Writing/Marketing tip

The Secret to Turning Your Knowledge into Cash

by Diane Eble

Do you dream of making a really good living from what you know and love to do?

It is possible (assuming you possess knowledge that other people are willing to pay for).

Would you like to know THE secret to turning your knowledge into cash?

"Repurpose" or repackage your content into different formats.

It's as simple as that.

Most people think of conveying what they know by writing a book. Nothing wrong with that. It's still the best way to establish your expertise. After all, books have a centuries-long history as THE way to establish credibility. The media still look to authors as experts.

However, that same venerable history is also the reason why authors can't generally make a living from their books alone. (Unless you happen to be the next J.K. Rowling or Stephen King.)

The Economics of Book Publishing

A book has a perceived value of between $5 (or less, given amazon.com where books can be bought for a penny) and $29.95, tops.

Of that, bookstores get a 45 % discount, which means the publisher generally pays the author only what they "net" from their sales. And the author may get 10 % of that in royalties. That $24.95 book may net the author only $1.37 per book in royalties, after they pay their agent the 15 percent of the author's 10 percent.

A self-published author may make more per book, but still has to factor in the costs of production, distribution, paying a designer, editor, proofreader, etc.

Where the Gold Is

The content of the book is the real gold, not the book itself. If you want to/need to make a good living from what you know, you need to find other ways to package your knowledge in higher-priced, good profit-margin products.

(We're talking nonfiction here. The best way to make a good living at writing fiction is to be very prolific in a genre that is very popular. Fiction is much less predictable than nonfiction, in terms of what you can expect to make as an author. It's also less adaptable to other methods of packaging.)

The same knowledge that can go in a book that sells for $14.95 (and nets you 82 cents per book) can also be adapted to a home-study, multi-media course that sells for $495.

Lest this seem too mercenary to you, consider this: Not everyone learns best from reading a book. Some people learn through listening; teleseminars or audio products serve them better. Some people like to attend live events. Some people prefer the step-by-step approach of a home study course in a multi-media format. Others are more visually oriented and learn best through visual elements; video works well for them. Still others are online all the time and would appreciate an email course.

When you package your content in a number of different formats, you actually make it possible for more people to receive your information in ways that work best for them. You serve their needs better, even as you yourself earn more money from selling higher-ticket items with better profit margins. People are happy to pay for what they want and need.

How to Choose Your Medium

When you think of different ways to repackage your material, I encourage you to stick with your natural strengths.

Do you like to write? Consider writing articles, Special Reports, ebooks, print books (of course), ecourses, blogs, newsletters.

Do you like to perform? Consider public speaking, giving workshops and seminars, video courses.

Do you enjoy talking? Why not do podcasts, teleseminars, public speaking (if you also like to get in front of people—not all talkers enjoy this), Virtual Book/Product Tours, audio postcards.

Or perhaps you especially enjoy interacting with people. Coaching, whether group or individual, being on other people's teleseminars, interviewing people on your own teleseminars, social networking online can be ways of establishing your expertise and conveying your information in ways you can monetize.

What to Do Next

If these ideas get your imagination going, I suggest you check out some of the past teleseminar and my Your Book Publishing Coach blog for information I've shared about how to repurpose information. Simply do a search on this site or my blog for "repurposing."

If you have a question about how to repurpose your knowledge to sell more, feel free to ask your question now.