In my last post, I talked about my 2020 strategy: to develop sustainable income and staying power.
I discussed all the reasons why authors should be concerned about the future in my last post, so read that if you haven't already.
Today, I'm covering the supporting pillars that will serve my strategy.
1: Become one of the most prolific writers of all-time
Specifically, one of the most prolific African-American writers of all time.
It's a lofty goal and I probably won't be #1. That's fine. I'll be happy if I can land in the top 1% of all writers.
More books/products = more income and more avenues for readers to discover me.
More income = more staying power.
Intellectual property is not just books. This blog post is also IP.
Today, I have about 400-500 pieces of intellectual property across:
- books (ebook, paperback, audio, translations)
- videos (YouTube and social media)
- courses
- podcasts
- blog posts
My goal in the next 5 years is to reach 1000 pieces of intellectual property. That probably means somewhere around 75-100 books, and a lot of other non-book content.
I have be careful not to be too focused on just books, or I'll get left behind.
The 2020 projects I will work on to support this pillar:
- Reduce the amount of time it takes to create my content (reasonably) so I can create better content faster. For example, I slashed my podcast production time by 27% with a few simple steps. Are there cost-effective ways I can explore to help me reduce my cycle time?
- Narrate my own audiobooks for nonfiction. This will improve my brand and value of my nonfiction portfolio while also significantly reducing costs for me. My audiobooks sell very well.
- Pioneer at least 1 unusual but innovative product for writers. I'm already working on one that will re-envision a certain task that writers do.
I'm not aiming for quantity alone. I care far more about quantity PLUS high quality products that will increase the value of my brand. I don't believe you have to pick between the two if 1) you're insanely efficient and 2) you make good stuff.
2: Achieve $100,000 annually in sales
I don't share my sales numbers, but in full transparency, I'm not a six-figure author yet.
I prefer slow and steady growth. I'd rather “get there and stay there” than make a ton of money overnight and then disappear in a couple years.
How do I hit my sales goal?
New products, for starters, but we covered that.
Today, about 15-20% of my intellectual property generates about 80% of my income. Generally speaking, the 80/20 rule is true for me.
So…what if I figured out what my top 20% of content looked like and optimized that content accordingly?
How do I optimize that content? That's part of the journey.
Here are some projects I will be working on to make more sales this year:
- Optimize my top 20% content for sales
- Finish my Good Necromancer series and start a new urban fantasy series under my M.L. McKnight pen name
- Narrate my own audiobooks
- Develop a new course priced $50-$100 that delivers good value
- Develop 10 new key relationships in 2020 through networking
- Respond to all fan mail and industry contacts within 24-48 hours
- Get serious about my mailing list…I've neglected it for too long
- Improve my marketing literacy by investing in learning copywriting and advertising
From 2014-2019, I doubled my sales every single year…without paying any attention to marketing…what would happen if I actually focused on it?
We’ll find out. This is probably my most important focus for the next five years.
3 Become a technology-driven writer
One of my struggles as a part-time writer is that I have limited time. But that's not my biggest struggle.
My BIGGEST STRUGGLE is that I am spending time on things I shouldn't be doing. Financially it doesn't make sense for me to invest in a virtual assistant yet.
I'm in a very awkward phase where I can afford to hire a VA, but it wouldn't be ROI-positive for me yet.
So I've been looking to automation to optimize my daily tasks wherever possible.
Here's a thought…
What if I could automate or outsource 100% of my nonessential daily tasks?
Let me put that another way: if it ain't writing, can I get someone else (or something) to do it?
Another thought…can I do it without breaking the bank?
For example, can I 100% automate my expense tracking? What about my royalties? Can I create a website that runs and polices itself?
Any discussion of outsourcing has to start with automation. Why outsource something when it can be automated? I’ll save more money that way.
Gotta get my house in order first. When I hire VAs, that will be a milestone for me, because it means I will have streamlined and automated my business significantly.
That's my sole focus in this area. If I can solve it and become technology-driven, it will give me an edge because I'll have an even crazier speed to market than I do today (which is already fast).
4: Become a data-driven writer
Data is the future.
Writers generally aren't numbers people. I know I'm not.
But being able to make data-driven decisions will be an especially important skill in the future.
How can I do that?
Here's a thought…what if I could make 100% of all non-writing decisions informed by data?
Things like:
- what to put on my book cover
- advertising copy
- whether to buy something
It's lofty, I know.
Let's take it further. If I can't make a non-writing decision that's driven by data, am I doing the right thing in the first place?
It goes back to the essential vs. nonessential daily tasks. What if data is the compass I can use to help me determine if I'm on the right path?
This got me thinking about what kind of data I produce, what kind of data I can access, and what kind of data that's out of bounds.
What if I could create my own personal, customized analytics dashboard that gave me insights into how my content was performing? That's a start.
Now, it could end up that I might not be able to hit 100% of decisions driven by data. It could be 50%, or 75%. Or I could fail altogether.
What about writing decisions, like what to write in your first chapter, or how to introduce a minor character in your manuscript?
Hmm…
What I'm not proposing is to write a book molded by data. Art is art and that would be a bad idea. I've talked in the past about how writing to market is a bad idea long term. I believe very much in keeping the writing process pure and unadulterated by right-brained thinking.
But what if there was another way to use data to become a better writer and write more engaging stories on your terms without feeling pressured to “write to market?”
Remember, writing to market will be irrelevant in an age of AI microgranularity where readers can find any book they want in seconds.
What if there was a way to use data to improve your craft?
No…not statistics or “analysis” like some apps already offer today. Fleisch scores are garbage for fiction, as are most “story engines” on the market.
I'm talking about something more meaningful, something longer lasting that can help you be the writer you're meant to be vs. being a slave to data that doesn't feel good to you or your needs.
I don't know the answer, but I set a goal of 50% of writing decisions being driven by data of some kind. This could fizzle out and not work at all, but I think someone needs to ask the question.
What does tomorrow's writer look like, and what will it truly mean to be a writer? Not sure, but I think data will factor into the equation somehow.
5: Become the writer of the future
I've understood for a long time that I have a different voice in the self-publishing industry.
This is mainly because I pick topics that aren't “sexy.”
Focusing on long-term “staying power” won't help with that. But it will ensure that I'm still around when others are quitting.
Here's how I will do that:
- First and foremost, develop thought leadership around ideas that are important to me, like I'm doing right now.
- Advance my craft to the level of mega bestsellers. This keeps me relevant.
- Follow emerging technologies and experiment with them whenever possible.
- Develop a failure mindset and share publicly in the interest of helping others develop.
This one is the most squishy. I'm not tying any ROI to the activities I do here to ensure I have plenty of fun irrespective of whether it's profitable.
And That's It
That's my strategy for 2020 and beyond, and my vision for what I want my writing career to look like.
Across my blog and podcasts, expect me to share:
- updates on strategy
- updates on problems I tackle in my writing business, and exactly how I solved them in
- Thoughts on the industry
Below is a visual of my strategy for those who want to see how it all pieces together.
In the meantime, I've got a midterm to study for!
