Don't Rely on Amazon! A New Publishing Model All Authors Will Need
TLDRThe speaker emphasizes the risks of relying solely on Amazon for book publishing due to decreasing royalties and potential account bans. They propose a sustainable business model for authors, akin to traditional small businesses, which includes diversifying income sources. The model involves driving organic and paid traffic to an opt-in offer, where potential customers can receive a free book in exchange for joining an email list. Subsequent emails aim to sell the rest of the book series and other products. The strategy also includes upselling a bundle of the series, which could include audiobooks and additional content, to cover advertising costs. The long-term plan involves creating a shared universe of intellectual property, collaborating with other authors and expanding the content library. The ultimate goal is to establish a subscription service, offering various levels of continuity with exclusive content and direct interaction with the author, providing a stable revenue stream.
Takeaways
- 🚫 **Avoid Amazon Dependency**: Don't exclusively publish on Amazon due to decreasing royalties and the risk of account bans.
- 📈 **Self-Publishing Shift**: Move from traditional publishers to self-publishing with Amazon, but be aware of the dependency shift.
- 💡 **Sustainable Business Model**: Create a sustainable business model that doesn't rely on another company's business for success.
- 📚 **Author as Publisher**: Treat your author career as a business, shifting from 'I am an author' to 'I am a publisher' mindset.
- 🔑 **Linchpin Plan Implementation**: Utilize the Lynchpin plan by Russell Brunson, a model used by successful businesses for centuries.
- 🌐 **Traffic Generation**: Use both organic and paid traffic to drive potential customers to your opt-in offers.
- 🎁 **Incentivized Email Lists**: Offer freebies like the first book in a series to incentivize sign-ups for your email list.
- 💌 **Email Marketing**: Use an email welcome sequence to sell future products and maintain engagement with subscribers.
- 📈 **Upsell Strategy**: Present an upsell for the entire book series or related products to cover ad costs and generate profit.
- 📦 **Content Library Expansion**: Build a diverse library of content, including works by AI, co-authors, and ghostwriters, within a shared universe.
- 💳 **Subscription Model**: Introduce a subscription model (Mithy) with different levels of continuity for a stable revenue stream.
Q & A
Why is it not advisable to rely solely on Amazon for publishing?
-Relying solely on Amazon for publishing can be risky due to factors such as fewer royalties, potential account bans, and the possibility of Amazon changing its algorithm, which could undermine an author's business. It's also not a sustainable business model as it makes an author's livelihood dependent on another company's decisions.
What is the Lynchpin plan and how does it relate to the author's publishing business?
-The Lynchpin plan is a business model by Russell Brunson that has been used by successful small businesses for years. It involves driving traffic to an opt-in offer, which leads to an email list. The author plans to implement this by offering a free book to grow their email list and then upsell a bundle of books and related products to cover ad costs and generate revenue.
How does the author plan to expand their library of content?
-The author plans to expand their library by writing themselves, working with ghostwriters, and co-authoring with other writers. They aim to create a shared universe similar to DC Comics or Marvel Comics, where multiple authors contribute to a connected series of books.
What is the concept of 'Mithy' in the author's business model?
-Mithy, which stands for 'Most Incredible Free Gift Ever,' is a part of the author's subscription plan. Once a large library of content is established, the author plans to offer several free books to entice people to sign up for a subscription, which includes additional content and benefits.
How does the author intend to use their email list to nurture potential customers?
-The author will use their email list to introduce people to the concept of the upsell and the subscription plan (Mithy and Level One Continuity). They will also provide regular content such as a weekly newsletter, book recommendations, and personal updates to keep subscribers engaged and informed.
What is the significance of having a subscription-based model (continuity) in the author's business?
-A subscription-based model provides a stable and recurring revenue stream. It ensures that even if the author is unable to promote new content for a period, they still have a source of income. This model is more sustainable than relying solely on one-time sales of books or courses.
Why is it important for authors to think of themselves as publishers?
-Thinking of oneself as a publisher rather than just an author encourages a business mindset. It involves making decisions about marketing, distribution, and revenue streams, which can lead to greater control and potentially higher earnings for the author.
What role does AI play in the author's content creation process?
-AI is used in the author's process to assist with writing some of the content. This allows the author to produce more content and explore more book ideas, contributing to the expansion of their library.
How does the author plan to differentiate their subscription levels?
-The author plans to have two levels of subscription: Level One Continuity and Level Two Continuity. Level One offers a monthly newsletter and access to a library of content, while Level Two provides more direct access to the author, including weekly calls and the opportunity to influence the direction of the books.
What is the author's long-term vision for their publishing business?
-The author's long-term vision is to create a sustainable and successful publishing business that operates similarly to a shared universe like DC Comics or Marvel Comics, with a library of interconnected content. They aim to be the next Walt Disney, building a lasting legacy in the publishing industry.
How does the author plan to use organic and paid traffic to grow their business?
-The author plans to initially use paid traffic, such as Facebook ads, to drive people to their opt-in offer and grow their email list. Once the business model proves profitable with paid traffic, they will then shift to organic traffic to reduce costs and continue growing their audience.
Outlines
🚫 Avoiding Over-Reliance on Amazon for Publishing
The speaker warns against relying solely on Amazon for publishing due to the potential risks associated with Amazon's KDP Select program, which has been reducing royalties and has a history of banning authors. They emphasize the need for authors to treat their careers like businesses and not be dependent on another company's business model. The speaker proposes a shift from traditional publishing to self-publishing with a focus on more control and higher royalties, albeit with a caution that the industry should not become too dependent on Amazon. They also introduce the concept of treating an author career as a publisher and the importance of diversifying income sources.
📈 Implementing the Lynchpin Plan for Sustainable Business
The speaker outlines a business model called the Lynchpin Plan, inspired by Russell Brunson, which is aimed at creating a sustainable publishing business. The plan involves driving organic and paid traffic to an opt-in offer, where potential customers can sign up for an email list in exchange for a free book. The email welcome sequence is designed to promote future products. The speaker also discusses the strategy of upselling a complete book series and other related products to cover the costs of advertising and generate profit. They express their intention to focus on building a substantial library of content, collaborating with other authors, and creating a shared universe of intellectual property.
📚 Expanding Content Library and Introducing Subscription Models
The speaker details their plan to expand their content library by writing, co-authoring, and using ghostwriters to create a shared universe of books. They aim to offer various content types, including written works with or without AI assistance. The speaker introduces the concept of a 'Mithy' (Most Incredible Free Gift Ever) as part of a subscription model called 'Level One Continuity,' which includes free books and additional content like newsletters and videos. They also mention a higher-tier subscription, 'Level Two Continuity,' offering more direct access and interaction with the author. The goal is to establish a stable revenue stream through these subscription programs, which are considered more reliable than one-off sales.
Mindmap
Keywords
💡Amazon KDP Select
💡Royalties
💡Self-publishing
💡Lynchpin Plan
💡Organic Traffic
💡Email List
💡Upsell
💡Shared Universe
💡Subscription Plan
💡Continuity
💡Ghostwriters
Highlights
Don't publish exclusively on Amazon due to the rise of AI and decreasing royalties.
Amazon's recent actions show a risk in relying on a single platform for business.
Self-publishing has shifted power from traditional publishers to Amazon, but with similar dependency issues.
A sustainable business model is needed, independent of other businesses' algorithms and control.
The author proposes treating an author career like a business and adopting a publisher mindset.
Introducing the 'Linchpin Plan' by Russell Brunson as a business model for the author's publishing business.
Organic and paid traffic are the two forms of traffic to be utilized.
Offering a free book as an incentive to join the email list, known as a tripwire or reader magnet.
An email welcome sequence is designed to sell future products and share the author's story.
Upsell strategy involves offering the entire book series post the freebie to cover ad costs.
Building a library of content through writing, co-authoring, and hiring ghostwriters.
Creating a shared universe of intellectual property with multiple authors contributing.
The 'Mithy' (Most Incredible Free Gift Ever) is a subscription plan offering free books to subscribers.
Level one continuity includes a monthly newsletter and access to exclusive content.
Level two continuity offers direct access to the author, including weekly calls and input on book content.
Subscription programs provide a stable form of business revenue, even when the author is not actively promoting.
The email list is crucial for nurturing leads and introducing them to upsells and continuity options.
The long-term goal is to build a publishing business that can compete with legacy media companies like Disney.
