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DNX GLOBAL Talk ★ Derek Sivers - How I built a rockstar online business and why I gave it to charity for $22M
- Derek Sivers started his career as a professional musician and created CD Baby in 1997 to sell his own CDs from his bedroom, which grew to support 20,000 musicians by 2002 with 8 employees. - He sold CD Baby for $22 million in cash in 2008. After selling, he gave away nearly all of the money instead of keeping it for himself. - Some of the most successful things CD Baby did included personalizing email headers, sending customer comments to musicians, fulfilling any unusual requests from customers, and using uncommon sense to stand out from other companies in surprising ways that made customers smile and tell their friends.
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DNX GLOBAL Talk ★ Derek Sivers - How I built a rockstar online business and why I gave it to charity for $22M
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- 5. CD Baby (1997) Mein my bedroom 20 musicians
- 6. CD Baby (1999) Meand John 2000 musicians
- 7. CD Baby (2002) 8employees 20,000 musicians
- 8. CD Baby (2007) 85employees 200,000 musicians 2 million customers
- 9. CD Baby (2008) Soldfor $22 million cash
- 10. CD Baby (2008) Soldfor $22 million cash … and gave it all away.
- 11. Why are youlistening? Forrest Gump
- 12. Why are youlistening? Forrest Gump… but learned some things.
- 13. Why are youdoing?
- 14. Why are youdoing? Most people don't know.
- 15. Why are youdoing? Most people don't know. They imitate others & go with the flow.
- 16. Deathbed regret: You pursuedsomething that someone said you should want, instead of what you really want.
- 17. What do youwant? Money? Prestige? Fame? Leave a legacy? Freedom?
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- 19. Money? Others take spotlight. Youjust maximize $$.
- 20. Legacy? Trump: spend toput your name on things.
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- 22. This is yourcompass Optimize. Side-effects (fame/$) but know your real goal.
- 23. Nobody knows thefuture
- 24. Your business planis moot
- 25. No plan survivesfirst contact with the customer
- 26. CD Baby: (month1) Payment processor
- 27. CD Baby: (month2) Payment processor Store
- 28. CD Baby: (year6) Payment processor Store Distributor
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- 30. ADMIT: “Nobody knows.” Askinstead of answer. Learn instead of preach.
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- 32. CD Baby businessmodel? Ask the local record store.
- 33. CD Baby businessmodel? $35 to add $4 per sale Paid every week
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- 35. Love ≠ Romeo &Juliet
- 36. Revolution ≠ war &blood
- 37. Revolution = simply servingpeople better
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- 39. If it's nota hit, switch
- 40. 12 years tryingeverything If it's not a hit, switch
- 41. CD Baby =hit song If it's not a hit, switch
- 42. Felt the difference. Myadvice? If it's not a hit, switch
- 43. If people aren'tloving what you're doing, STOP! Don't persist. Don't push it.
- 44. When you've gotsomething great, you'll know. They'll be freaking out.
- 45. Anything less than“OMFG! Take all my money now!!”? Nope. Stop. Change. Write a different song.
- 46. Success comes from peristentlyimproving and inventing.
- 47. Success comes from peristentlyimproving and inventing, not persistently pushing what's not working.
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- 49. Music recommendation idea. Needs $2Mto make it?
- 50. CD Baby 0.1 showCDs add to cart email me the info
- 51. CD Baby 0.1 showCDs add to cart email me the info Profitable in 6 weeks.
- 52. If you're notlaunching too soon, you're launching too late.
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- 54. “I've got abillion dollar idea!”
- 55. “I've got abillion dollar idea!” (Sign this NDA to hear it.)
- 56. “Online dating… withmusic!”
- 57. “Online dating… withmusic!” “So, you go make it, and we'll split the profits 50/50.”
- 58. IDEA -1 = badidea 1 = weak idea 5 = average idea 10 = good idea 15 = great idea 20 = amazing idea
- 59. IDEA EXECUTION -1 =bad idea $1 = no execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = good idea $100,000 = good execution 15 = great idea $1,000,000 = great execution 20 = amazing idea $10,000,000 = amazing execution
- 60. IDEA EXECUTION -1 =bad idea $1 = no execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = good idea $100,000 = good execution 15 = great idea $1,000,000 = great execution 20 = amazing idea $10,000,000 = amazing execution to make a business, you need to multiply the two.
- 61. IDEA EXECUTION -1 =bad idea $1 = NO execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = good idea $100,000 = good execution 15 = great idea $1,000,000 = great execution 20 = AMAZING idea $10,000,000 = amazing execution amazing idea × no execution? $20
- 62. IDEA EXECUTION -1 =bad idea $1 = no execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = GOOD idea $100,000 = GOOD execution 15 = great idea $1,000,000 = great execution 20 = amazing idea $10,000,000 = amazing execution good idea × good execution? $1 million
- 63. IDEA EXECUTION -1 =bad idea $1 = no execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = good idea $100,000 = good execution 15 = great idea $1,000,000 = GREAT execution 20 = AMAZING idea $10,000,000 = amazing execution amazing idea × great execution? $20 million
- 64. IDEA EXECUTION -1 =bad idea $1 = no execution 1 = weak idea $1000 = weak execution 5 = average idea $10,000 = average execution 10 = good idea $100,000 = good execution 15 = great idea $1,000,000 = great execution 20 = amazing idea $10,000,000 = amazing execution I don't want to hear ideas, just see the execution.
- 65. The most successfulthings we did at CD Baby
- 66. Answer phone on2 nd ring
- 67. From: CD Babyloves Sara <cdbaby@cdbaby.com> To: sara@gmail.com Subject: CD Baby loves you! Personalized email headers.
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- 69. Customer comments sent tomusicians.
- 70. Any request withyour order. (Even gum or squid.)
- 71. People remember you morefor the little ways you make them smile, than all the other tech/biz/marketing stuff you do.
- 72. Be unusual (remarkable) Soeveryone tells their friends.
- 73. Be shockingly unique Useuncommon sense.
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