Growth hacking and creative marketing ideas for the music industry
Listeners love music, but most of all they admire the person behind it. That is why generating content about the person by humanizing them and exposing worthy and educational content about them - such as a report - is a way to generate more quality content that fans will want to consume.
Sergio Lopez
Sometimes it is easier to sell the singer than the song. Therefore, a campaign that focuses entirely on the star figure can be key for those production companies that choose to represent and produce singers with an important acting role.
Sergio Lopez
The music industry is constantly changing, which offers a variety of ways to make money. From concerts to songs on platforms such as Spotify, there are numerous ways to consume music. This is why the music industry must apply methodologies capable of leading them to success, such as growth hacking.
When it comes to making a company prosper and grow, a growth hacker will dedicate himself to finding the most effective ways to achieve it. To do this, he will design experiments to quickly and economically test which strategies are the most effective. In this way it is possible to know which actions are effective without wasting resources.
To start applying this methodology it is essential to know the key metrics of the business, that is, those that best contribute to the growth of your record company, such as the number of songs sold per month, the number of listeners of your songs or the number of songs composed per year.
After this we should propose SMART objectives, i.e. specific, measurable, achievable, relevant and timely. Achieving 10% more sales in the next 3 months, increasing 5% the number of monthly listeners in 2 months and offering 15% more products to the market in half a year could be some examples.
The next step is to devise growth drivers, actions that will help us achieve our objectives, and we will validate or reject them through small campaigns, called experiments.
Possible growth drivers for the music sector could be social media, strategic partnership or target audience differentiation. Which one suits us best? Which one should we focus on? This is what we are going to test through the growth hacking methodology.
We need to promote our music on social networks as this will give it a lot of exposure for free. On which social networks will we promote our music? How will we promote it?
We have to get local businesses and bars to play our music. Playing our music in local businesses and bars that are in tune with our style can help our music to be better known.
We should advertise according to our target audience. Depending on the type of audience to which our songs are oriented we will have to make a type of advertising or another,
We must get stores to sell our songs. People like to go into stores to see what´s new, if we can get a store to sell our records we will get their attention and increase our sales,
If we manage to get the answer to these questions by using experiments we will develop a global understanding of the business that will allow us to make it grow.
Finally, and most importantly, document the learnings so that we know what has worked in the past and what has not. It is imperative to develop a regular feedback loop and track learnings on an ongoing basis.
Want to learn more about how to apply growth hacking to your music business? Sign up for Hypertry and request a one-on-one session.
