Fun Fact: At any given moment there is over two trillion dollars in rotation all over the World.
You may be currently asking yourself, “How can I get a piece of that?” For anyone involved in the music industry this is by far one of the most exciting times for artists, record labels and — most importantly — fans.
The basis of any economic transaction is about value and support. I provide the music/merchandise, you provide support in the form of monetary value. In return, these transactions allow me to provide a continuous flow of value.
The Art of Supply & Demand
This is a concept that has been mastered to perfection by the likes of Jay Z, Nipsey Hussle, Kanye West & Master P. When it comes to selling any product, you have to know people and people have to know you. This is why having a strong brand can pay dividends.
In this article, I am going to discuss how you can use platforms and accessibility to turn your fans into assets.
Let’s take a look below.
For all artists, no matter if you’re signed to a major label or independent. It’s essential to understand the importance of leverage and how to use it. Turning your fans into assets is about positioning. What do you have of value that people want and how can you take advantage of that leverage to help you achieve your goals.
Music provides the leverage. But how do you truly turn fans into assets? Own the data. If you own the data, you own the asset that can be leveraged against. This can be accomplished by beefing up on your “Owned-media properties”, which include your website, email lists and music (videos & streaming).
The true power lies in control, social media platforms are a great place to increase awareness and engage with fans. But as we’ve seen with Boosie and Instagram, having a presence on social media is a privilege and not so much a right. This is why gathering data from emails and your website plays a major role in turning fans into assets.
Just like an artist can use data to create content and book shows. The study of economics can provide some key insights into helping you turn fans into assets. Economics is based around a number of actions, which weighs heavily on human behavior and key assumptions.
For example, artists can assume that:
- People consume content (music & videos).
- People attend concerts.
- People buy merchandise.
One on the MOST overlooked assets for artists are websites. There’s always a looming question around if an artists should have a website for music and the answer is YES! Even though music streaming platforms and social media websites continue to grow in popularity.
You still need a central location for everything concerning your music, brand and a solid means of communication with your fans. For anyone doing music, (if you haven’t started already) you need to start planning out ways to diversifying revenue outside of live performances.
This includes merchandise, sponsorship and creative collaboration. The benefit of a website is about owning the communication with your fan base. This includes the infrastructure, messaging architecture and data.
Social media will always be a great way to promote and engage with your target audience in order to grow your fan base.
The key is to differentiate between “target audience” and “fan base”.
Artists like Ryan Leslie have showed us the benefits that come with having a “direct-to-consumer” relationship. Websites are a great way to continuously build those relationships. It’s about conversions and not attention.
Attention pays as long as it leads to conversions (ticket sales, merchandise, etc.)
2. Email Marketing Campaigns
An effective email marketing campaign is considered to be one of the main pillars to success when it comes to creating content and connecting with your fan base. Email marketing campaigns should go hand-in-hand with content creation and consumption.
Ultimately — with one feeding off of the other when it comes to your overlaying growth strategy. It is estimated that around 269 billion emails are sent per day. With one of your biggest advantages being that people still use email with 90% of adults and 74% of teens checking their inboxes daily.
This is why email marketing campaigns and press releases are the perfect way to drive engagement. Email marketing campaigns allow artists to gather data, define demographics and gain a better understanding of their core fan bases.
Although creating an email marketing campaign can be time consuming. The act should be considered an “Investment of Time” that will eventually lead to higher productivity and increased revenue.
To create a routine around your email marketing campaign, start planning out your ideas while working on projects and designing merchandise. You should be investing the same amount of time into marketing and advertising as you do with content creation.
To be clear, I am — not — suggesting that you juggle business and creative endeavors as an artist. The key is to gain knowledge on what needs to be done when it comes to executing your vision. Then, positioning people within your supporting team to help you add value to the operation.
How To Create An Email Marketing Campaign
269 Billion Emails Are Sent Per Day With 90% Of Adults & 74% Of Teens Checking Their Inboxes Daily
As artists, it’s important to experiment and pay attention to how people react to your content through email and on your website. This is essential in producing content, as well as in marketing. You can test out different methods to see what kind of results that are being produced by your efforts.
This is highly effective in segmentation, price points and organizing your fan base. As you grow as an artist, you will quickly notice that you have different types of fans: fair-weather, middle of the road and super fans.
The key is to remember this is an environment that is totally under your control. That is why it’s a little different from social media. It’s like inviting your friend’s over to your place for a dinner party vs. going out to eat as a group. The same concepts apply, they just require a different approach.
Nipsey Hussle’s 10 Steps To Building A Music Empire
Follow These 10 Steps To Build Your Independent Music Empire — Music Marketing
This idea speaks more to a direct-to-consumer and one-to-one marketing approach that focuses on providing experiences. People will not only pay for products, they will pay for experiences. Think about it like this:
How many people go on vacation?
How many people go to the Zoo?
How many people still go to the movies even though there’s a plethora of streaming services available?
Take the same approach with your fan base. Turning fans into assets is about creating value. Once you create value, people will show support. It all comes back to supply and demand.
Music, Merchandise & (Owned) Data