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In an era where traditional business models of the music industry no longer work for most artists, we as musicians need to become innovative ourselves. One of these innovations is building so-called music career assets. These are not new per se. Online companies and brands have been successfully applying these techniques for many years. So why shouldn’t musicians, bands, or artists do the same? If your goal is to build a business from your music, then this article might be interesting for you! Let’s first clarify what these assets are all about.

What are Music Career Assets?

• Building music career assets includes:
• building a strong fan community
• creating your own products
• developing your own website
• implementing sales funnels
• maintaining email and SMS lists

 
These elements allow artists to generate income directly and advance their careers independently of traditional industry structures.

Limitations and Risks of Dependence on Social Media and Spotify

While social media platforms and streaming services like Spotify offer artists great opportunities to spread their music and build a fan base, this dependence also carries risks. Changes in the algorithms of these platforms can greatly influence the visibility and reach of your content. This, in turn, can have direct effects on your income and your ability to stay in touch with fans. By building their own music career assets, artists can minimize these risks and create a more stable and controllable base for their business.
By using their own distribution and marketing channels, artists can control their careers themselves and become more independent from established platforms like Spotify and TikTok. This security of having your own income sources gives artists more freedom to experiment and pursue innovative projects.
Now that you know what you need them for, I’ll introduce you to these assets one by one. Let’s start with the heart of your music career:

Your Fan Community

A strong fan community is not just a collection of people who like your music. It’s more of an engaged and interactive community where you connect with your fans on an equal footing. This community forms the basis for long-term support and interaction that goes far beyond occasional streaming or music purchases.

Why is such a community important?

Loyalty doesn’t come from music alone. When fans feel part of something bigger, their willingness to support you financially increases. Additionally, direct feedback from fans provides valuable insights that can be used to improve your music and your offerings.

Steps to Build an Interactive Community via Platforms like Discord

Discord and similar platforms offer ideal opportunities to build an engaged community. Here’s a step-by-step guide to building your own fan community:

1. Platform Selection:

Choose a platform that invites interaction and is easy to navigate. Discord is free and offers you all the tools you need.

2. Creating Incentives:

• Exclusive Content: Offer content that is only accessible in the community, such as early music releases or behind-the-scenes material.
• Events: Organize live chats, Q&A sessions, and virtual meetups that are only accessible to members.

3. Setting Rules and Moderation:

• Set clear rules that govern interaction in the community.
• Choose moderators from the community who help ensure that rules are followed and discussions remain clean.

4. Promoting Interaction:

• Encourage your fans to discuss and provide feedback.
• Ask questions, start polls, and create opportunities for fans to contribute and interact.

The Role of the Community in the Monetization Process

The carefully built community is not just a social meeting point, but also a central component of your music monetization. You can directly sell merchandise, tickets for events, or exclusive content through it. Or you can expand your community through a membership model to generate regular income.
Let’s now talk about the next asset:

Your Fan Data

In the world of digital marketing, data is incredibly valuable. It allows you to better understand who your fans are, what they like, and how they behave. Depending on this, you can develop tailored strategies that are not only more efficient but also build a stronger bond with your fans.

Techniques for Collecting and Using Data for Targeted Marketing Actions

Collecting and using data can seem overwhelming at first, but here are some tips you can implement right away. All you need is an email marketing tool.

Data Collection

• Email signups at events and on your website.
• Participation in contests and surveys that require an email address or phone number.
• Using analytics and tracking tools like Google Analytics

Examples of Successful Data Management Strategies

Here are a few realistic scenarios that show how effective data management can look in practice:

1. An artist uses email segmentation to inform fans about upcoming concerts in their area. By analyzing the location data of his newsletter subscribers, he can ensure that only fans in relevant regions receive these emails.
2. A music blog uses the browsing behavior of its visitors to understand which music genres are particularly popular. The blog then creates specialized content for these genres, which increases visit times and interactions on the site.
3. An indie label conducts a targeted Meta ad campaign with ads targeted at users who have recently viewed content related to their artists. The campaign leads to a higher click-through rate and more album sales.

By applying these strategies, you can sustainably optimize your music marketing. The end goal is always to build a deeper and more profitable relationship with your fans by offering them relevant and engaging experiences. Now I want to talk about the topic of music marketing funnels.

Music Marketing Funnels

A music marketing funnel is a strategic process that a potential fan goes through, from first becoming aware of your music to buying your products or tickets. The goal should always be to turn them into loyal and long-term supporters of your music.

Distinguishing Between Community Funnels and Text/Email Funnels

Marketing funnels can take different forms depending on the goals you’re pursuing and the means you’re using. Two common types of funnels in the music industry are the community funnel and the text/email funnel.

Community Funnel

A community funnel aims to build a strong and engaged community around your music. This funnel is designed for long-term relationships and direct interaction with your fans.

Phases of a Community Funnel:

1. Attract attention: Use social media and other platforms to draw attention to your music and your community.
2. Generate interest: Offer interesting content and exclusive benefits that are only available in your community.
3. Promote engagement: Encourage active participation through regular events, discussions, or exclusive insights.
4. Build loyalty: Keep members active in the community with constant new incentives and valuable interactions.

Text/Email Funnel

The text and email funnel focuses on generating sales or promoting specific actions through direct messages. It is more goal-oriented and often short-term focused.

Phases of a Text/Email Funnel:

1. List building: Collect email addresses or phone numbers through sign-ups on your website or at your events.
2. Promote communication: Send regular updates, offers, and personalized messages based on subscribers’ preferences and behavior.
3. Generate conversions: Present special offers, such as limited merchandise items or exclusive tickets, that encourage purchase.
4. Maintain relationship: Keep in touch even after a purchase to promote future conversions and recommendations.

By understanding these funnels and applying them in a targeted manner, you can effectively shape and improve the way you interact with your fans. Use platforms and tools to collect personal data from your fans. This includes email addresses and phone numbers gained through text and email funnels. With a funnel builder like IndieFunnels, such funnels can be easily realized.
As the last asset of your music career, let’s now talk about your products and how you can make money with your music:

Music Monetization and Sustainable Growth

Monetization is more than just selling products. It should strengthen your brand and create a deeper connection with your fans. The key is to offer products that are attractive and provide real value to your fans. This requires you to understand exactly who your fans are and what they like.

Long-term Strategies

1. Building a Subscription System:

Establish a VIP fan club with a subscription model to create a predictable and stable source of income. Regular income is crucial. It increases the predictability of your income and gives you planning security. This can be implemented, for example, with Patreon.

2. Merchandising:

Set up an easy-to-use online shop with a sales platform like Shopify. Offer special promotions or limited editions to increase interest and emphasize exclusivity. Use social media and other platforms to promote your merchandise items and live events to sell your merchandise items directly to your