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.
Fans of Pearl Jam for years have been bootlegging their shows because of the unique concert experience Pearl Jam creates. But, in 2001 Pearl Jam released 72 live albums to their fans right off their website and in record stores! The genius was in the marketing plan to sell something the loyal fans wanted that set Pearl Jam up to be the first and only band to have 5 albums on the BillBoard 100 at the same time, and they turned a profit on all 72 albums.
The strategy lesson for us is the fact that all they did was repackage the work that they had already done! They did not have to create new content. As a business owner, you can do the same with your content. It is almost always cheaper to sell to your existing fans rather than creating new ones.
If you really want to increase your bottom line though, make your fans so happy that they go out and tell others about you and how wonderful you are. Be so amazing that they want to tell their friends, their family and their neighbors!
You see, your following can really help you to grow your business. Do not worry about how many fans you have right now. You do not really have to have a huge number of fans. What you need are a few people who really, really love what you are offering to them.
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.
Fans of Pearl Jam for years have been bootlegging their shows because of the unique concert experience Pearl Jam creates. But, in 2001 Pearl Jam released 72 live albums to their fans right off their website and in record stores! The genius was in the marketing plan to sell something the loyal fans wanted that set Pearl Jam up to be the first and only band to have 5 albums on the BillBoard 100 at the same time, and they turned a profit on all 72 albums.
The strategy lesson for us is the fact that all they did was repackage the work that they had already done! They did not have to create new content. As a business owner, you can do the same with your content. It is almost always cheaper to sell to your existing fans rather than creating new ones.
If you really want to increase your bottom line though, make your fans so happy that they go out and tell others about you and how wonderful you are. Be so amazing that they want to tell their friends, their family and their neighbors!
You see, your following can really help you to grow your business. Do not worry about how many fans you have right now. You do not really have to have a huge number of fans. What you need are a few people who really, really love what you are offering to them.
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 business coach who can teach you how to be a personal trainer. Find fitness business coaching and get more tips by visiting his website.
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