Made You Think
117: Winning and Losing Millions in Crypto Confidential
Podcast summary created with Snipd AI
Quick takeaways
- Strategic early distribution of book copies creates lasting buzz pre-launch.
- Utilizing spaced repetition in marketing maintains long-term interest and visibility.
- Balancing short-term hype with long-term engagement is crucial for book promotion success.
Deep dives
Strategic Marketing Approach for Book Launch
Rather than focusing on overwhelming his audience with pre-order incentives, the author strategically sent out advanced copies of his book to various individuals early on, creating a buzz about the book prior to launch. By getting the book into the hands of readers in advance, he aimed to generate authentic and lasting interest, setting a foundation for continued discussions and recommendations beyond the traditional launch period.
Utilizing Timely Reminder Strategy for Book Promotion
Drawing inspiration from the principle of spaced repetition in memory retention, the author employed a similar approach to marketing his book by sending out early copies to individuals who expressed interest. By spreading out endorsements and discussions about the book over a couple of months before the official release, he aimed to maintain long-term visibility and interest, ensuring that the launch day serves as a culmination of existing conversations and recommendations.
Balancing Launch Strategies for Long-Term Success
The author discussed the significance of balancing short-term promotional strategies, like generating initial hype around a book, with long-term approaches to sustain interest post-launch. Through case studies involving authors like Tim Ferriss and Ryan Holiday, he highlighted the importance of creating a lasting impact through consistent engagement and strategic outreach, focusing on building trust and genuine interest in the book among potential readers.
Persistence Leads to Success in Writing
Achieving success as an author often requires long-term dedication. Examples like Brandon Sanderson spending a decade before his first book deal and Cormac McCarthy finding breakthrough success after 20 years emphasize the importance of persistence. The podcast highlights that immediate success is rare in the literary world, with authors needing multiple works to establish themselves.
Crafting Engaging Narratives in Writing
The podcast delves into the creative process behind structuring a compelling narrative. Detailed discussions on book design, cover art, and chapter pacing shed light on the author's decisions. Insight into balancing technical explanations with storytelling elements to maintain reader engagement showcases the intricacies of crafting an immersive reading experience.
“I could hardly form the words. My mouth wasn’t working. My heart hammered in my ears and pins and needles burned my hands and feet. I squeezed my fists as hard as I could to get them to stop hurting as I stumbled into my office and fumbled through my laptop password, pulling up the message that had thrown me out of bed:
“Nat, someone found a way to hack us. It sounds bad. All of our funds might be at risk.”
This was the absolute worst-case scenario. The one I’d pushed to the back of my mind. The one I pretended was impossible so I could sleep at night. I’d always accepted the risk that I could lose all of my money. But if I lost a hundred million dollars of other people’s money…”
Welcome back to another episode of Made You Think! Today’s episode is extra special as we talk all things Crypto Confidential, a brand-new book by our very own co-host, Nathaniel Eliason. Join us as Nat shares the behind-the-scenes journey of writing and launching his book. Whether you're a seasoned crypto enthusiast or just curious, this episode offers a fascinating glimpse into the world of crypto through Nat’s insightful storytelling.
We cover a wide range of topics including:
- Nat's journey of writing Crypto Confidential
- Differences in promoting fiction vs. nonfiction
- How Nat learned from other successful book marketers
- Challenges of book promotion and strategy
- The creative process behind book cover design
And much more. Please enjoy, and make sure to follow Nat, Neil, and Adil on Twitter and share your thoughts on the episode.
Links from the Episode:
Mentioned in the Show:
- Crypto Confidential early release in Toronto (1:56)
- Brandon Sanderson signing 5,000 copies in 3 hours (8:37)
- Brandon Sanderson advice and lectures (8:56)
- 10 Things I Learned Losing 10 Million Dollars (18:30)
- Olympus (50:55)
- Outside the System: Crypto Confidential with Nat Eliason (58:55)
Books Mentioned:
- Crypto Confidential
- The Founders (22:24)
- Zero to One (23:23) (Nat's Book Notes)
- Red Rising (25:08)
- Atomic Habits (26:49) (Nat's Book Notes)
- The Three-Body Problem (28:33) (Book Episode) (Nat’s Book Notes)
- The 4-Hour Body (36:11)
- The 4-Hour Workweek (36:26) (Nat's Book Notes)
- Trust Me, I’m Lying (38:48)
- The Obstacle Is the Way (40:40)
- Ego is the Enemy (41:00) (Nat's Book Notes)
- Deep Work (41:40) (Nat's Book Notes)
- Elantris (42:32)
- Endurance (43:58)
- Empire of the Summer Moon (44:09)
- Kitchen Confidential (59:00)
People Mentioned:
- Brandon Sanderson (8:37)
- Jimmy Soni (22:21)
- Peter Thiel (23:43)
- James Clear (26:50)
- Eric Jorgensen (32:04)
- Paul Millerd (32:17)
- Tim Ferriss (36:03)
- Ryan Holiday (38:32)
- Cal Newport (41:39)
- Cormac McCarthy (43:47)
Show Topics:
(0:00) In today’s episode, we delve into Nat’s upcoming book, Crypto Confidential, set to release on July 9th. Get your copy here! Nat discusses the book, the preparations for its launch, and the surprise of finding an early-released copy in a Toronto bookstore.
(4:01) We explore the process of how bookstores order books, what it takes to keep them on the shelves, and the criteria for returning unsold copies.
(7:40) Signed copies of books, and how authors get creative in distributing their signature across a wide number of publishings.
(12:52) Nat shares how he balanced promoting Crypto Confidential to his existing audience while also attracting new readers. He reveals his strategy of getting pre-ordered copies into readers’ hands early to generate online testimonials by the release date, despite disagreement from his publishers.
(19:38) We talk about how the promotion strategy may change after the book release. At what point do you take your foot off the gas?
(24:16) The effectiveness of word-of-mouth marketing and why it’s such a powerful strategy. We compare the promotion of fiction and nonfiction books, noting that fiction is often less promoted by authors and more by publishers. How does promotional work differ between these genres?
(27:33) Nat talks a bit about his upcoming science-fiction book, HUSK, and how he would change his promotion strategy the next time around.
(31:10) How can authors maintain momentum and sustain genuine interest in the book? The difference between organic enthusiasm surrounding the book vs. prompted posts.
(36:00) Insights from successful book marketers and the strategies that contributed to their success. Spoiler: It’s NOT about bombarding your email list.
(38:29) The importance of incorporating valuable content into your books. Regardless of the niche, avoid creating “popcorn” books that lack substance.
(43:44) Being committed for the long haul as an author, and how it can often take years and multiple books to see your success.
(45:50) We dive deeper into the book and explore Nat’s motivation behind writing it. Plus, Nat emphasizes the importance of portraying both the lows and highs to engage readers emotionally throughout the narrative.
(50:31) What was something that Nat had to cut from the final version of the book? He shares more about his experience with Olympus and how easy it is for people to get carried away while trading.
(55:06) The story of Crypto Confidential began in early 2021 as Nat started to get more into crypto. He eventually found his writing sweet spot by focusing more on narration and less on detailed explanations, with the intermediary chapters providing essential, but non-critical, background information.
(1:01:08) The cover of Crypto Confidential. What guidance was given in order to come up with the final cover of the book?
(1:04:42) Nathaniel Eliason vs. Nat Eliason
(1:07:17) That wraps up this episode! If you’d like to order a copy of Crypto Confidential, you can do so here! Make sure to leave a review and let us know your thoughts on the new book. This is a great read for anyone regardless of if you’re into the crypto world or not. Stay tuned for our next episode covering Endurance by Alfred Lansing.
If you enjoyed this episode, let us know by leaving a review on iTunes and tell a friend. As always, let us know if you have any book recommendations! You can say hi to us on Twitter @TheRealNeilS, @adilmajid, @nateliason and share your thoughts on this episode.
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Thanks for listening. See you next time!
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