The host reflects on their 15-year author business pivot, offers advice on understanding the business side of being an author, expresses gratitude towards sponsors, and discusses the expansion of opportunities for indie authors
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Quick takeaways
The speaker's 15-year business pivot involves shifting focus from Joanna Penn to JF Penn and prioritizing fiction writing as a brand differentiation strategy.
Emphasizing the importance of high-quality physical books, the speaker aims to stand out in the digital marketplace by catering to readers who prefer premium editions.
Deep dives
Pivoting a Business: From Joanna Penn to JF Penn
The speaker discusses her 15-year creative and business pivot, transitioning her focus from Joanna Penn to JF Penn. She acknowledges that while she will continue to write as Joanna Penn, she plans to prioritize her JF Penn brand and pursue her passion for fiction writing. This shift is prompted by the changing landscape of the publishing industry and the desire to stand out. The speaker emphasizes her commitment to creating high-quality physical books and premium products to differentiate herself from digital-only creators. Additionally, she highlights the importance of direct sales and engaging with her community through Patreon, email newsletters, and in-person events.
Transitioning from Digital to Physical: Creating Beautiful Physical Books
The speaker discusses her intention to focus on creating beautiful physical editions of her books in addition to publishing in digital formats. She recognizes that the rise of generative AI and the digital marketplace have made it challenging to stand out. By prioritizing high-quality physical products, she aims to associate her brand with premium books and cater to readers who prefer physical copies. While she will continue to publish widely, she emphasizes the significance of crafting visually appealing physical books to complement her digital presence.
Shifting from High Volume to Premium: Increased Average Order Value
The speaker discusses the challenges faced by indie authors due to the high volume, low-cost nature of fiction book sales. To address this, she plans to focus on developing premium products that command higher average order values. She acknowledges the need to adjust her business model to ensure sustainable income as a creator. By offering premium editions, special releases, and engaging directly with her audience, she aims to increase the value per sale and maintain financial stability as an author.
Transitioning from Retailer Focus to Direct Sales: Prioritizing the Author's Interests
The speaker emphasizes the importance of authors prioritizing their own interests rather than relying solely on retailers and publishers for income. She encourages authors to explore direct sales models such as crowdfunding, selling through personal websites, and engaging with readers directly. By taking the first bite of the sales pie and building a direct connection with customers, she believes authors can have greater control over their income and cultivate a loyal audience. While she will continue to publish on various platforms, she advocates for authors to sell direct where possible to support a thriving ecosystem of independent creators.
In this episode, I reflect on 15 years of TheCreative Penn, and outline how I will reposition myself for the next 15 years of being an author entrepreneur. In the intro, We used to do that [Seth Godin]; Penguin Random House has acquired Hay House [Publishing Perspectives]; Business for Authors; Your Author Business Plan; OpenAI […]