As an independent artist, have you ever caught yourself thinking, "If only I had enough promotion, my entire business would thrive"? Or perhaps, "If I could just get more people on my Spotify, everything would fall into place"? What if I told you that's not the complete answer? The real solution has been right in front of us all along, and it’s about time we leverage it to turn our music business into a profitable venture.
For many independent artists, it often feels like you're throwing money into a pit, desperately hoping something will spark. But here's the revelation: the problem isn’t just about promotion. Many artists believe their main issue is marketing, overlooking a crucial component – sales. It's like trying to use a one-sided coin; it simply doesn’t work.
Your music business relies on both marketing and sales. Sure, followers are great, but they’re not buyers. Investing in ads to gain followers might seem like a win at first. You spend $100, gain 1,000 followers, but what do you get in return? A mere 83 cents in streaming revenue. The math just doesn’t add up.
Sending listeners directly to Spotify without considering a sales strategy is like pouring gas on a fire and expecting it to douse the flames. You lose money in the process. So, what's the solution? Enter the power of the email list.
Let’s break it down: imagine spending $100 to grow an email list instead. Even if only 500 people join, and you achieve a modest conversion rate for a $35 product, you could make $119. Subtract your ad spend, and you've earned $19. It might not sound like much, but here's the kicker – you've been paid to acquire fans.
Every offer to your email list from here on is pure profit. No more relying on hope. With each $100 investment, you grow your list and your potential revenue. You're getting paid to grow your fan base, and every future sale to those fans is profitable.
If this strategy piques your interest, we’re offering a limited run of one-on-one consultations to help implement this in your music business. Reply to the post down below if you're interested.
Don't let your focus on marketing overshadow the importance of sales. Once you start integrating sales into your strategy, you'll see the real potential of your music business. Break even, and every offer becomes profit. Embrace this strategy, and watch your business transform.