
May you build a prosperous career with multiple streams of revenue!
The above article is an excerpt from 60 Strategies for Selling More Books exclusively available through Everything You Need to Know to Become a Best-Selling Author.
About Scott Jeffrey
With an impressive client list including New York Times best-selling authors, speakers, and consultants, Scott Jeffrey is renowned for his ability to guide each client’s journey to the impossible—crafting their own adventure, zealously following their bliss and discovering their unique, meaningful contribution to the world. Scott is the master strategist behind Creative Crayon, LLC, a world-class strategic coaching enterprise and consultancy.
Scott is the author of Journey to the Impossible: Designing an Extraordinary Life, a Benjamin Franklin Award finalist, as well as the interviewer in the 10-CD audio program, Everything you Need to Know to Become a Best-Selling Author. He was the editor of Impossible Journeys.
Scott and his four-legged hiking companion, Yoda, reside in the mountains of upstate New York.
Find out more at http://www.bestsellingauthor.com