What is this strategy?
Do you know the 1000 true fans strategy? Ok, most people do not thats why I will try to explain.
The idea behind this strategy is that creators only needed to engage a modest base of “true fans” — those who will “buy anything you produce” — to the tune of $100 per fan, per year (for a total annual income of $100,000). Got it?
This was defined for all kind of online creators as musicians, photographers or even influencers. Meanwhile you will find this strategy under many different names as Taylor Swift Principle to name just one.
How to use for B2B?
Do you know that it cost 7x more to find a new client as to develop your existing ones? Do you know your customers life time? Do you know the average spending of your clients?
Well, most companies do not know. The point is, most are chasing for new clients and do not care enough about their existing ones. To convince or let´s say win a new client is expensive & time consuming. Instead of developing the existing ones which is way more easier and also more effective.
Try to develop your existing clients with the 1000 true fans strategy. Make them happy, take care about their needs, overdeliver. Use content marketing to be present all time. Don´t wait to the next fair trade show or contract discussion to see your client. Make sure that you know what their plans for the future are that you can challenge them in your field.
BE PRESENT AT ANY TIME
You should develop KPI´s also for your existing clients. As mentioned earlier at least about life time value, life time and average contract numbers to see the potential of your existing clients. Think about a timeline. The timeline is from winning this client to the end when the business is gone.
Take all your clients and ask yourself where on this timeline are they at the moment. Then you see the potential and you should invest to get as much as possible out of this relationship.
To compare with the 1000 true fans strategy.
Stars like Taylor Swift or Lady Gaga invest so much in their true fans because their reach is incredible high and therefore they win other fans without doing much. They leverage the potential of their true fans to increase the total fan base.
The same principle can be used for B2B.