Are you frustrated by a decline in income lately? One of the best things you can do in any business to boost sales is to diversify. When one part of your business slows down then hopefully your other parts will help keep you going through hard times. Relying on only one source of income can put your business in danger during an unforeseen change in how your business runs. Forbes magazine did an article on this very subject. Transform your music business with diversity.
Odds are, you are already somewhat diversified. Most bands do more than one thing to make money. If you play live shows and sell CDs then you are well on your way. Selling merch on the side is the first step to diversifying your income streams. The more ways you can diversify, the more ways you can make money.
It is 14 times easier to sell new products to an existing fan than it is to sell something to somebody who has never bought anything from before. If you only have one thing to sell, then you are limiting yourself. Your true fans want to buy from you. If you offer new items to these fans then you have a good chance that they will buy them. Your time and energy used to sell to these fans are less as well.
Start thinking of your music as a brand.
Think about new ways to sell your music and your band in general. Nike sells shoes, but they also sell T-shirts, socks, athletic wear, and you name it. What new ways can you market your band and music? We already mentioned CDs, but what about T-shirts, and stickers? All of these things are great because you can sell them at shows and also from your website. Now your income stream isn’t just limited to when you play shows. Now let’s take that even further with sync licensing. You can use music you already have to earn money when a TV show or movie licenses it for use. You can also get more creative and sell things like VIP packages at your shows. Steve Vai has been doing this for years now. He gives fans the opportunity to pay a little more in order to meet him and even have a jam session before a show. Do fans really buy these VIP experiences? You bet they do!
Once you start finding new ways to branch out your music brand, you should notice more money coming in. The best part is that some of these streams will be passive and generate money without you having to physically be there. Use your creative powers to come up with new and unique streams of incomes. Don’t do anything you are uncomfortable with, and make sure your product is something of value to your potential customer. Make products that you yourself would buy from your favorite band.
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📷 Photo Credit: Andy Ziegler
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