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How to Grow Your Music Career
Jeffrey P. Fisher
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 success.
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 buyers.
These three key components should get you started thinking about ways to make your music business career stronger and more profitable