There is a great saying, ‘Music has a straight appeal and millions of hungry clients’. But still Record Companies are getting into some great trouble since last many years. It is not that the people are losing interest in music world. This is actually a mysterious paradox.
The fact is that in reality the music industry has always been stricken badly with just we can say ‘Wrong Marketing’. When we say this we are refereeing to wrong music industry marketing strategies that are causing trouble to wide music industry. Now who does not understand the importance of a good well formulated marketing strategy? Today even a teenager understands that. But this is the only factor where the worldwide music industry is lacking – a well customized marketing strategy which is practically possible to implement. Below here we are providing some major music industry marketing strategy mistake with its possible solution to avoid the crisis. Have a quick look –
Problem: CD pricing – The biggest mistake music industry marketing strategies have come up with are pricing of CDs. Record Companies have been doing this since era of 80s to set up high price tags for musical CDs. An average CD price is always setup at $15 to $20 which straight away means kicking away the clientele. On that note Record Companies preferably can keep the amount to let’s say – $5000 since in either ways no one is going to buy it.
Solution: Lower Pricing – Actually if the Record Companies keep the price to just $5-6, they would have sold approximately 100 times more and the revenue at that point can be easily calculated. It’s quantity that matters in the marketing and that is exactly what music industry has not been able to understand completely and clearly. It’s like either charge high and sell less or charge average, sell more and make more money. By lowering the prices, the music companies will not only attract more customers but will also make huge profits and curb piracy to a great extent.
Problem: It is NOT Same – The biggest mistake with the majority of music industry marketing strategy is their approach. They are selling music the same way as if they are selling toothpaste. They are running after revenues while forgetting the core thing – Music is not a product it is an Art.
Solution: Let it be Natural – The problem has risen since last few decades. Now the music companies are doing surveys, polls etc and then they will tell the artist to perform accordingly. But as earlier said Music is an art and so it has to be natural and free flowing. If an artist is coming up with something innovative of his own, people will certainly like it. There is no need to try and get exactly what a group of people has asked for. Instead focus on the global market that incorporate people of different tastes, different nature, and different requirements. Let your artist do his part and you do yours.
About the Author: Kate Warren is the official representative of www.Alt-Tshirts.com, one of the most loved band clothing stores in the United Sates. Find more than 400 bands, all are in stock and ready to be shipped right to your place in couple of days. This is real paradise for all classic rock and punk fans.