Hey there, marketers! I’ve had an idea today, and I’d like one thousand of you to listen. Broader upside is that it delivers £10,000 to charity, but let’s get the self-indulgent stuff out first…
…since turning indie novelist I’ve led a dreamy life. A cycle of eat-sleep-create, true to myself and answerable to no-one. I’m a solitary type who spends a lot of time inside his own head, so the last year – teaching myself the principles of narrative fiction then writing my first stories – has been one of the most enjoyable.
Only problem: your income takes one hell of a whack.
700,000 books are published each year. But worldwide, I’d bet fewer than a thousand authors scratch a living wage from fiction. And perhaps only 200 earn more than a top-tier copywriter in a major market. (That’d be me.) Writing the commercial prose used in a single campaign typically earns its creator more than Britain’s median earner makes in a week… while 99% of books sell fewer than 100 copies, making the author less money than would fold. (Er, that’d be me, too.)
So it’s been a great year, but with the principles of fiction now baked into my brainpan, every thriller novel and sci-fi short from now on – and there’ll be many - just counts as practice. (I can’t call myself “good” until I’ve got a million words out.) I need a fresh goal to rebuild my cashflow. And since this is me here – the guy who combines touchy-feely words and hard-quant numbers – every goal needs numbers attached.
Starting 01 April, I’m aiming for 100 days to reach an annualised income of £100,000.
It sounds a lot. But in a market like my hometown, the thing about a six-figure income is how small it is. A hundred grand could be just three clients. But it takes work. This isn’t get-rich-quick, folks.
Here’s how I plan to do it. And how you could do it, too.
Any sales exec knows selling is a numbers game. There’s a mountain of skill involved in closing a deal, but most of the time, the guy with the best sales figures is the guy who made the most calls. To get the small number of retainer clients it’ll take to rebuild my roster, I’m counting on approaching 1,000. And since I can’t count on my scintillating personality getting me over the hump (I am the world’s worst networker) this means a campaign.
I’m not talking about a bought-in list; strike rates for cold names are below 0.01%. I’m talking about 1,000 individuals with a marketing budget, each connected to me by someone I know who’s consented to be used as a reference. That’s the In that gets me in their Inbox. So where to start?
It means work. And the place to start is LinkedIn. That’s 434 connections, roughly half in my native UK, connecting me to most of the companies I want to approach. And there’ll be an individually worded letter to each one, in my own voice.
This is where the resource costs start. Even the cheapest content mill I write for pays 20p a word, and these letters top out around 500 words a throw. So that’s £100,000 of effort going in. Which dwarfs the cost of printing and posting, even given some won’t go out on a proper sheet of paper.
I’m counting on averaging ten letters a day. More on weekdays to take weekends off. And they’ll be personal letters. There are some common paragraphs, but there are three or four paras that aren’t replicable page to page. Stuff like:
- A para on who you are, and what you want to do for them (THEM.)
- A para on how you heard of them – your contact, their job ad, whatever.
- A para showing you understand their business or sector, with proof.
- The separate email to your contact, telling them what you’ve done. It’s only polite.
That’s four custom paras, of maybe six or seven in total. (Not much space for anything else save the sig.) And I need perhaps a 1% strike rate. That’s all.
To see why, let’s look at clients I’ve had in the past. One paying £1000/mth for a 3,000 word article for their website. One of which pays an occasional £1500 for a small research project. Two paying over £2,500/mth for a programme of activity around a monthly marketing campaign. Two others paying £1,750 each to have 3-5 days/month reserved for them.
And with my max day rate of £600 – top tier, but not over-the-top by London standards – it doesn’t take too many of those to hit an £8k/mth run rate.
(When I was an agency creative clients paid upwards of two thousand Euros, and that was a decade-plus ago. (One or two advertising celebs charge two grand today, but you could probably count them without taking your socks off.)
And to add punch, I’m making a commitment: if I get there, 10% of that income for one year will be donated to charity.