SNM147: Should You Sign Up Your Books for Kindle Unlimited?
Kindle Unlimited is a very enticing program. You get paid when people rent your book. But the price is exclusivity with Amazon. Is the price worth the cost?
I Love Amazon
Before we jump into this, I need to be very clear: Amazon has been very good to me.
The majority of my books are part of the Kindle Unlimited program, but it might not be the right fit for everyone.
Right now I'm diversifying my business by increasing the number of products that I sell directly from Amazon.
I'm moving into physical products, books and even dabbling with some coloring books.
It's quite possible that I cannot be objective on this matter.
Diversify Your Risk
If Amazon collapses, your entire business can disappear overnight.
You never want to leave vulnerabilities in your business.
If all of your income is from a single entity, that entity will have a great deal of power over you.
Amazon is one of the largest companies in the world, but no company is truly too big to fail.
Do you want to put all of your eggs in one basket?
Once you have a profitable online venture, the next step is to diversify each step in the process.
The Other Game in Town
The other two platforms worth a gander are Kobo and iTunes.
There are loads of reasons to check out each of these platforms.
iTunes has far less competition and you can charge a lot more for your books.
It's considered a premium platform and the audience is willing to pay a premium price.
And that's just the beginning…
- Kindle Unlimited charges a price in exclusivity
- iBooks can be very profitable
- Kobo is a growing platform
Most other links can be found in my TOOLBOX
Send in your questions to podcast [at] servenomaster [dot] com
Should you set up your books for Kendall unlimited find out on today's episode today's episode is brought to you by social pilot the social media marketing tool for bloggers and small businesses join over 20,000 social media firstname.lastname@example.org\social pilot today are you tired of dealing with your boss you feel underpaid and underappreciated if you want to make it online fire your boss and start living your retirement dreams now then you come to the right place welcome to serve no master podcast where you learn how to open new revenue streams and make money while you sleep presented live from a tropical island in the South Pacific by best-selling author Jonathan Greene now is your house Amazon is a very tricky kettle of fish because the channels can't change how things work in a conflict changing the names of things my least favorite part when you sign up for Canada Limited as a author yet to sign up for KP selected is another thing KB select does a couple of things number one he will correct your book I consumer is a customer page 990 and month $10 a month to be a Kindle limited customer that means I can read any book that's in the Kendall unlimited category for free pay $10 a month for all you can read like a buffet of books and I read far more the $10 month I was paying about $300 a month for books until can limit started so for me it's a massive savings is probably the best thing have ever since life I wish every book is like unlimited as a reader as an author there a couple of benefits number one get access to that pool of people so you get paid on books of people going to buy pretty good number two you can have every 90 days five days we run a promotion or two types of motion to choose which one you want to write you to do a Kindle countdown deal which I've never done we can do a Kindle free so that's retake your book it's only $3.10 dollars whatever and it's free for one to five days when every set B select you sign up for 90 day period of time and in that each time you we sign up for it get those five days now I only ever use one day and I don't even use them every three months Facebook I maybe do one or two days a year it's good to have it there so when your book dips you can run on those promotions to push traffic and rebuild the ranking now when you sign up for KB Selectric in a limited as author re-not to sell the digital version of your book anywhere other than Amazon that means you can't sell your book on iTunes you get playbook on kobo you can save about any other platform Amazon is rewarding for exclusivity this is similar to what Pepsi and Coke do you may have noticed you having never been in a restaurant without both for sale what Pepsi and Coke do is to say hey if you have Pepsi products coproducts advice versus why restaurants have one of the other because they have this agreement at such a curious but not the competition that's going to be such a good deal if you carry only us will give you the soda machine for free because illness will do this and that free it's a form of market manipulation that means if you have a slight dominance in the market and the psycho started this in America at least in taste tests I think people prefer Coke 6046% you want Coke form somewhat absent but if you notice go to restaurants it's really not that split its way more restaurants have company go almost to our customers want Coke whip to choose between the two products therefore will have that's how most restaurants to the decision calculus and it's something called thought of those pretty ingenious in Sweden increase their market share so even though only 6% of people like them her in around 90% of restaurants that I don't know if those numbers are still the same this is what I studied in college about 10 years ago so if there was a changed feel free leave a comment below but at the time this what they were doing that's pretty brilliant it's okay limit is the same thing it's a way of getting you to say hey were the top market W books and works you some core rewards what I've been looking at lately is how much money do I make from can a limited first at first like 40% so 60% of own essentials for himself and can limit now those numbers have changed can a limit is about 10% at 10% goes hey maybe you know what I should put some stuff on smaller platforms so what I'm doing right now and until I have the final numbers this is just a test I want to give a cutting edge data I've taken a couple of my books have slowed down recently on Amazon and I'm putting them on iTunes as my first test I want to see how I can do any iBooks store having the book and the iBookstore will be interesting because if you can generate more then can unlimited regenerate just 10% of the sales that I was getting from Amazon and it's more profitable there are couple of rules about iTunes iTunes different world it's very easy to get traffic if you present nonfiction iTunes Imo testing nonfiction stuff because there's a lot of competition so we have a keyword matchbook we have a really boring description stuff you can get your book there quickly and also not a strict about reviews and about all those other things are all the things that make Amazon really topic assumed people try to game the system because so few people using iBooks is not that much competition so when I upload a book consider competing with 100 similar books might be competing with five or 10 I like that it's a new opportunity at the weld lesson as I continued to experiment give you more data but when you think about this a couple of the authors that I follow couple of the authors who teach about writing teach about offering they've also begun to shift a lot of fiction authors I know have actually moved from Canada Limited so they can start selling books on kobo that's the next platform I'm going to experiment with a have experiment with it yet but have two or three books just through through books not under my own name not in a mess with anything under the Servicemaster brand that's always given Amazon's always make an unlimited I have a really good relationship with Amazon so my pending books are kind of dried up or down, test them on other platforms because from what I've seen from some the people I talked to her to have books on iTunes you don't have to do as much maintenance where's my books on Amazon constantly having to do little bit to maintenance loaded with partial traffic little bit of underbrush needs more refusal to this little bit that track everything some interested to see how this plays out to share with you it used to be an easy decision to do Canon limited but they change the program so much that this is as easy as it used to be there's a lot of benefits to it but there's also a lot of challenge I want you to look at other platforms as reciting what you're going to do even if you decide you want to put a book on kobo I think that you should do at least one can a limited run do 90 day once you can run a free promotion follow the law tragic in a second launch strategy and then you can take off, limited because you've launched want to know your start maintenance whatever your book needs a little bit of what you can drop that I sense to promote this is what I've been thinking about this is the strategy that I've been think about adding in so I'm sharing with you this and thinking about grandma visits in a new direction kind of diversifying I always say that it's dangerous to have any single point of failure in your business because Amazon is my primary source of revenue and traffic for cervical master almost every single person who emails me or finds me finds me through Amazon I'm taking a couple of actions number one I've begun running Facebook ads as possible that you actually found it to Facebook I started working with the best type of Facebook ads for authors the world it took me six months to get them to work with me I'm now working with the fast Facebook ads for authors kind the world to be six months to get into work with me now working together in such pots we found that way what I'm doing there is called diversification of traffic I want a second traffic source I want people to find me another way Amazon's web-based businesses the world but that doesn't mean anything big businesses fail of time that would happen and run those guys had the audacity to call themselves the biggest business of the world of the smartest guys in the room and then they all went to jail for some limited for the whole business is gone I've seen massive companies disappear it doesn't matter having company is Amazon runs into a problem and they certainly could every company does here and there they might have to break up what happens if the federal government besides Amazon has a monopoly the break apart just like they did to the telephone companies hundred years ago or some the oil companies the book of standard oil they broke up Ma Bell Pacific bowing on the new became Pacific Bell and Atlantic Bell because the federal government that you're too big can't get their prices to break up into pieces that have an Amazon or many other things so for that reason I won't have a diversification so diverse patient traffic is the first step in traversing mouth but also the recitation of revenue because retina patiently sells books so I'm looking at opening up every time I see single point of failure my business I look for way to adapt and overcome it and of course have already overcome the single point of revenue that's why take short-term project ghostwriting project all these things together add up to protecting my business so right now as you're starting out you are thinking about these things about all investing what a failure thing actually a single point of success so as you're starting absolutely totally makes sense to put your book on Amazon put your books on Kindle limit I'm using kill Limited as an author since the date started I was and sign up immediately as with the alternate consumer but as you build your business to start think about do I want to stay with it what you want to diversify other directions and eventually make a decision as to look at your data if Canada Limited is generating 40% of your revenue than it make sense to stay there but if you see a certain book and some of my books can a limited generating one or 2% overall cross on my books read 10% right now more people are buying my books then can the limiting them which is interesting additionally some of my books my shorter books and can Unlimited doesn't generate that much money can a limit pays you about half a penny some people day .0056 upstate 10055 with just write it down a halfpenny can be roughly act if soluble for 299 Amazon says this book is hundred pages Wenzel advisor book make a little over two dollars when someone rents your book your make and run $0.50 print difference is that I can unlimited is worth one fourth now for some of my books can limit is worth more if a book is longer then the kingdom of an action would generate more money for example whenever any my book for $0.99 from up somehow to ago I took to kill limit its advance as I hope it's okay, Can limit patient four times more money if you take for example if you grab serve no master when it's $0.99 Amazon pays me 33 $0.35 if you grab a Kindle limited I'm a closer five dollars for that book as well there's a lot more value for me when it's on sale for some to grab the Kent Limited as a consumer you don't think they think I'm getting Fred's first thought I could pay that much used to be the pay per read like a better fee even now it's you get paid per page took a little bit of a different monetization more fair but it's not great for the authors now you gotta forget some and read the whole book to get paid this lesson this episode isn't just what can a limited it's about how we make decisions about decision calculus and looking at something and saying is it worth the cost to get this benefit now for me having a strong relationship with Amazon has a great benefit so for us or no master books those are Amazon only and it probably will be for a while because I really value my relationship for my pen names that are slowing down really been around for a while or that their books and I think it's to better another platform from the experiment a little bit as Ike's criminal come back to you with other numbers as an author as a business owner Juergen have to make a lot of decisions over time and you have to say is this benefits worth this cost is the additional 10% of money I make a month worth nothing lot is held anywhere else is worth getting these five days promotions that when I barely use I never use all five days that's not a big benefit for me billing anyone in every idea to find the sole use there a lot of places in business we have to make decisions into the same type of thing when someone says hey I want you to write this for me and only the pay you a flat fee will pay you a percentage this pluses and minuses to both when you take the flat fee you know you get paid when you do the percentage you could make a lot more money over term but there's more risk risk becomes part of the ratio if you watch investment shows no that's all I watch greater risk management of Lord when I wrote a book and they said will give you either thousand dollars will give you 10% is a given that 10% I ended up making hundred times more money over the next several years turned out the percentage right thing sometimes use ideal that they never released what were they never sell it that you and making nothing that happens it's happening a few projects I have a few projects that I made several years ago that I've never sold because every place I try to sell them and never doing anything with it and that's just the nature of the beast that's why the big believer in quantity have enough projects and enough markets always protected via diversification this is why Ron penances why have separate projects going on so what you to think about these things I want you to think about your business think with the decisions you're making each little decision is much as can the limited decision also the other decision secures the benefits here's the cost I'm in the middle right now possibly change my webinar software the weather software is right now go to heaven I pay $20 a month the competitor for their live and automated webinar software which allows me to send everyplace you can see an old webinar if you want really easily $700 a year so the trade-off is good financially is 1/3 the price per year saving a lot of money but the downside is that it runs everything through YouTube live it runs anything to you to streaming renter think through Google forms which means it's not fully under their control if something goes wrong they can lose control of their platform if you too busy don't be only using us anymore your out of business as whole company we got a business probably it would start building on software but maybe they were to shut down so that's part of the decision calculus every time you look at something it's not just the money you save it risk now if I close my go to another account no big deal I can reopen same size account for the same price used to be go to of those really expensive for while they lower their prices in the last six months too little more reasonable again my size account for while was $1000 a month so when I got into an argument that was a great deal about it through a corporate thing but now I can buy another way and we similar price no problem so take a look at every decision you make say how much this can cause how much is in the same is ask us any more money since any more time than it's worth the cost when I pay thousand dollars a month for something saving $10 months away right thousand dollars is deafly more than 10 minutes my time so you look at these ratios whenever you making decisions it's easy to jump and chase the next for the next up for the next software but you end up having all this overhead so as you are building business as a building or Empire as your siding how to invest your time and invest your money keep track of these principles we don't have single points of failure in our business is this gonna save me more money than it costs me do the benefits outweigh the costs does kingdom limited the value of can unlimited the promotion the extra money the access to that audience worth losing access and other platforms and as I run my tests all have more data for you and I'll do a follow-up episode but I just love to share with you my experiences you can see what I'm doing in the moment instead of assuming I'm at the top of the mountain I just wait and see them further ahead of you on the mountain and I still have challenges and struggles I'm still learning things there's no point what you should stop learning and growing so continue building your business continue growing make these decisions take a look at Canada Limited and decide if it's the right decision for you and always be conscious how your building your business that's how you can make the right decisions and that's how you can really achieve freedom thank you for listening to this week's episode serve no master make sure you subscribe so you never miss another episode will be back tomorrow with more tips and tactics on how to restate that reference head over to serve no master.com/podcasts now for your chance to win a free copy of Jonathan's bestseller serve no master all you have to do is leave a five star review of this podcast see you tomorrow thank you for listening this episode of the serve no master podcast make sure to subscribe so you don't miss a single episode