PREVIOUSLY: Introduction, 1. Off With Their Heads, 2. Cut The Fat, 3. Build Label Brands, 4. Serve The Niches, 5. Release More Records
The music industry is facing many challenges. How can the major labels and the
entrepreneurs that seek to replace them adjust to compete in this evolving environment?
Part 6: Serve the customer or in music business terms: serve the fan. This must be the mantra of every artist, manager, label, agent and concert promoter. Nothing matters if the fan is not just satisfied, but engaged and excited.
How? First, as Google says, "Do No Harm". Stop suing people. I don't mean the physical goods pirates or even the major P2P enablers. Stop suing fans. It's not making your point or making you money. Make a statement and publicly stop today.
Next, show fans you know they are hurting economically...
and lower prices on new bands and old catalog. You need to do this anyway; so why not do it now when people are paying attention to prices. Add meaningful bonus content. Harness the energy of those who care the most online and help them share their excitement with others.
Then remember the Grateful Dead. They encouraged people to trade
live shows as long as they weren't making money at it. They worried
about ticket prices, concert venues and how security was treating their
fans. They produced merchandise you were proud to wear. They supported
good causes. They built community. And because they cared about fans;
the fans cared back...and came back over and over again. They may not
have had big hit records, but most of them sold respectfully for
decades.
Other examples range from Prince to Nine Inch Nails. Prince
realized years ago that if he communicated directly with his most loyal
fans (via a private fan club) he had power. He used record labels only
as banks and distributors, and he controlled the rest. He constantly
innovates and always gives epic performances. And while dozens of
artists who looked stronger 25 years ago are gone; his fans still care.
Trent Reznor and NIN know their fans too. From free music to expensive limited editions, Reznor offers every level of fan from casual to fanatic a way to get involved. And he does it all with no hype and little fanfare. NIN fans are members of a private club and that club is making an act that mainstream media shunned an ongoing success story.
Serve the fans. Not only do the fans pay your bills; in Music 2.0 they help promote your music.
NEXT: Reader Comments, Conclusions
