Know your niche. by Jerry W. Henry
Fact: the majority of entrepreneurs fail in every industry. The success rate in any personal endeavor is terribly skewed toward those with talent. I personally believe that art is one of the only places where the true value or quality of something can only be judged when it's put to use or tried and tested. Anybody with a digital camera and garage band can make a music video, but only those who work at their craft will still be making music videos in 10 years. Marketing and a solid business plan is not all it takes.
In the music business, you are only as good as your next show. There is so much new music now that it’s extremely hard to come out of the masses and be heard. Everyone has a different subjective perception as to what great music is. Plus, every generation seems to think that their generation’s music was the best. Add to that, music artists are also competing with all of the entertainment available at home. Your major competition is the Internet with its YouTube, Facebook, Farmville, video games and hundreds of thousands of entertainment sites. It's not rational or fair.
For those that want to spend their life making music, how do you do it? In my humble opinion, it’s time for bands to co-op events. Musicians need to join together to design a show that hard working Joe would pay his very hard-earned money to experience. This can be done in a small way or a large way. Have you considered playing in fan’s homes? Rent your own special occasions’ hall, theater or conference room in a hotel. In this situation, you are in control. You know the cost on every aspect of the event. You control the marketing/promotion/advertising. Make it an event rather than just another show. Feed off the creative juices of a gathering of music artists. It could become an event that tours.
Sell products that cover different price points. Have products as cheap as $1.00 and go up from there attempting to be able to meet anyone’s budget. It takes time, sweat and little money to succeed once. Succeeding over your lifetime requires talent, practice, creativity and the ability to write and perform songs that your niche audience loves. Know your niche above all else.
Music is in the ear of the beholder. Value is a perception. Music is an emotional buy for people. They have to be touched on the inside to get their wallet on the outside. The perception worth paying for in music is the feeling it delivers. There's an audience for all kinds of music. You have to find them. I repeat, know your niche above all else. Your real fans will support you, if you have a genuine passion to create great music.