If you’ve written a book or are planning to do so, it’s important to look at the whole picture. Yes,
you want to entertain, inspire, and maybe even educate your readers, but you’d like to make
some money too, right? I sure do! So, how do self-published authors bring in the big bucks?
While writing is a labor of love, turning your self-published book into a lucrative venture
requires strategic planning and effective marketing. Not to worry! We have you covered! In this
post, we’ll explore the best ways to earn money by selling your self-published book.
1. Strategic Pricing:
Setting the right price for your self-published book is a crucial aspect of maximizing earnings.
Conduct market research to understand the pricing trends in your genre. Don’t panic, just hit
Amazon and check out your competitors. While it may be tempting to underprice your book for
initial traction, your pricing should reflect the value of your work. Instead of dropping your
price, experiment with promotions and discounts strategically to boost sales without
compromising long-term revenue.
2. Leveraging Multiple Sales Platforms:
Expand your reach by making your book available on various sales platforms. Amazon Kindle
Direct Publishing (KDP), Barnes & Noble, Apple Books, and Smashwords are just a few
platforms where you can distribute your work. Diversifying your presence increases
discoverability and caters to readers who prefer specific platforms.
3. Building a Strong Author Platform:
Invest time in building and maintaining a robust author platform. Develop a professional
website, engage with readers on social media, and cultivate an email list. A strong author
platform not only enhances your credibility but also provides a direct channel for promoting your
book to an engaged audience.
4. Effective Book Marketing:
Marketing is a game-changer in the self-publishing world. Develop a comprehensive marketing
plan that includes pre-launch, launch, and post-launch strategies. Utilize social media, book
blogs, email newsletters, and promotional websites to create awareness. Leverage online
advertising and consider collaborating with influencers or fellow authors to expand your book’s
visibility. Check out our upcoming workshop for all things book marketing! Click HERE to sign up.
5. Utilizing Kindle Direct Publishing (KDP) Select:
This tip only works if you’re okay with using one platform only, but there are perks!
Strategically enroll your book in Amazon’s KDP Select program. While this program requires
exclusivity with Amazon, it offers benefits such as participation in Kindle Unlimited and Kindle
Owners’ Lending Library. These features can increase your book’s exposure to a broader
audience, and you earn a share of the funds from the Kindle Direct Publishing Global Fund.
6. Creating Audiobooks and Print Versions:
Explore additional formats for your book, such as audiobooks and print versions. Audiobooks, in
particular, have seen a surge in popularity. Platforms like ACX (Audiobook Creation Exchange)
enable you to find narrators and produce high-quality audiobooks. Offering multiple formats
caters to diverse reader preferences and expands your revenue streams. You may also consider
narrating the book yourself. With the right equipment (which is available for rent) you can create
stellar results right from your desk! We have a post coming next month about how to do this on a
budget. Stay tuned!
7. Engaging in Book Bundling:
Consider bundling your self-published book with other works or creating a series bundle.
Offering a discounted package can incentivize readers to purchase multiple books, boosting
overall sales and revenue. This strategy also introduces readers to more of your work, potentially
turning them into long-term fans.
8. Participating in Book Promotions and Discounts:
Strategically leverage promotions and discounts to increase sales. Platforms like BookBub and
various promotional websites can help you reach a broader audience during promotional periods.
Be mindful of timing and choose promotions that align with your book's genre and target
audience. Only participate in promotions that feel right to you. No need to compromise if an
opportunity doesn’t feel right.
9. Exploring Foreign Markets:
Expand your book’s reach by exploring foreign markets. Translate your book into different
languages or utilize translation services to make it accessible to a global audience. Platforms like
Amazon allow you to distribute your book internationally, opening up new revenue streams from
readers worldwide. Check out professionals on Fiverr for affordable translation services.
10. Engaging with Book Clubs and Reading Groups:
Connect with book clubs and reading groups to increase visibility and sales. Offer special deals
or incentives for group purchases. Engaging with book communities not only boosts sales but
also fosters a sense of community around your work. Bonus: if you reach out to these folks
during your pre-sale period, every book purchased during that time counts toward day one sales.
This increases your chances of hitting a best seller list right out of the gate!
Earning money from your self-published book requires a layered approach that combines great
marketing, strategic pricing, and exploring a diverse range of formats and platforms. By implementing these strategies, you can maximize your book’s potential for success and turn your passion for writing into a rewarding and sustainable income stream. As someone who has successfully monetized many self-published books over the years, I know that it is possible to rake in the dough once you’ve got your book up for sale. The key is approaching the process
with tenacity and a whole lot of hustle.
I’m Alee Anderson–a successful writer, obsessive community builder, dedicated athlete, and lover of all things zombie. I’ve worked hard to become a six-figure-earning ghostwriter whose clients have been published by HarperCollins, BenBella Books, Simon & Schuster, Thomas Nelson Publishers, and more. Now, I’m here to support you on your journey to becoming an explosively successful professional writer, whether for yourself or for deserving clients who need your valuable skills to help them better express themselves.