The Importance of Keeping Tabs on Your Music Strategy
You should think of strategic planning in the music industry as if you were putting together a playlist. Every track needs to fit perfectly to keep the listeners hooked. So, keeping tabs on your strategy is crucial to make sure everything flows smoothly and keeps your audience hooked. In our industry, keeping our strategy in the correct flow and the right direction will ensure that our artists continue with the success of their careers.
In my last post, I explored the increasing demand for digital marketing services among musicians and how important it is so that they can effectively promote their work in the digital world.
The first step for marketers is to identify areas where musicians need help. This can come from direct fan feedback, interviews or surveys, research, social media analytics, and even real-time conversations with their audience via different channels.
Once these needs are identified, artists and their marketing teams begin with the strategic planning process as we map a clear path for them to reach their goals. We must continuously monitor and adjust our strategies to stay relevant and thrive in this competitive environment.
According to the Founder and CEO of the Musician’s Profit Umbrella Business Mentorship Program, Dr. Fabiana Claure, musicians need to adopt a strategy of selling before creating by positioning their brand, create compelling joggers, and embark on a journey of growth and prosperity.
Taylor Swift announces 1989 Taylor’s Version
Source: Kevin Winter/Getty Images
Adapting to Consumer Behavior
Trends and shifts influence consumer behavior in the music industry. Streaming platforms have changed how people hear music and interact with other fans online who share similar tastes in music. Artists and marketing teams can adapt to changes by monitoring their strategic plans.
For example, Taylor Swift decided to re-record her earlier albums, as I covered in an old post, undergoing a brand transformation, giving her control of her music and bringing a newfound loyalty from her fanbase.
Evaluating Marketing Campaign Effectiveness
Marketing campaigns help artists amplify their reach and engagement with their audiences. Therefore, monitoring these campaigns in real time allows for adjustments and optimization when necessary. When Lil Nas X’s “Old Town Road” went viral on TikTok, monitoring engagement metrics and fan interactions allowed his team to maintain the song’s momentum, leading it to break records on the Billboard Hot 100 chart.
Beyonce at Tidal Event
Source: Getty Images
Maximizing Revenue Streams
Monitoring revenue streams helps artists and their teams identify which channels are more profitable and where to invest further. Beyonce’s exclusive streaming deals with Tidal show how monitoring releases can maximize revenue and impact. Marketers can make informed decisions on future projects by continuously analyzing streaming data and planning for future merchandise sales and tour revenues. [alt image text: Beyonce at Tidal Event/Getty Images]
Staying ahead of the competition
Monitoring the strategic planning process helps identify emerging trends and potential disruptions. The ride of independent musicians using platforms like Bandcamp and Patreon to engage with fans directly lets them monetize their work by themselves. Musicians can adjust their strategies and build sustainable careers without traditional label support by staying ahead and seeing how these platforms evolve and how audiences respond.
Long-term Sustainability
Monitoring the strategic planning process will ensure an artist’s career remains relevant for years. They’d want to monitor not only their commercial success but also their well-being. Artists must ensure their decisions balance both aspects, ensuring their presence in the industry remains strong for years.
Takeaways
“Strategic analysis helps you identify the goals or objectives which will help purposefully drive your career forward,’ advises Fred & Augustus founder Dayna Young. “It lays the foundation for achieving the goals or mission you set for yourself within the music business.”
The importance of monitoring the strategic planning process in the industry must be considered. Whether adapting to trends, evaluating their campaign effectiveness, or ensuring a career that lasts years, continuous monitoring will allow artists and their teams to make well-informed decisions and adapt to change quickly. Artists who adapt and master strategic planning are bound to be positioned to succeed for years to come.