Bud Caddell posted a great presentation on SlideShare about what he calls “The Fan Economy.”
I’m a big fan of this philosophy and believe that it makes even more sense in the new economy. Here’s why:
- It’s a whole lot easier to get a current consumer to BUY MORE than it is to get a new consumer to BUY FOR THE FIRST TIME.
- Awareness is nice, but does it sell stuff? Image is nice too, but does it sell stuff? Yeah, sometimes – but fans making recommendations sells a whole lot more and on a much more consistent basis.
- Does anyone have money to risk these days? To me, advertising is a huge risk. Strengthening the bond with loyal consumers is the safe play.
I found this thru my friend Owen Mack of CoBrandit on Facebook.