272: Seth Godin on Publishing Strategy, Missed Opportunities, Sunk Costs, Social Media, and Smart Risks
Oct 22, 2024
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Seth Godin, a renowned author and marketing expert, discusses his latest book, *This Is Strategy: Make Better Plans*. He shares insights on evolving publishing strategies, emphasizing direct reader engagement in the digital age. Godin reflects on missed opportunities in organizations like NPR and stresses the significance of calculated risk-taking. He explores the impact of social media on creativity, advocating for genuine community connections over conventional metrics. Ultimately, he encourages listeners to embrace responsibility and redefine their narratives.
Seth Godin emphasizes the evolution of publishing strategy by prioritizing direct engagement with readers over traditional publisher-centric models.
He encourages viewing risk as a conscious choice in decision-making, advocating for proactive engagement with uncertainties to foster growth.
Deep dives
Seth Godin's Strategic Evolution in Publishing
Seth Godin discusses the evolution of his approach to publishing, emphasizing the impact of technology and changing consumer behaviors on the traditional book industry. As independent bookstores decline and digital formats gain traction, Godin has shifted from focusing on pleasing publishers to prioritizing direct engagement with readers. His experience with Authors' Equity exemplifies this change, as he seeks to align his interests with authors rather than conform to an outdated system that prioritizes bookstores. This shift allows him to embrace a more rewarding partnership that emphasizes fostering relationships with readers and adapting to modern publishing demands.
Understanding Risk in Decision-Making
Godin presents a nuanced perspective on risk, challenging traditional notions by framing it as a conscious choice rather than a negative factor to avoid. He shares a personal anecdote from a poker game, where he was removed for playing overly cautiously, likening it to how people often approach their professional lives. By viewing risk as an inherent part of decision-making, he encourages a proactive approach to navigating uncertainties; this involves consciously selecting the risks one is willing to take. Ultimately, the goal is to engage with risks thoughtfully to foster growth rather than shying away from them.
The Changing Landscape of Competition and Imperatives
Godin highlights the importance of defining competition and understanding what true success means within one’s strategic framework. He argues that organizations often allow outdated methods of measurement, like bestseller lists, to dictate their success instead of focusing on meaningful metrics that reflect genuine engagement and impact. By redefining how we view competitors and the metrics we consider, businesses can better adapt to evolving market dynamics and create more sustainable growth. This shift not only empowers individuals to pursue their goals but also emphasizes building relationships based on shared values rather than solely on profit.
Harnessing the Power of AI and Collaboration
Seth Godin shares his experiences utilizing AI tools such as Claude to enhance his creative process and strategic thinking. By collaborating with AI, he has discovered new ways to analyze concepts, generate lists, and refine his ideas, illustrating the potential for technology to augment human creativity. He emphasizes that while AI can support in generating outputs, the core substance and authorship of ideas still remain in the hands of the creator. This symbiosis between human insight and technology can lead to innovative solutions and refreshing perspectives when approaching complex challenges.
“How do you decide who has the power to judge you? Who are you seeking to please? Is that validation directly in alignment with how you are rewarded and how you're organized?”
We discuss how his author strategy has shifted over time, why he’s piloting a new type of publishing contract with this book, how he felt when asked to leave a weekly poker game for not taking big enough risks, and how The Innovator’s Dilemma relates to companies like Google, NPR, and Netflix (he was in the room as NPR purposefully missed the boat on podcasting).
More About Seth: Seth Godin is a renowned author, entrepreneur, and marketing expert who has profoundly influenced modern business thinking through his blog, with over 9,000 daily posts and counting. Known for his innovative ideas on marketing, leadership, and personal growth, Godin has authored 22 bestselling books in over 39 languages. He is also the coordinator of The Carbon Almanac, which he calls “the most important project of my career.”
🌟 5 Key Takeaways from This is Strategy
Social media: Avoid projects where the system is organized to take all the value you create.
Building community: Create a strategy where the scale is the magic. Start by serving a small group of people who would miss us if we didn't exist.
Pricing: Price is a story, a signal, and a symptom of your strategy. “Low price is the last refuge of a marketer who has run out of useful ideas."
Decision-making: It's impossible to consistently have perfect outcomes. It's easier to imagine that we're able to make good decisions on a regular basis.
Ignoring sunk costs: All of your assets and experiences are a gift from your former self. You're welcome to leave them behind.
📝 Permission
Stop seeking authority and start taking responsibility. Time is ours; sooner or later, the story we tell ourselves belongs to us. That doesn't mean it's easy. It just means that given the situation you're in, you could make something better and no one can stop you.
✅ Do (or Delegate) This Next
If you feel creatively stagnant, try switching up your environment. For example, Seth took train rides with no destination in mind to get into a writing groove. Bonus: Try asking Claude.ai to expand on a list or framework you’ve created. What might you be missing?