This is no surprise to you if I tell you that I’ve been working on a second Dividend Investing eBook. After over 20,532 downloaded copies (yup, over TWENTY THOUSAND!) of my first edition, I knew that I was serving an awesome niche and had to continue writing. The best part is that it’s not only a great niche, it’s a profitable niche as well! But what could surprise you is the book was written in March 2012 and it is still not on sale yet. Let me introduce you to the “behind the scenes” of eBook creation…
I write in English.
2+2 doesn’t equals 4 in this situation!
You can say that there is a huge editing job to be done once I’m done writing ;-). This eBook is over 30,000 words (that’s 150+ pages of plain text). You can imagine what needs to be done in order to simply edit the eBook and make it not only “readable” but appear professional. After all, dividend investing is a pretty serious topic and buyers won’t be too patient with grammatical errors.
Then, we had to send the content for formatting and design. We wanted to have something very professional for our eBook and this is why we are outsourcing this part of the job. I guess this will take a month or two since we don’t have control over the firm that does it and they have other contracts too. There will be a lot of back and forth about what we want and what they did. We have picked our site designer to do this and we know that they do an awesome job and are easy to communicate with. On top of that, they offer a full package including a Kindle version… and a full sales website!
We didn’t like the idea of publishing the sales page on our blogs. Blogs are not formatted to sell products and we thought that a separate sales page would be a more professional approach. Since we will have the opportunity of having a complete website, we thought of adding excerpts of each chapter on separate pages of the site. They are roughly 1,000 words each and show the introduction and a description of each topic discussed in our book. Along with that, we added an “about the author page” which is very important once we are done selling the eBook across our network. We want to generate a source of passive income out of this book and this is why we need to be as broad as possible. People who don’t know Mike or The Dividend Guy yet need to know more about the author prior to spending their precious bucks. Since it’s a oft targeted niche, chances are that this sales site will also get traffic from search engines over time (that’s the whole point actually!). The main source of traffic should be our sites and newsletters but I’m still expecting some good ranking for dividend related keywords. This should generate some passive income all by itself!
If you are registered for my newsletter (you better do it now!), you will eventually receive an email about how to manage your newsletter and build a funnel to attract people to buy your service or products. One of the techniques is to ask your readers for feedback about the product/service you are developing at the moment. I sent an email asking investors what was their #1 issue when it comes to dividend investing. I’ve received tons of detailed answers. This not only helped me to write the book but also to market it. You need to speak your potential buyers’ language to convince them that you have written a great book. By addressing their issues, I’ll definitely nail the problem and help people want to buy my book. If you can find the solution about the #1 thing that bugs you regarding X, would you not be ready to spend a few bucks to solve it?
Then, the next technique used was to keep my readers aware of the development of my project. I told them when one section or topic was covered in my book. They are able to follow me in my adventure and become excited to see the end result. This is a great way to build momentum. The only downside is that you have to deliver afterwards.
I wrote about ten guest posts that I will offer to dividend/investing blogs. The point is to A) create a buzz, B) generate more sales outside my normal reach C) do link building for the site. In order to have my guest post accepted, I’m offering an affiliate link in the article where the blogger will make money off any of HIS readers buying my book. It’s a win-win situation and I think it can work pretty well. Since they are all my buddies, they will host the post for free and hope to make a few bucks. So besides my time, this promotion technique is absolutely free!
I’ve also gathered a list of emails to reach newspapers and other sites. With this technique, I had a lot of traffic for my first eBook. The main difference is that the second eBook will cost something so I don’t know to which extent this technique will be beneficial or not. Since I already have my email list ready, it won’t be too hard to send them a quick email with a copy of the book. If I have just 1 guy who’s kind enough to mention me, I’ll be happy!
Another important strategy is to go back into your archives and to mention your new eBook. Several old pages are the first point of communication with new readers. It’s important to mention your eBook where necessary. I’ll also update my first eBook to make a mention of the second book in a few places. The point is to be everywhere!
The goal with this eBook is to sell 300 copies by the end of the year. 300 is a huge number and it’s not very impressive at the same time. It’s huge since it’s 10 times what I sold with Rat Race, but it’s small when you think that will generate roughly 3K in profit. When calculating my time and other costs of publishing, I’m roughly breaking even. Is it really worth it? I’ll be honest with you, I don’t know. I just know that each copy sold over 300 will be pure profit and passive income. This is why I hope to sell it for a while ;-).
Is there anything I’m missing? Do you have any other ideas I should try?
Thx for your help!
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