Good morning. Today I would like to talk about how you, as the CMO, can become the CFO’s best friend.
Tim Ferriss wrote a book called Tools of Titans. And in it, a gentleman named Kevin Kelly has an article about how you just need 1,000 true fans. He poses that as an independent creator, if you can identify 1,000 true fans that you can make $100 profit off per year, then you’re making $100,000 a year, which is a good living for many. So we just need to take this idea and extrapolate it out for your brands and businesses. Let’s have a think about who your true fans are. We often talk about how the real power of brand lies in that emotional engagement. What is your brand doing for your most desired consumer? And if you can get really granular about that messaging and understand who is it that is going to buy anything that you bring to market, whether it be a product or a service. Who is it that’s really engaged and is not difficult to convert? Go to your CFO. Think about your revenue targets – for example, 10 million. What are your key services or products that are going to bring the majority of that revenue in? And who are the true fans that are going to purchase that? Is it repeat purchases? Is it once a year? All of these will influence the amount of true fans that you really need. But once you have identified that, then you know who you really need to talk to. It becomes so much easier to understand where they are and where you can engage with them. And what types of conversations are really appropriate.
Nike knows this. They have over 19 social media platforms and counting. As their audience grew, they understood that they couldn’t directly engage with true fans about the particular silo within Nike that they were interested in. So they created subgroups. And now they understand the true fans in that area that bring in that revenue stream and can talk to them in a relevant manner, and make sure that those true fans feel heard and answered to. Okay. I would like you to have a think about your revenue targets. Who are the true fans that are going to help you reach these? And how are you going to really engage with them? So just that small task for today. So that’s it from me. Time for brekkie.