Barenaked Ladies embrace new world

Here’s an example of an organization who’ve embraced the new world to absolute advantage.

 

Rock band the Barenaked Ladies, achieved a reasonable level of commercial success in the late 1990’s and early 2000’s. A song of theirs you may know is ‘One week’ – you can click here to watch it and jig your memory.

 

Their success enabled them to do what most bands can’t – secure a record deal with the large record label Warner. But in 2003 they sacked them. They thought they could a better job – and they have. They just cut out the middle man and began to have a direct relationship with their passionate fans.

 

Here’s some of the cool stuff they’ve done:

They have a ‘dynamic’ websites & myspace– not static pages

They blog ‘daily’

They include fans in ‘every’ film clip

They built a permission database

They provide ‘free’ downloads of their music

Allow ‘free’ sharing of their music (Youtube / File sharing)

They sell their records direct and collect all revenue

They have ‘band days’ and ‘invite only concerts’

They provide photos of the days events

They run cruiseship holidays for fans

(Yep, 300 of their fans socializing, eating, relaxing with them for a week or so, where they provide the entertainment for them every night)

 

 

The net result is this. Their fans feel like they have a real connection, which they do. Their revenue per album sold is now approx $6.00 to the Barenaked Ladies, versus the previous $1.00 while with Warner. They have pure creative control of their work and don’t have to worry about being dropped by their record label.

 

Their site link is here: http://www.bnlmusic.com/default2.asp

 

Kudos BNL.

One piece of advice

If you could offer entrepreneurs one piece of advice what would it be?

 

Start up blog’s is this:   Don’t die wondering.

 

I’m sure all 20,000 monthly startup blog readers want to hear yours. Add them to the comments or email them to me and I’ll post them on an upcoming blog entry with your name / blog beside it.

Ahead of their time

Here’s a meme from the Cluetrain Manifesto guys.  It was written some 9 years ago and still rings true. The predictions herein are still evolving today, and yet some corporations still haven’t got it.

Start ups out there; invest 5 minutes with the ideas below, embrace them and you’ll be well ahead of the game.

[slideshare id=7027&doc=cluetrain-28722&w=425]

Entrepreneurs are like footballers

Footballers (or any sports person) have good form and bad form. Some are heroes and always play well…. others have fleeting moments and some are inconsistent but sometimes brilliant.

 

As entrepreneurs we ought aim to be like ‘the’ footballer… not just a footballer in the league… But the MVP.

 

It’s hard to understand why some footballers have got the raw talent, the opportunity in the big league, but never seem to reach their potential.

 

Chances are – we too are that person – but in business.

 

We’ve been told by our friends and colleagues that we’ve got the talent to make it happen. They believe in us, but we’re not there – yet. That said, we should refer to ‘that football player’ we all have in our mind already. The guy who could be an absolute hero if he just pulled it all together… The training, the preparation, the diet, the mental application, the team effort, the professionalism. (free feel to name / discuss him in the comments) It’s the same with our start up. The idea, and our potential is only part of the equation. In fact, it’s really just like getting drafted. We’ve got along way to go.

 

 

If we’re going to play, we may as well behave like the MVP. Do it all. Aim for perfection and strive to extract every ounce of the gifts we’ve been given. As we know the MVP is never the guy with the most raw talent. It’s usually the guy who maximizes their potential.

 

Let’s do all the stuff we know we should in order to be the best. Otherwise, what’s the point?

Rentoid on techcrunch

We finally got ‘crunched’ – with a little spiel for rentoid on Tech Crunch.

In the first instance it’s given us a large membership boost and a very positive response. But it’s also given us our share of negative armchair experts, naysayers in the comments.

We say:

“That’s Ok – revolutionaries like us don’t care what naysayers think.”

But it’s a few thousand more people that know about rentoid.com too.

Actually we do care about what they think as it pertains to ideas to improve the service. We turn their negatives into a positive. But we always ignore an attitude which says something won’t work. It won’t for them – their attitude has already predetermined that!

In fact, some context here: We had many more positive comments and only a few negative. Also, both our membership and listings have been boosted as has our unique visiters today. But I thought I’d make this ‘blatant piece of self promotion’ worthy of a startup blog story by providing some insight!

You can check out the story here.

And add some comments here on the Crunch Base or on the story. We want to hear negative and postive sentiments. We want to improve our offer.

Compound Effort

Albert Einstein said compound interest is the greatest discovery of all time. There is no question about it’s power. Don’t believe me? $10K invested in the all ordinaries index in Australia in 1970, would today be worth $808K 

The tough thing that entrepreneurs face is life without a wage. Money makes life better. A wage can buy nice things. Shirts, shoes, dinners at fancy restaurants, weekend trips away and mortgages in gentrified suburbs. Yes, these are nice. The interesting thing about ‘compounding, is that it is not limited to financial instruments. It also applies to effort.    

                               COMPOUND EFFORT

       Definition: The ability to generate significant & tangible returns through long term continuous effort via the use of human capital. 

It applies to all things. Start ups, even exercise regimes. If you stay the course, the rewards are there. 

(If you’ve read this post before – you’ve consumed over 50,000 words on this blog! Thought it was worth a re-post) 

Reliability

4.17pm – Get email from friend advising of a small bug on rentoid.com

 

4.17pm – I email my main guy from my tech team to ask him to check it out  

4.21pm –  I receive email from my tech guy saying – bug fixed please check it!   

4.23pm – I email my friend advising that it’s all fixed saying – ‘my guy is quick.’ 

4.25pm – Friend emails me back saying “..Wow… that’s amazing.” Blog worthy!! 

As above.

Never underestimate the power strong relationships within supply chains. Strong relationships build efficient supply chains – not the other way around.