Credit for the origin of 1,000 True Fans goes to Kevin Kelly. If you want to build a business that supports your lifestyle and doesn’t necessarily ‘need’ to make you millions and millions of dollars, read the original article here.
OR I’VE SIMPLIFIED IT BELOW:
I personally came across 1,000 True Fans by Kevin Kelly when I was well into my own businesses journey and had already “made it” so to speak. This is one of those articles you’d want to read once a year at a minimum.
The powerful yet simple principle about the 1,000 True Fans is that, if you had just 1,000 people who loved you, or loved your product, your business or your service, you would be able to live a comfortable life. And in many peoples eyes, a very comfortable life!
Below is some simple numbers, that will give you the same ah-ha moment that hundreds of thousands of people have since had.
A true fan is someone who will buy whatever you sell, they love it! They will ALSO buy the updated version 12 months later. They are a TRUE fan!
YOU are probably somebodies or some companies true fan. Maybe it’s a brand of shoes that you don’t stray from. Maybe you’re a iPhone, or a Samsung person.. and like other ‘untrue fans’, you would NEVER cross over to the dark side and purchase that OTHER brand.
You’re likely a true fan of several businesses if you take a moment to think about the brands you don’t stray from, over and over again.
YOUR 1,000 True Fans:
If you had just 1,000 true fans for your business and they each gave you just $100 worth of profit, only once a year, you have a $100,000 a year business.
Maybe you’re service is only needed every 3 years. That’s fine, if your product is worth $300 profit, the numbers still work out.
Or maybe your product only gives you $50 profit, and your true fans can only really buy it once per year, that’s fine! It’s now just 2,000 true fans that you can consider as a goal.
Or if your profit per customer is actually $1,000 per year, you only need 100 True Fans!
If you’re reading this, you probably have bigger goals than $100,000 per year. Which is also fine. You can achieve this same result 5x over to make it a half a million dollar a year business.
If you focus on 1,000 first, you’ll figure it out. The next 4 will be easier.
Do you see why this is so intriguing now?
If you break it down to a simple but accurate principle like this, it’s achievable.
AND HERE’S THE THING:
If you’re in the early stages of your business, and you try to sell to one million different people, you’re message to them is likely going to be very diluted.
But if you focus and talk to just a audience of ten thousand people, using Social Media, Facebook etc, you can have a much more accurate, potent and influencing message. And out of these 10,000 people will be your 1,000 true fans.
a) Focus on 10,000.
b) Win over just 10% of these people. And;
c) You have your 1,000 True Fans.
If you have a slightly larger budget, you could focus on a larger audience of 100,000 people (easier these days with Facebook) and you will only need to win over / or “convert” just 1% of this group. And you have your 1,000 True Fans.
- Is this achievable?
- Do you need to stop at just 1,000?
ANSWER TO BOTH: It depends on your appetite.
Your 1,000 true fans are the same people who want to know all about you. They love your products/services but they also really like you as a result. Just think of your favourite band or performer. Yes you love their songs, but you also probably enjoyed and got a lot out of learning more about them personally.
You wouldn’t need to let them into your personal life, however, evidence shows that the more you do it the bigger the fan they will become. But like I said, you don’t need to.
To manage 1,000 true fans now is very easy. It’s called Facebook. If you have a Facebook account you can set up a Business Page (also known as a ‘Fan Page’!). Your true fans can follow you there, and you can post updates for them/to them, there!
Here are some more thoughts on this:
- What you like, your true fans will like.
- If you sell organic soap, they like organic products. So when you’re researching something, share it with them. “I just found this new organic Flower Oil that… blah blah blah, I’m going to trial and it see how it performs. I will keep you updated.”
- Now you have the next communication with your true fans already organised; the results and what you thought of the Flower Oil!
- It doesn’t have to be “personal”. You can keep your daughters high school dramas out of the discussion.
- Your 1,000 True Fans will love anything new about your industry, and what you’re working on.
- You can share the process of making the next version of your product (or whatever). That will be 101 different updates with every small step. But then when it’s finished and ready for sale, guess who is going to want to buy it!? BEFORE IT’S EVEN FINISHED! (you’re true fans will even pre-pay to be first in line! So you can cover the manufacturing costs before you even start making it!).
All this is great. It’s all pretty easy.
However, if your service or product does not live up to their expectations, you will lose a customer, who could have been a true fan. There are no shortcuts or getting away with below expected standards in this modern day and age (and that’s a great thing! Let your competitors try that!)
Your connection with these people does not have to be just via Social Media or Facebook. If they took the step and bought your product once (before they were a true fan), it means you likely have their contact details.
So now you can also send them a weekly email.
You could even send them a letter in the post. Can you imagine if your favourite singer or even your favourite local artist sent you a letter in the post..? Talk about a way to get your true fans excited.
You can adjust the numbers below to fit in with what you’re selling and what your target is, but in summary it’s like this:
- Gain 1,000 True Fans.
- Offer sell something to them that is worth $100 profit per year to you/your business.
- Generate $100,000 a year as a result.
Want my help in reaching and gaining your first 1,000 True Fans? Just send me an email and ask what’s the best way I could help you with it now. (I will have different opportunities at different times – so email me to ask what’s going on as of today).