I'm a huge Pearl Jam fan! I follow them around the country. I've seen them all over the world. Because of their dedication to the music, their dedication to us fans, and their intelligent career that spans over 20 years, I thought they would make an excellent business lesson.
For several years, those who follow Pearl Jam have been recording their shows because the experience at their concerts is so amazing. However, in 2001, Pearl Jam released seventy two of their albums! They made them available on their website and also in stores. Why is this important? They made a profit and gave listeners what they wanted at the same time.
And all they did was record work they were already doing and repackage it! (Lesson there for all you budding info-product creators: record and repackage work you did once and sell it over and over again.) So, what can you learn from this in your business? And why does this strategy of creating a specific niche product that makes loyal fans ecstatic work so well in business? Because Pearl Jam knows that selling to their loyal followers is much easier than selling to new people, and the cost of selling to your base is much lower than a new customer.
But, the big win to top off the income stream is when some of the core audience is so delighted to be taken care of that they go and indoctrinate their friends. And thus the universe grows. I can't count how many people I've turned onto Pearl Jam because of my stories of the "coolest band ever that takes care of its fans."
The point is that this lesson shows how powerful your fan base is. It doesn't matter how small your list is either. You really do not have to have a huge list in order to see success. Basically, you need a core group of people who like what you are offering. They think it is a good fit for them and their friends.
Make sure that you have the contact information of at least 20% of your most loyal fans. Find a way to get this information if you do not already have it. Then begin to strategize to come up with ways to give them more of what they really want.
For several years, those who follow Pearl Jam have been recording their shows because the experience at their concerts is so amazing. However, in 2001, Pearl Jam released seventy two of their albums! They made them available on their website and also in stores. Why is this important? They made a profit and gave listeners what they wanted at the same time.
And all they did was record work they were already doing and repackage it! (Lesson there for all you budding info-product creators: record and repackage work you did once and sell it over and over again.) So, what can you learn from this in your business? And why does this strategy of creating a specific niche product that makes loyal fans ecstatic work so well in business? Because Pearl Jam knows that selling to their loyal followers is much easier than selling to new people, and the cost of selling to your base is much lower than a new customer.
But, the big win to top off the income stream is when some of the core audience is so delighted to be taken care of that they go and indoctrinate their friends. And thus the universe grows. I can't count how many people I've turned onto Pearl Jam because of my stories of the "coolest band ever that takes care of its fans."
The point is that this lesson shows how powerful your fan base is. It doesn't matter how small your list is either. You really do not have to have a huge list in order to see success. Basically, you need a core group of people who like what you are offering. They think it is a good fit for them and their friends.
Make sure that you have the contact information of at least 20% of your most loyal fans. Find a way to get this information if you do not already have it. Then begin to strategize to come up with ways to give them more of what they really want.
About the Author:
Author Vito La Fata is a business entrepreneur and coach who can show you how to be a personal trainer. Find fitness business coaching and get more tips by visiting his website.
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