Have you heard of Pearl Jam? They are an amazing group and very committed to their music and their fans. They been around for decades, and their success contains valuable business lessons for us. Let's focus on some of these lessons in this article.
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.
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 you can really take the profits to the next level, however, when you are able to make your fans so happy, that they go out and spread the word about you to their friends. This is one of the best ways to grow a business. Getting referrals can really increase your bottom line!
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.
Do you have the email addresses of the 20% of your customer base that loves what you do? If not, start getting them. If you do, what could you do or make for these customers that would be super special? Think through this strategy to grow your business now!
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.
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 you can really take the profits to the next level, however, when you are able to make your fans so happy, that they go out and spread the word about you to their friends. This is one of the best ways to grow a business. Getting referrals can really increase your bottom line!
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.
Do you have the email addresses of the 20% of your customer base that loves what you do? If not, start getting them. If you do, what could you do or make for these customers that would be super special? Think through this strategy to grow your business now!
About the Author:
About the 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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