Thursday’s profit tip for authors

Profitable authors are not frustrated by the fact that their books are never finished. New information is likely to turn up, the minute the printing press is turned on. Instead of being frustrated, profitable authors welcome the flood of new ideas and information. They leverage new ideas and information into ongoing profit opportunities. These back-end, or follow-up, opportunities are often easier to create, and more profitable, than their original books!

For example, consider Larry Fine, author of one of my favorite books, The Piano Book: Buying and Owning a New or Used Piano. Larry’s book sells for $24.95. Larry’s book is a spectacular example of a excellently positioned and executed “how to” resource book.

Each year, however, Larry issues an Annual Supplement that sells–itself–for $16.95! The Annual Supplements discuss pricing trends during the preceding year, model-by-model reliability records (based on reports from piano technicians and piano tuners).

The Annual Supplements are as well executed as the original book, but far shorter. Yet, they sell for a very high percentage of the original book’s selling price!

What’s your annual supplement?
Whether you’re a new author exploring a future publishing project, or an experienced author looking for new profit opportunities, how can you apply Larry’s example to your project? How can you create a “must buy” book that will build reader loyalty and encourage reader registration, so you can you sell updated information to your readers at consistent intervals?