Building empires:
Rock On, Dude
According to Wikipedia, the first version of Chicken Soup for the Soul sold 2 million copies. Now the authors have 100 million copies in print, consisting of 105 titles targeting markets in 54 languages, with hardcover, paperback, and audio versions, and they have greeting cards, calendars, gift products, pet food, CDs, DVDs, and nutritional supplements. What’s next? Branded psychotherapy counseling services at a chain of franchised clinics with hot soup while you wait? Partnerships with KFC?
But ya know what? Expanding your empire makes sense if you have a sizable fan base. You need to first build your following before you offer the T-shirt (or license your songs for translation into other languages which the 1960s group The Beatles did).
Because the resources to maintain these product variations and extensions will quickly drain you.
The Roman Empire collapsed, according to some historians, because they couldn’t continue pulling in the huge energy resources needed to maintain their occupations of foreign lands (kind of like the US in Iraq, except with several Iraq occupations going on simultaneously). Simply put, it took more energy to maintain it than it was worth.
First, build your core following of fans. Make sure you have enough customers who like your albums before you place that order for 5000 T-shirts (and CDs, DVDs, calendars, and punk rock dog food). Otherwise, you’ll overextend your resources trying to support this expanded product empire, and have cartons of unsold stuff taking up valuable real estate in your bedroom.
The empire of Rome wasn’t built in a single day. It took step-by-step patience. Following that advice will rock your world. And your empire.
So where are you in your empire building? Have you launched new products because other ones weren’t selling? What challenges have you faced? Comment below now:
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It also has to be an on-the-spot sale, with the add-on available at the same venue as the main product. Selling that concert T-shirt anywhere else than at that concert won’t work well, unless your fallback strategy is to sell your overstock at a discount outlet.
Tony,
Do you think there are other ways to move your unsold inventory without turning to the discount outlet?