Here’s the recap of what we’ve gone over thus far…
There are three ways to increase your income:
Part 1. Increase your number of clients (fans).
Part 2. Increase the frequency of purchase, how often your fans buy from you. (and you’d better have more than just music to sell).
Part 3. Increase the amount of money that you charge…
Increasing the amount of money you charge poses a problem if all you have to sell is music because music is now widely available for free, and people have proven that they are not willing to pay a premium for music.
However, fans will pay plenty of money for experiences, like a great concert or a chance to be a contribution to an artist, a special memento, or wonderful merchandise that really resonates with your fans.
Jeff Krantz created a BIG payday in one fell swoop.
Jeff Krantz & The $10,000 Song
Through networking online, he met a man who fell in love with his songwriting and became a fan. This man called up my artist and told him that he was having a big anniversary coming up and he wanted a special song written just for his wife. He asked if he would be up for writing and recording a custom song for her.
Realizing that this was a huge opportunity told his fan that he would present him with some options he began to THINK BIG. So he created 3 packages that this man could choose from with three separate prices (depending on how much he wanted to spend / how involved it would be silver, gold and platinum)
Here’s what Jeff wrote about how it worked:
As part of the Gold package that the client chose, I agreed to write 3 different songs (first verse and chorus) for the client to chose from. Once the client selected the song, I spent 1 week writing 2 full lyrical options for the client to chose from. Once they had decided on the song, Jeff went into his studio and recorded the song, bringing in musicians to fill out the arrangement. He then sent it to a top studio to be mixed and mastered and 2 weeks later he sent the client the finished song (with the masters). “It took about 60 hours in total but it was so much fun and I made almost 10 grand for the effort!”
The point is because he leveraged just ONE relationship with just one fan he managed to make over $10,000 on ONE song.
Had he not been working on increasing his fanbase by networking online, he never would have had this opportunity present itself to him.
A newer option that has become a widely available option for indepdent musicians to take advantage of is fan funding. Fan funding sites (often called ‘Crowdfunding’) have become an incredible resource for musicians to employ this very strategy.
Here are a few options available:
Be it your album creation process, setting up a tour, creating merchandise, or any other important aspect of being an independent musician, creating a fan funding campaign not only helps you to raise the funds, but it will allow you to give your fans the opportunity to take part in a unique experience.
Your fans will be paying more because they will be buying into more than just a pre-sale for a project, they are paying for the opportunity to join your journey to get there.
How Have You Added Value?
I would love to hear how you have managed to add value and get more profit. Please share!
Category: Sound Advice