|A lot of people need start-up advice when it comes to launching their
music career. However, let's not neglect the other people who need ways
to both sustain their existing momentum and increase their business, too.
How do you grow your music career? Follow these three main concepts:
Develop new products
The pressure to introduce new products isn't only for corporate America.
Whatever portion of today's music industry you choose to pursue,
coming up with new "things" to sell is crucial to your growth.
Obviously, a new CD makes the most sense for a musical act. Don't feel
you have to innovate with every new product, though. A "live" CD is
just one way to re-use old material. Going back to older music and re-
releasing it is still another trick. For example, Jan Hammer has just
released a special edition of his much-admired Miami Vice soundtracks.
Add merchandising, or expand your current line, to bring more products
to the front. If you're not making merchandising part of your profit plan,
click on over to www.cafepress.com and see how easy it is to make some
money selling swag.
How does a soundtrack and jingle composer such as myself add
products? A music library, sample CD, or ACID loop CD are possibilities.
I've done the music library thing, and it sells fairly well. It also ties in with
the services I offer, too.
Take action now: What new products that fit in with your overall music
career path can you create and start selling?
Develop new services
It's no good selling music CDs if you're not out touring in some capacity.
If you're product-centered, it's time to add services to the mix. If you're
already a service provider, look for other services that complement what
you do and start selling them. For example, a project studio could add
design and duplication services for the acts that record there.
Consider outsourcing some of these services, such as the duplication
example, instead of doing it in house. You bring added value to your
clients without taking on more work or risk. Growing your business
through some mutually beneficial partnerships is a sure-fire way to
Take action now: Carefully examine your skills (and those with whom
you work) to determine all the new services you can offer.
Get more business from existing clients
Continually adding new clients is only one way to make more money.
Also, make sure you find ways to sell more to your current loyal fans and
clients. You can get people to spend more with you when they do buy
and/or you can get them to buy more often. What if I told you that you
could increase your revenue 33% with only 10% more effort? Let's say
you have 100 people who spend $10 with you twice each year. You'd
make $2000. Now if you increase those numbers by a mere 10% (110 x $11
x 2.2), you'd clear $2662. That's a 33% increase in dollars. What can you
do today to get 10% more clients to spend just a lousy 10% more, and
repeat buy from you a little more often? Launch some promotions that
land a few new buyers. Increase your prices slightly. Create special
package deals that entice people to spend more. And more.
Take action now: Look for ways to encourage new purchases from past
These three key components should get you started thinking about
ways to make your music business career stronger and more profitable.
That's just a sampling of tips available through my
"Moneymaking Music Tip of the Week." Check it out at http://www.jeffreypfisher.com/tipofweek.html or send an e-mail to firstname.lastname@example.org
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Get the real details you need to successfully promote and sell your music products and services in Jeffrey's books: "Moneymaking Music", "Ruthless Self-promotion in the Music Industry", Profiting from Your Music and Sound Project Studio", and others available at http://www.jeffreypfisher.com
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