There’s a commonly cited idea in the marketing world (originally from Kevin Kelly, see below) that all you need to make $100,000/year is 1,000 true fans who are willing to pay you $100 each year.
I think we can all say that most students pay us more than $100/year. And most of us don’t need $100,000/year to live comfortably. So let’s do some maths.
Knowing this number can put so much about your business into perspective, including your marketing. When you’re struggling to fill your studio, 30 students feels like an insurmountable challenge but it’s really not that many people.
The number starts to get trickier if you have a high churn rate. If most of your students just feel a bit “meh” about you, and might leave at any stage, then you need to recruit a lot more than just 30 students to keep your studio full and generate enough income.
When your students know, like, trust and are fans of yours, though, they stick around much longer and make the marketing equation much more balanced.
The true fans are the ones that not only stick around, but also make the equation even easier to balance by adding to the other side. True fans go out and tell the others about you.
Not all your studio families will be true fans. But we want to maximise the possibility of creating true fans – and that’s what this whole course has been about. If you provide an exceptional experience from the moment someone hears about you all the way through to them performing a senior showcase recital, they will go out and spread the word about you.
The phrase “1000 true fans” has become a common one in marketing discussions, but it was originally coined by Kevin Kelly in this short essay in 2008.