Maximizing Your Kindle Revenue
The Secrets of Maximizing Your Kindle Revenue
As you’ve no doubt realized, publishing your book in the Kindle marketplace is a great way to make money. But there’s just one problem:
You lose control of the selling process.
On the one hand, it is actually a benefit to you that Amazon handles everything. You don’t have to deal with any of the typical hassles, such as collecting payments, issuing refunds, dealing with pre-sale questions or handling technical issues. You just write your book, load it up and cash the checks.
But on the other hand, the downside of Amazon handling everything is that they’re the ones who benefit from upsell opportunities, not you. When someone buys your book, Amazon suggests a half a dozen other related products that the customer might enjoy. This is an upsell, where the merchant (Amazon) increases the price of the customer’s order.
The other factor is that Amazon also gets to build one of the most important assets, which is the customer list. As soon as someone buys your book, Amazon starts sending emails to this customer, suggesting that he or she buys a related product. This is referred to as backend income – where you sell more products to existing customers – and it’s one of the most profitable parts of a business.
Now, as mentioned inside “Earn More, Work Less, Get Famous,” just because you don’t control the ordering process doesn’t mean you can’t reap the benefits of upsell and backend income opportunities.
You just need to turn the typical model on its head.
You see, the traditional model looks like this:
1. Customer prepares to order a product.
2. You upsell additional products during the ordering process.
3. Later you sell additional products on the backend (e.g., via a mailing customer mailing list).
Now, because you’re not in control of the ordering process, you need to change your upsell and backend models. Here’s what yours will look like…
1. Customer buys your book in the Kindle marketplace.
2. You offer an enticing freebie from inside your book. Anyone who wants the freebie must join your mailing list – thus you get to build a customer list. And that means you get to continue selling on the backend to this list of customers.
Tip: To see a real-life example of how to make this offer from within your book, just check out the “Earn More, Work Less, Get Famous” book. Then take a look at the “Exclusive Reader Bonus” section, which offers enticing freebies to readers.
3. Your upsell comes in the form of showing a paid offer to everyone who’s taking advantage of your free offer.
Let me give you an example to prove why this is so important.
Example: Let’s say you sell 5,000 books per year. And let’s suppose that 50% of your readers (2,500 people) take advantage of your freebie offer. When they go to get their freebie, you show them an upsell offer where they can purchase a $20 product.
Of these 2500 people, 10% order the upsell product. So 250 customers X $20 = $5000.
And now imagine that you have a second upsell offer for a product that’s priced at $50. If a mere 10% of those who take the original upsell also take this second upsell, then that’s an additional 25 sales at $50 each, which drops an additional $1250 into your pocket.
In this example, you’re making an additional $6250, which works out to an additional revenue of $1.25 for each customer who buys your Kindle book.
Play with the numbers yourself to see why this is so profitable.
For example, just imagine that you’re pulling these same numbers on THREE books that you’ve published in the Kindle marketplace. That means you’d make an additional $18,750 per year – effortlessly! Because once you’ve created your freebie and upsell offer, you don’t have to do anything else in order to pick up these additional revenue. It’s like free money.
However, this money only comes effortlessly IF you construct your backend and upsell offers the right way.
You see, you need to offer something enticing to your readers. You can’t just slap any old freebie offer inside your book and expect a stampede of your readers to take you up on the offer. And likewise, you can’t just toss together a junk product for the backend and expect people to fall all over themselves to buy it.
Instead, you need to create both free products and the paid backend products that share these three characteristics:
- The products are tightly related to the original book. You have a targeted audience reading your Kindle book, so it only makes sense to offer them additional products that are highly related to the book they’re reading. So if they’re reading a book about training a deaf dog, you can offer them a video series on the same topic.
- The products are valuable. Yes, this includes the freebie product. Just because you’re giving it away doesn’t mean it should be junk or something you slap together as an afterthought. Instead, it needs to be valuable, something your readers would gladly pay money for. And likewise, your paid offers need to be MORE valuable than the price you’re asking.ist Item
- The products are desirable. Finally, the other major requirement is that these products are something that your readers really WANT. And that means you need to do your research before you create the products. Find out what your market is already buying (by seeing what’s already selling in marketplaces like Amazon.com), and then give your readers more of the same.
Now maybe you’re wondering what, exactly, you can offer in terms of a freebie. As mentioned, you need to do your market research to find out what your readers want. But your freebie can come in the form of just about anything that’s relatively easy for you to create and deliver, such as:
- Missing chapters. This can be an extension of your book, the “top secret” chapter that you weren’t going to release
- Complimentary reports. Just as the name suggests. For example, if you write a book about weight lifting, you might offer a report about bodybuilding supplements.
- Mind map. This is a graphical representation of your book that allows people to think about your content in a non-linear way. A very useful tool, especially if you’re teaching a complex concept or multi-step process.
- Access to a private forum. This works out well because people like to feel like they’re part of a group, especially an exclusive, private group.
- Videos or audios. Instead of offering text content, you can offer multimedia content. The advantage is that multimedia content is perceived as having a higher value than plain text content.
- Software. This too has a higher perceived value than some of the other products, so software ends up being viewed as very valuable.
You can offer the same types of products as backend paid products, with the exception that they’ll tend to be slightly expanded versions. Example: You can offer a “lite” version of software as a freebie and then offer the full version of the software.
Now you can see how to maximize your revenues, nearly effortlessly, for every Kindle book you sell. But of course these backend and upsell strategy ideas are just a start… There are plenty of other ways to maximize your revenues revealed inside “Earn More, Work Less, Get Famous,” so be sure to read (or re-read) the book today!