There is a common misinterpretation that being an artist means not making a proper living. It comes from the general idea of art, not being a business. Whereas, in reality, there are a whole lot of art industries where money moves, as Cardi would phrase it. Music is one of those industries. In this article, MusicPromoToday will teach you how to make money with your music. The only thing you need to do alone is setting up your mindset to the mood that, as a musician, you are also an independent entrepreneur.
There are general music marketing steps that, as an independent artist, you have to take. To gain in-depth knowledge of those steps, check-out the TOP 5 Music Marketing Trends in 2020 You Shouldn’t Miss. It will help you with creating balance in your promotion game and be able to concentrate on stepping up your campaign.
Music merch is a more advanced type of promotion that also brings direct revenue. The basic idea behind it is that artists sell merchandise products for a specific period of time, and as fans pay for those products, artists make direct money as they would do with album sales, for instance. Of course, there are many other ways that artists can make money out of their music or a musical career by creating a brand out of their success. If interested, give a shot to How to make money from your music and find out the best tactics capable of helping you get the revenue out of your art.
In this article, MusicPromoToday will concentrate on the merch culture that is having a major increase during the past couple of years. Kanye’s 3-day “The Life of Pablo” pop-up shop in NYC that reportedly brought in seven-figure numbers to the rapper is proof enough that the merch game steps up like never before. It’s safe to say artists are sparking entire fashion movements. However, we find it interesting that since the long-gone times of rock and roll explosion, band tee of merch culture was quite popular.
Since Nirvana had its days, it is nearly impossible to find a teen from any generation who did not have a Nirvana t-shirt in their wardrobe. Those days were forgotten for quite a time and now seem to make a comeback with an intensity never predicted. Of course, the innovations in digital, tech, and fashion industries had their fair share of influence on merch culture reincarnation. It reached the point that now, artists’ and labels’ revenue heavily depends on tours and merchandise instead of album sales.
To not let your miss the fun, we decided to share our merch tips with you and help you learn how to organize a music merch.
First, you need to figure out how much profit you can get from each item. It will help you understand if the product is worthy of developing further or if you should focus on something else. So by defining the profit, you’ll be able to choose the direction of your merch’s further development.
A PRO tip for you: promoting and selling high-profit items with low-cost production will top the bank up in no time!
Run a pre-sale to validate the demand: this is the Pro-tip, essential tip, the tip that will save your merch. Just do the pre-sale no matter what. This will not only ensure a confirmed sales but also ascertain the interest level toward the products.
The majority of manufacturers offer discounts for ordering more products. The option can only benefit you if the units sell and you make money back. If not, I hate to break it to you, but you’ll end up with unsold boxes in your bedroom. Validate the demand level beforehand to avoid unsold merch products. You can bring this straight to your fanbase and ask them! Overall, keeping communication with the audience is essential. You asking them means their opinion matters; they will get involved with the process and feel part of it.
You, on the other hand, will get the necessary information. You can even discuss details such as even design with them. Whether running a pre-sale or having polls and direct communication with fans, whatever option you choose, play it safe. You don’t want to spend $500 on items and sell just one.
There are two ways you can benefit from a merch. The first one is obvious: it’s the direct benefit when you get the immediate return from the sales. That is the initial idea behind starting a merch. However, your second benefit can be for your merch to promote you and your brand. In that case, merch becomes a part of your marketing and promotes you for free while out and about!
The items to consider for the goal of getting more than just immediate return from a merch are stickers, hoodies, t-shirts, and tote bags. Remember that all these things are a usually essential part of any merch regardless of your goal being long term or short term, fans will look for those items when you announce a merch. Never disappoint them. Start a merch only when you’re ready to meet their expectations.
To learn more about music promotion, stay tuned to MusicPromoToday, and we promise to make sure you’re getting all the necessary info on the industry’s most recent hands-on tips and tricks.