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So you just finished your book. Congratulations! No doubt about it – you’ve spent hours, days, weeks and months to complete it. And it’s a masterpiece.
Now it’s time to sell it, make that New York Times Best Seller’s list and retire.
*sips pina colada*
But you’ll not likely retire on the revenue from book sales alone. In fact, your book is probably more useful as a business card or entry-point into a sales funnel rather than a profit driver by itself. Here’s why.
Ever heard of “price anchoring”?
Price anchoring a psychological bias that causes us to rely too heavily on existing information when trying to make a purchase decision .
Clever marketers use it all around you to convince you that you’re getting a good deal. Let’s say you are looking at a product that usually sells for $1000, but today it’s 80% off. You think this is a great deal because in your mind you’ve anchored the price at $1000. The discounted $200 price is a steal in comparison, but what you may not realise is that the business will probably make a hefty profit even at the discounted price. So what’s the lesson here?
There is a disconnect between the actual value of an item and the perceived value of an item.
In the case of a book, the “anchor” price of the book is what the market typically pays for books. Books are commoditised at around $10 apiece, which means you are hitting a ceiling with the sales price even if the value and advice in your book can help someone to make $10,000,000. For the most part, that same book is still worth only $10 in its book form when it comes time to pull out the credit card.
Try to charge $500 for it and no-one will buy it because it is “too expensive”.
So whilst your book can then act as a reputation or authority builder, it’s generally not going to make you much by itself.
Unless it’s not a book anymore.
In this video I will show you a quick methodology for turning your book into a training course and complementary products. When combined with an effective sales funnel strategy these items can NET you $28,000 with very little additional effort.
You’ve already done all the hard work – researching, writing, editing and publishing. All you need to do now is change the way your book is packaged and presented to the market.
Have a look at the video below to learn how.