5 Growth Tips to Take Your Music Business to New Levels
Are you trying to grow your music business? Increasing your sales and revenue is important for keeping up with your competitors and maintaining your position in a challenging economic climate. While there’s no cut-and-dry process for growing a business, following a few best practices will help you get more fans and set the stage for future growth. JVAgency.co shares some tips below to help you take your music business to new heights!
Learn About Business Process Management
As your business grows, you may need to make adjustments to your daily workflows. Inefficient business processes can hold you back from achieving the growth you have envisioned for your company. Fortunately, there’s an effective method for managing processes, called BPM (business process management), that can help you identify opportunities to automate and streamline your business tasks. Not only will this help you operate more efficiently, but improving your business processes will help you save money too!
Stay Active on Social Media
Social media is a fantastic medium for connecting with potential clients or fans, depending on the type of music business you operate. If you’re a musician, learn how to use Twitter to engage with your audience. Host Q&A sessions, create challenges, post song lyrics, ask for feedback, talk about a project you’re currently working on, or let your followers know about an upcoming event. You can use other social media platforms like TikTok and Instragam similarly. Just avoid spreading yourself thin. You want every piece of content you produce to be highly valuable to your audience, so pick just one or two platforms to focus on for now.
Sketch Out Your ‘Fan Journey’
Any musician will tell you that the path to success is long and winding. There are a lot of ups and downs, and it can be easy to get discouraged. That's why it's so important to have a plan. Having a clear idea of where you want to go and how you're going to get there can help you stay focused and motivated, even when things get tough. So, if you're serious about making it as a musician, sit down and map out your fan journey. Decide what your goals are and what steps you need to take to achieve them. Then, make a commitment to yourself to follow through. It won't be easy, but it'll be worth it in the end.
Prioritize Fan (aka ‘Customer’) Service
As Reprtoir explains, many business owners in the music industry don’t put much thought into customer service. But if you’re a musician, music label, or publishing business, your fans are essentially your customers! Taking this perspective can help you understand the importance of good customer service. Using data-driven tools like a good fan relationship management (CRM) system can help you keep track of your valuable fan relationships so you can better serve your audience and make more impactful marketing decisions.
Focus on Existing Fans
Reaching out to new fans isn’t the best way to grow a business. If you want to increase your sales and revenue, prioritize your existing fans and encourage repeat business! Returning fans offer a much higher return on investment (ROI) compared to new fans. They already like your business—enough to spend money on what you’re offering—and many just need a small push to make another purchase.
Email is great for fan retention. Send emails to your previous fans and keep them engaged! Let them know what you’re working on and why they should be just as excited about it as you are. To take your email marketing a step further, use email automation tools to personalize your emails with the recipient’s name.
For small businesses in the music industry, growth can feel elusive. There’s just so much competition out there! By following tried and true methods like leveraging business process management, focusing on fan retention, and promoting your business on social media, you can take your business to the next level.
Could you use some help marketing your music? JVAgency.co is a marketing agency for the music industry with experience working with artists across various genres. Fill out the contact form on our website so we can get in touch!