Building a Core Community
"Heard it through the grapevine" - Norman Whitfield and Barrett Strong for Motown Records in 1966.
We've all heard about it...the power of raving fans. They spend regularly, spend more, and spread the gospel of your business. So how many do you really need? Among business analysts, there is a common consensus of 1000 raving fans being the critical mass for small businesses.
Think about it... If you had 1000 people who spent $10/month with you. You would have a 120K/year business. That would be amazing wouldn't it? Now...what is your lowest revenue item? $50? $100? $400? With the proper systems in place, your business could break the 7-figure mark in gross sales like clockwork!
Sadly, we all know that 100% sales conversion is a pipe dream. But! With 10% making purchases and the other 900 sharing your products and services with others; your business will still do amazingly well.
So what does the road to 1000 look like? Here is a general description of the milestones.
Your goal should be to grow your Core Community to 1000.
And the best way to do that, is with a strong Brand Strategy.
Stay engaged with this newsletter and we'll explore
strategy & tactics to do just that!
Thank you for reading today's newsletter!
Next topic: What is a Brand and where does it stand in the trio of Branding, Marketing & Advertising?