Does 1000 True Fans Work?
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- Опубликовано: 21 сен 2024
- 1000 True Fans: A Formula For Business Success
Want the formula for agency success?
Here it is: 10 x 100 x 1000 = $750,000 and up.
This is one of the most powerful blueprints to creating a sellable or lifelong asset from your marketing agency, creative studio or even as a freelancer. Seriously, even a solopreneur can do this.
1000 True Fans by Kevin Kelly was a paradigm shift in how online businesses could be successful. The concept is that creators could get 1000 fans to pay $100 a year and the creators could have a great life while making things their fans loved. And this still works!
But what if you run an agency? You can't pay your team and create amazing design, marketing or advertising work earning $100,000 a year.
That's where the concept of 10 True Clients, 100 Customers and 1000 True Fans comes in. This concept was popularized by my friend Dan Andrews of the TropicalMBA podcast. Link below.
What was crazy is that some of us agency owners were also Internet entrepreneurs and started mixing in this theory. Over the years I've done well with this idea with a slight variation: 10 clients, 100 members and 1000 customers. Then that leaves you open to gaining 10,000 true fans.
10 True Clients, 100 True Customers And 1000 True Fans
www.tropicalmb...
Your channel is massively underrated, Tim! Great production value. 1000 True Fans definitely works! You only need to look to different RUclipsrs these days to see it in action.
It's definitely a good starting point.
Great video! Continue making videos!
I've got a couple vids in planning stages now. Thanks for watching.
Loved this video !
Thanks! I appreciate you watching.
Loving the content, Tim! Also good to see we're running in the same circles: the DC and Strategic Coach.
You should connect with me in the DC or send me a DM.
Hi Tim
How can I get in touch with you ?thank you
Fantastic video, you did a great job articulating these 3 ideas and how they fit together
Thank you very much! How goes it on focusing your efforts?
Your content is pure gold. I can already see your channel going big on youtube in future. Subbed.
Thanks for subbing. One day my channel with go big.
Tim, I really wish I could snap my fingers & get to your level immediately lol. Well, one step at a time. Thanks for the videos. I'm currently implementing what you teach in your videos, don't have results yet but I'm hopeful it will all come together soon. Would it be okay to pick your brain?
You can do it! Just keep building your skills and finding opportunities to create case studies. Also, post everything you know and are learning on LinkedIn.
As for "picking my brain" that's what the comment section is for. Feel free to ask questions and I'll do my best to answer. If necessary, I'll make a video to answer the question.
@@TimConley Learning how to sell right now, reading books, and testing out my skills with selling SSL certificate to the business owner (Med Spas) based on your video (How to become an expert in 90 days). However I don't know what I'm doing or saying wrong cause no one is giving me the time of the day but as I said, I am very hopeful because I really really want to be a brilliant marketing strategist. What books on selling would you recommend I go for or start with? I've just started THE LITTLE RED BOOK OF SELLING.
I'd say start with Ultimate Sales Machine by Chet Holmes and then anything you can find from Zig Ziglar and Tom Hopkins. The latter were who I started with over 20 years ago.
Also, SPIN Selling is great.
@@TimConley Tim thank you so much.
First comment. Man you are amazing. You have inspired me a lot. Do you think your principles could be used to build a translation agency?
Additionally, I would like to propose you to take your product to the Spanish market with our Ninja Hispanic Marketing program? Maybe we can even make a swap?
Thanks for watching and commenting.
Honestly I don’t know if this would work for a translation service. I think your service would have to be significantly different from the competition to be able to sell based on your agency’s thinking/strategy.
@@TimConley wow, you replied! The differentiation is that our translation services are gearing conversions and content marketing, which is something nobody is doing right now.
I wonder if we could talk about it and see if we are a good fit?
I've got several messages to get back to, one of them being yours. You'll get an email from me soon.
I dedicated my self so much to train my self but never grow just taking 1 project at a time and have to keep doing 9-5.
Build your case studies from those projects and start client stacking until your projects and fees are big enough for you to quit.
Update?
I see so many owners and Gurus on internet talking about that 300-500k revenues, what about the profitability? If your agency is doing avg profits, which should be ideal metric to evaluate- revenue or profits?
I believe I do mention that these are high margin. I don't talk about profit often because business owners have a strange way of spending all their money even in high profit businesses.
Funny thing is I've spoken extensively about profit on other people's podcasts. I should do one for this channel.
A well managed agency should have 25% to 35% net income. I do know of a few who have had 40%+ profit years, but didn't maintain that level for more than a year or two.
Most agency owners operate on less than 25% net income because they spend the money on lifestyle expenses such as company cars, fancy offices, $6000 Apple monitors, flying business or first class, business meetings in exotic locations and more.
Really small agencies simply under-charge and that's why they have low net profits.
I've worked with small agencies from southeast Asia and South America before ($1 million and down) and they struggled because they focused on being the cheap solution. Americans and Europeans will spend a lot of money on high-quality services even from businesses from "low cost" countries if they see those providers as the experts they need to solve their problems.
A client of mine hired a design firm out of eastern Europe (from a low cost country) but was paying them US rates. He paid what they asked because they are one of the best in the world at the type of design they were doing.
What amazing books do you recommend for agency building and pricing?
I would recommend starting with Getting Everything You Can Out Of All You've Got by Jay Abraham and Million Dollar Consulting by Alan Weiss.
@@TimConley thanks for recommendation
0 clients, 0 members, 0 customers=broke
= not in business
@@TimConley I'mma edit it hahaha
I'm already confused with this 'AGENCY' thing... I'm not an agency... I'm one guy! I'm an artist and I need 1000 true fans... I can't seem to find anything that explains the mechanics of getting 1000 true fans....It's all babble so far. Sorry, Tim, you lost me in the first 2 minutes...
No worries. It's for my agency owner viewers.