Don't Rely on Amazon! A New Publishing Model All Authors Will Need
TLDRThe video transcript discusses the risks of relying solely on Amazon for book publishing due to decreasing royalties and the potential for account bans. The speaker proposes a self-reliant publishing model inspired by traditional small businesses, using a 'lynchpin' strategy by Russell Brunson. The model involves driving organic and paid traffic to an opt-in offer, where readers can sign up for a free book in exchange for their email address. The aim is to upsell a complete book series and additional content like audiobooks and concept art. The plan also includes creating a shared universe of intellectual property with various authors contributing, leading to a subscription-based 'continuity' model offering exclusive content and experiences. The ultimate goal is to build a sustainable publishing business, independent of Amazon, with a long-term vision of creating a successful and diversified author career.
Takeaways
- 🚫 Avoid relying solely on Amazon for publishing due to decreasing royalties and potential account bans.
- 📚 Consider self-publishing with more control and higher royalties, albeit currently still tied to Amazon's platform.
- 💡 Transition from being author-centric to publisher-centric, treating your author career as a business.
- 🔄 Move away from dependency on traditional publishers or Amazon to a more sustainable and independent business model.
- 📈 Implement the 'Linchpin Plan' by Russell Brunson, a proven business model used by successful small businesses.
- 🌐 Utilize both organic and paid traffic strategies to drive potential customers to your offerings.
- 📧 Build an email list with an enticing 'opt-in' offer, such as a free book, to start the customer relationship.
- 🎁 Create an upsell offering like a book bundle, which includes additional content like audiobooks and artwork, to monetize the traffic.
- 📈 Focus on expanding a library of content through writing, co-authoring, and hiring ghostwriters to increase business value.
- 🎭 Develop a shared universe of intellectual properties, similar to DC Comics or Marvel, to increase the upsell value.
- 🔗 Introduce a subscription model called 'Mithy' offering incredible free gifts to encourage sign-ups for continuity programs.
- 💼 Establish multiple levels of continuity with varying degrees of access and perks to cater to different customer segments.
- 📈 Recognize the stability of subscription revenue for long-term business sustainability, even during periods of reduced promotion.
- 📆 Plan for the long-term, with a 5-year plan and a 30-year vision, to grow the publishing business into a major brand.
Q & A
Why shouldn't authors rely solely on Amazon for publishing?
-Authors shouldn't rely solely on Amazon because of the decreasing royalties, the potential for account bans, and the risk of being overly dependent on another business's platform, which could change their algorithm or terms at any time.
What is the main issue with traditional publishing models and Amazon's KDP Select?
-The main issue is that they control the business model and the royalties, and authors have little control over marketing and are subject to the platform's decisions, which can negatively impact their income and business stability.
What is the 'lynchpin plan' mentioned in the script?
-The 'lynchpin plan' is a business model by Russell Brunson that has been used by successful businesses for centuries. It involves driving traffic to an opt-in offer, nurturing leads with an email sequence, and using upsells to monetize the traffic effectively.
How does the speaker plan to implement the lynchpin plan for their publishing business?
-The speaker plans to use a combination of organic and paid traffic to drive potential readers to an opt-in offer, where they can get a free book. They will then use an email welcome sequence to sell the rest of the series or other offerings.
What is the purpose of offering a free book as part of the opt-in process?
-Offering a free book serves as an incentive for people to sign up for the email list. It's a strategy to grow the audience and start building a relationship with potential readers.
What is the concept of 'Mithy' in the context of the speaker's business model?
-Mithy, which stands for 'Most Incredible Free Gift Ever,' is a strategy to offer a significant amount of free content, such as several free books, to entice people to sign up for a subscription plan.
How does the speaker plan to expand their library of content?
-The speaker plans to expand their library by writing themselves, working with ghostwriters, and co-authoring series with other authors. They aim to create a shared universe with multiple authors contributing, similar to DC Comics or Marvel Comics.
What are the benefits of having a subscription program like 'continuity' in the speaker's business model?
-Subscription programs provide a stable and recurring revenue stream. Even if the author is unable to promote new content, the subscription ensures a consistent income, making the business more sustainable.
How does the speaker envision the future of their publishing business in relation to their 30-year goals?
-The speaker aims to build a publishing business that is sustainable and can grow over the next 30 years, with the ultimate goal of becoming a significant figure in the industry, akin to Walt Disney.
What is the speaker's strategy for nurturing their email list and promoting upsells?
-The speaker plans to use a weekly newsletter and other engaging content within their email sequence to nurture their list. They will introduce the idea of upsells, such as the Mithy and continuity subscriptions, to their email subscribers over time.
Outlines
🚫 Risks of Relying Solely on Amazon for Publishing
The speaker warns against exclusively publishing on Amazon due to the platform's changing policies and decreasing royalties. They compare a business model dependent on Amazon to a weak business pitch on 'Shark Tank', emphasizing the need for independence and self-reliance in the publishing industry. The speaker advocates for treating author careers like traditional small businesses and criticizes the shift from traditional publishers to Amazon, which has not necessarily benefited authors. They introduce a plan to create a sustainable publishing business, inspired by the 'Linchpin' model by Russell Brunson, and discuss the importance of organic and paid traffic, email lists, and upsells to create a profitable business model.
📚 Expanding a Publishing Business with a Shared Universe Concept
The speaker outlines a strategy to expand their publishing business by creating a shared universe similar to DC Comics or Marvel Comics, where they establish intellectual properties and collaborate with other authors. They plan to use a variety of content creation methods, including AI, co-authors, and ghostwriters, to rapidly increase their library of books. The speaker also discusses the importance of upsells and creating high-value bundles to cover ad costs and generate profit. They mention their intention to document their transition from an author to a publisher and their vision of a subscription model for content delivery, which they believe will provide a stable revenue stream.
🎟️ Developing a Subscription Model for Long-Term Business Stability
The speaker describes their plan to implement a subscription model called 'Mithy' (Most Incredible Free Gift Ever) to provide free books and additional content as an incentive for readers to subscribe. They outline two levels of continuity, with the first level offering a digital newsletter, videos, archives, and access to a Wiki, while the second level offers more direct access, including weekly calls and the opportunity to influence book content. The speaker emphasizes the stability that subscription models provide, as opposed to one-time sales, and discusses the importance of nurturing an email list to introduce subscribers to these subscription opportunities. They conclude by stating their intention to build a substantial library of content over the next five years, working towards a 30-year goal of creating a lasting legacy akin to Walt Disney.
Mindmap
Keywords
💡Self-publishing
💡KDP Select
💡Royalties
💡Lynchpin Plan
💡Organic Traffic
💡Paid Ads
💡Email List
💡Upsell
💡Shared Universe
💡Continuity
💡Subscription Plan
Highlights
Don't publish exclusively on Amazon due to decreasing royalties and potential bans.
Relying solely on Amazon is akin to pitching a business on Shark Tank that is 100% dependent on another business.
Transition from traditional publishers to self-publishing with more control and higher royalties.
The publishing industry is unique in its dependency on other businesses for market success.
Become self-reliant and establish a sustainable business model.
Introduce the Lynchpin plan by Russell Brunson as a proven business model for authors.
Small businesses have been using the Lynchpin model for successful operations for centuries.
Implement a simplified version of the Lynchpin model tailored for the author's specific business.
Use organic and paid traffic to drive people to an opt-in offer.
Offer a free book as an incentive to grow the email list.
Design an email welcome sequence to sell future products and provide valuable content.
Upsell the entire book series after the initial free book offer to cover ad costs.
Expand the library of content through writing, co-writing, and ghostwriting.
Create a shared universe with multiple authors contributing to increase the upsell value.
Introduce the Mithy (Most Incredible Free Gift Ever) as a couple of free books to sign up for a subscription plan.
Develop a level one continuity with a monthly newsletter, videos, and access to a Wiki.
Create a level two continuity with higher price for direct access, weekly calls, and influence on book content.
Subscription programs provide a stable form of business revenue.
The email list is crucial for nurturing leads and introducing them to upsells and continuity options.
The plan is to build up a content library aggressively over the next 5 years.
The long-term goal is to become the next Walt Disney in the publishing industry.