How Writing Online Could Make You A Millionaire by Codie Sanchez

Codie Sanchez is a reformed journalist, turned. institutional investor to now a Managing Director and. Partner at Entourage Effect Capital, a private equity. firm focused specifically on investing in the legalized. cannabis industry. (@Codie_Sanchez) Founder and CEO of Contrarian Thinking.

In the ever-evolving world of content creation, monetization, and business building, understanding the dynamics of the industry is crucial. The video in question provides an insightful look into the strategies, models, and innovative approaches that creators and entrepreneurs can utilize to monetize their content and build sustainable businesses. From leveraging social media to understanding the power of licensing and royalty rights, the speaker offers a comprehensive guide to thriving in today’s digital landscape.

5 Key Takeaways

  1. Content Monetization Models: The video explores six levels of content monetization, ranging from advertising and affiliate marketing to software and hardware sales, and even publishing and licensing rights.
  2. The Power of Influence: Utilizing influencers and building a network of “legionnaires” can significantly boost product representation and sales.
  3. Leveraging Licensing and Royalty Rights: The example of Reese Witherspoon’s Hello Sunshine illustrates the potential of licensing and royalty rights, which can be sold for high multiples.
  4. Owning Your Audience: Emphasizing the importance of owning your audience through newsletters and email lists, rather than relying on social media platforms.
  5. Finding the Right Number Two: Identifying a strong second-in-command who can handle operations, systems, and execution is vital for business growth.

Content Monetization Models

The video begins with a fascinating exploration of six levels of content monetization. From advertising and affiliate marketing to software and hardware sales, the speaker emphasizes the importance of diversifying revenue streams. What’s intriguing is the mention of Reese Witherspoon’s Hello Sunshine deal, where she leveraged her book club to secure licensing and royalty rights. This example illustrates the potential of thinking outside the box and leveraging unique opportunities.

The Power of Influence

In the fitness space, the speaker highlights how companies work with influencers, creating a network of “legionnaires” to represent their products. This strategy not only boosts visibility but also drives sales, as seen in the 15x revenue multiple. It’s a reminder that in today’s digital age, influence is a currency that can be strategically utilized.

Leveraging Licensing and Royalty Rights

The brilliance of leveraging licensing and royalty rights is exemplified by Reese Witherspoon’s Hello Sunshine deal. By securing the rights to books and then selling them to operators like Blackstone, she created a portfolio that sold for 20 to 30 times its value. This section emphasizes the untapped potential in licensing and the need to recognize opportunities in unconventional areas.

Owning Your Audience

The speaker passionately argues for the importance of owning your audience through newsletters and email lists. With social media platforms being “rented” spaces, the need to have control over your audience is paramount. The success of email marketing, with high open rates and conversion, is a testament to the power of this often-underestimated tool.

Finding the Right Number Two

Perhaps one of the most critical insights from the video is the importance of finding a strong second-in-command. Using examples from various successful businesses, the speaker emphasizes that every problem in business is a person, not a tactic. Having the right person to handle operations and execution can be the biggest accelerator for a business.

Lessons Learned

  1. Diversification is Key: Relying on a single revenue stream is risky. Exploring various monetization models can lead to sustainable growth.
  2. Influence Matters: Building relationships with influencers and creating a network can significantly boost visibility and sales.
  3. Think Outside the Box: Opportunities like licensing and royalty rights can lead to high multiples. Being innovative and open to unconventional strategies is vital.
  4. Own Your Audience: Relying solely on social media platforms is a risk. Building an email list and connecting directly with your audience ensures control and stability.
  5. Find the Right Team: Identifying the right people, especially a strong second-in-command, can transform a business. Focus on attracting those who can execute your vision.

Final Thoughts

The video provides a comprehensive and insightful guide to content monetization, business building, and innovative strategies for success in today’s digital landscape. From understanding various monetization models to recognizing the importance of influence, licensing rights, audience ownership, and team building, the insights offered are invaluable. The lessons learned are not only applicable to content creators but also to entrepreneurs and business leaders looking to thrive in an ever-changing environment. The call to action is clear: think creatively, diversify, own your audience, and build a team that shares your vision. The game won’t last forever, so play it intensely while you can, and build something bigger than yourself.

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