In the fast-paced world of music, reaching six figures is a dream many artists and label owners share. However, the path to success isn't always straightforward, especially when operating independently. If you're looking to transform your record label into a thriving business, it's time to rethink your strategy. The key lies in shifting your sales approach and targeting the right customers. In this blog post, we'll explore five crucial steps that can help you build a $100,000 record label, even in today's competitive music industry.
Enlighten the people
As a label, you must work with your artists to enlighten people about who they are. Streams and sales don't come from curiosity sparked by music videos; rather, they come from enlightenment about the artist's identity. It's your job as the label owner to develop a self-made PR plan to enlighten people about why they should support the artists you've signed. If your artist is interesting enough, people will support and become fans.
Sell a Product
On Spotify, your customer is Spotify. However, when you exchange value directly with a supporter or fan, they become your customers. You must sell a music-based or music-derived product to people directly. If you don't, you'll forever be at the mercy of the streaming giants.
Sell to Fans only
Selling to everyone won't make you money—it'll cost you money and effort you can't afford to waste. Focus on those who are likely to buy. Once you do this, selling to everyone will become a breeze, with streaming as a bonus on top of your core operation.
Sell The Transformation
People seek value from your music in the form of a mental transformation during the song's duration. The better the transformation—through high-quality dopamine release—the better the experience. Demonstrate how this transformation should occur through your music videos and enlighten listeners on potential uses for the music through storytelling. If you accomplish this, they will support and buy!
Sell an Experience
Once you begin to transform people's lives through music, they will want to experience your artist. It's up to you to help the artist gain both physical and digital exposure that creates an experience. Only fans and supporters are seeking this, so it's important to put your best foot forward on quality during the production process.
How do you make the 6 figures?
As long as you have a product to deliver to people independent of streaming, your six-figure income will be delivered to you consistently and reliably.
How long will it take?
It takes as long as it takes. However, adhering to these steps can make it happen in as little as 18-24 months, starting from $0. This timeline assumes you know everything you need to do before you start—which is unlikely but possible with the right advisement and coaching.
What are the roadblocks?
Technology shifts, industry disruptors, and staff payments are the main roadblocks. To overcome these, reduce your production costs to increase profit margins. Embrace technological changes to boost profits, and stay agile to quickly adapt to industry disruptions.
Here’s what you can do.
Focus on enlightening people first. This will increase the demand for anything supporters can get their hands on, or they may simply give you money outright. From there, everything else will begin to fall into place naturally and inevitably.
Here’s how you can support me.
If you're a music creative or executive looking to build your label or publishing company in 60 days or less, with a step-by-step foolproof process, Grab the 60 Day record label course and get it done today! You gain the ability to get real funding, prevent yourself from getting screwed contractually, and keep the middleman out of your pockets. Click the link below to get started right now! If you’re skeptical grab the free guide, "10 Ways to Increase Your Record Labels Profits," a free split sheet comes with the download!
If you implement these 5 ways
You will soar ahead of your creative peers. You'll tune into a different frequency, becoming a force in the music industry and a beacon for your audience. While you'll take on great responsibility, you'll also reap significant rewards for embracing this challenge.
Succumbing to the pressure
Will keep you in your usual place, continuing along the familiar route and remaining ordinary. You may be safe from the trials and tribulations of moving forward, but the stagnation will ultimately destroy your spirit.
Your Transformation
If you were struggling to transform your record label into a 6-figure powerhouse, this is the way to get it done while maintaining your self-made independence.
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