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This is an edited, updated version of an essay I wrote in when this now popular idea was embryonic and ragged. I recently rewrote it to convey the core ideas, minus out-of-date details. I believe the 1, True Fans concept will be useful to anyone making things, or making things happen. If you still want to read the much longer original essay, you can get it after the end of this version.
To make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans.
A true fan is defined as a fan that will buy anything you produce. If you have roughly a thousand of true fans like this also known as super fansyou can make a living — if you are content to make a living but not a fortune. You need to meet two criteria. That is easier to do in some arts and businesses than others, but it is a good creative challenge in every area because it is always how to earn money through binary options and better to give your existing customers more, than it is to find new fans.
Second, you must have a direct relationship with your fans. That is, they must pay you directly. You get to keep all of their support, unlike the small percent of their fees you might get from a music label, publisher, studio, retailer, or other intermediate.
A thousand customers is a whole lot more feasible to aim for than a million fans. Millions of paying fans is not a realistic goal to shoot for, especially when you are starting out.
But a thousand fans is doable. You might even be able to remember a thousand names. The number 1, is not absolute. Its significance is in its rough order of how to earn money through binary options — three orders less than a million.
The actual number has to be adjusted for each person. Or if you are a duet, or have a partner, then you need to multiply by 2 to get 2, fans. For a team, you need to multiply further.
And of course, not every fan will be super. While the support of a thousand true fans may be sufficient for a living, for every single true fan, you might have two or three regular fans.
Think of concentric circles with true fans at the center and a wider circle of regular fans around them. These regular fans may buy your creations occasionally, or may have bought only once. But their ordinary purchases expand your total income. Still, you want to focus on the super fans because the enthusiasm of true fans can increase the patronage of regular fans. True fans not only are the direct source of your income, but also your chief marketing force for the ordinary fans.
Fans, customers, patrons have been around forever. A couple of things. While direct relationship with customers was the default mode in old times, the benefits of modern retailing meant that most creators in the last century did not have direct contact with consumers, how to earn money through binary options. Often even the publishers, studios, labels and manufacturers did not have such crucial information as the name of their customers. For instance, despite being in business for hundreds of years no New York book publisher knew the names of their core and dedicated readers, how to earn money through binary options.
For previous creators these intermediates and there was often more than one meant you need much larger audiences to have a success. With the advent of ubiquitous peer-to-peer communication and payment systems — also known as the web today — everyone has access to excellent tools that allow anyone to sell directly to anyone else in the world. So a creator in Bend, how to earn money through binary options, Oregon can sell — and deliver — a song to someone in Katmandu, Nepal as easily as a New York record label maybe even more easily.
This new technology permits creators to maintain relationships, so that the customer can become a fan, and so that the creator keeps the total amount of payment, which reduces the number of fans needed. This new ability for the creator to retain the full price is revolutionary, but a second technological innovation amplifies that power further.
A fundamental virtue of a peer-to-peer network like the web is that the most obscure node is only one click away from the most popular node. In other words the most obscure under-selling book, song, or idea, is only one click away from the best selling book, how to earn money through binary options, song or idea. But the area of the tail was as big as the head.
With that insight, the aggregators had great incentive to encourage audiences to click on the obscure items. They invented recommendation engines and other algorithms to channel attention to the rare creations in the long tail. Even web search companies like Google, Bing, Baidu found it in their interests to reward searchers with the obscure because they could sell ads in the long tail as well. The result was that the most obscure became less obscure. If you lived in any of the 2 million small towns on Earth you might be the only one in your town how to earn money through binary options crave death metal music, or get turned on by whispering, or want a left-handed fishing reel.
But now satisfaction is only one click away. Whatever your interests how to earn money through binary options a creator are, your 1, true fans are one click from you. As far as I can tell there is nothing — no product, how to earn money through binary options, no idea, no desire — without a fan base on the internet.
That means that any 1-in-a-million appeal can find 1, true fans. The trick is to practically find those fans, or more accurately, to have them find you. They are institutionally unable to find and deliver niche audiences and consumers.
That means the long tail is wide open to you, the creator. And the tools for connecting keep getting better, how to earn money through binary options, including the recent innovations in social media. It has never been easier to gather 1, true fans around a creator, and never easier to keep them near. One of the many new innovations serving the true fan creator is crowdfunding. Having your fans finance your next product for them is genius.
Win-win all around. There are about 2, different crowdfunding platforms worldwide, many of them specializing in specific fields: raising money for science experiments, for bands, or documentaries. Each has its own requirements and a different funding model, in addition to specialized interests. The average number of supporters for a successful Kickstarter project is funders — far less than a thousand. That means If you have 1, true fans you can do a crowdfunding campaign, because by definition a true fan will become a Kickstarter funder.
Although success of your campaign is dependent on what you ask of your fans. The truth is that cultivating a thousand true fans is time consuming, sometimes nerve racking, and not for everyone. Done well and why not do it well? it can become another full-time job. At best it will be a consuming and challenging part-time task that requires ongoing skills.
They should just paint, or sew, or make music, and hire someone else to deal with their superfans. If that is you and you add someone to deal with fans, a helper will skew your formula, increasing the how to earn money through binary options of fans you need, but that might be the best mix.
If they work for you, fine, but remember, in most cases they would be even worse at this than you would. The mathematics of 1, true fans is not a binary choice.
Many creators, including myself, will use direct relations with super fans in addition to mainstream intermediaries. I have been published by several big-time New York publishers. I have self-published. And I have used Kickstarter to publish to my true fans. I chose each format depending on the content and my aim. But in every case, cultivating my true fans enriches the route I choose. The takeaway: 1, true fans is an alternative path to success other than stardom.
Instead of trying to reach the narrow and unlikely peaks of platinum bestseller hits, blockbusters, and celebrity status, you can aim for direct connection with a thousand true how to earn money through binary options. And you are much more likely to actually arrive there. The original essay follows. The long tail is famously good news for two classes of people; a few lucky aggregators, such as Amazon and Netflix, and 6 billion consumers.
Of those two, I think consumers earn the greater reward from the wealth hidden in infinite niches. But the long tail is a decidedly mixed blessing for creators. Individual artists, producers, inventors and makers are overlooked in the equation. The long tail does not raise the sales of creators much, but it does add massive competition and endless downward pressure on prices.
One solution is to find 1, True Fans. While some artists have discovered this path without calling it that, I think it is worth trying to formalize. The gist of 1, True Fans can be stated simply:. A creator, such as an artist, musician, photographer, craftsperson, performer, animator, designer, videomaker, or author — in other words, anyone producing works of art — needs to acquire only 1, True Fans to make a living.
A True Fan is defined as someone who will purchase anything and everything you produce. They will drive miles to see you sing. They will buy the super deluxe re-issued hi-res box set of your stuff even though they have the low-res version. They have a Google Alert set for your name. They bookmark the eBay page where your out-of-print editions show up. They come to your openings. They have you sign their copies. They buy the t-shirt, and the mug, and the hat. They are true fans, how to earn money through binary options.
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