1 Webinar’s Shocking ROI

Occasionally, when I first talk to a ghostwriting prospect, I get asked a version of this question: “Can you help me get my book published?”

My standard response has been, “My specialty is writing. I know people in the publishing world that I’m happy to introduce you to, but I focus on making the manuscript the very best it can be.”

Now, thanks to a webinar I recently attended in which I learned about the actual return on investment of publishing a book, I have new information I can provide.

For business books that have been out for at least six months:

• Ghostwritten business books generate median income of $92,000.
• Ghostwritten business books generate median profit of $43,250. 
• For every dollar an author invests in the book, the author generates $1.24 in revenue.
• The median ghostwritten business book was four times as profitable as other books.

“Investing with ghosts pays off,” said Dan Gerstein, CEO of Gotham Ghostwriters, one of the study’s sponsors.

The study, found at authorroi.com and highlighted on the webinar last month, summarizes findings from a non-random sample of more than 300 authors of business books. These people, who ran the gamut from first-time authors to longtime veterans who published their books in all the major ways—traditional, hybrid, and self—were asked about experiences writing, publishing, and promoting their books. They answered a 30-minute questionnaire between April and August 2024. 

The study, sponsored by Gotham Ghostwriters, Amplify Publishing, Smith Publicity and Thought Leadership Leverage–each had a representative appear and comment on the webinar– worked with author and former Forrester Senior Vice President Josh Bernoff, who also spoke on the webinar. Bernoff had previously designed a pilot survey for his book Build a Better Business Book: How to Plan, Write, and Promote a Book That Matters. A Comprehensive Guide for Authors. 

In addition to the above findings, the survey found (and webinar pointed out):

• 89% said writing the book was a good idea.
• More than 90% reported their book brought them non-monetary value, mostly increasing their visibility, reputation, brand, and credibility.
• You have to spend money to make money. Authors spent a median $7,000, and 64% of business books out at least six months showed a median gross profit of $11,350.
• Books sales rarely met expectations. Median sales for traditionally published books were 4,600, 1,600 for hybrid published books, and 700 for self-published books.

Those last two points are important. Notice a ghostwritten book (an expense that’s going to cost you more than $7,000 if you use a quality ghostwriter), led to a greater median profit by $31,900.

“Investing in a writing partner adds value,” Gerstein said. “Ghostwriting helps improve the quality of the product.”

A ghostwriter is a partner who thinks about the audience as he or she writes; acts as a sounding board for the author’s ideas, thoughts, feelings, and desires; and guides the author through the process, which makes it less intimidating.

“It gives the author the ability to see it through and deliver a book that is their vision,” Gerstein said.

If you really want to maximize your profits, Gerstein said, you invest in both a ghostwriter and a launch PR campaign. The study backs that up: Doing that led to a median gross profit of $55,000. Add in a strong revenue strategy, and the median gross profit balloons to $96,000.

What’s more, books sales aren’t everything. If an author could trace revenue from speaking fees, consulting appearances, or workshop gigs, that counted in the survey. In fact, the survey showed authors saw a median increase of $30,000 in revenue from speeches, $50,000 in consulting jobs, and $60,000 from conducting new workshops. 

This proves what many already know: Books can generate leads, which can lead to more business, revenue, and profits.

“Big spenders are more successful,” Gerstein said.

I’ll be sure to point that out to future prospects.

If you would like to discuss this or any other post, feel free to leave a message. Just click on the Contact tab and use the provided form.