I know, I know – I have got a lot of nerve suggesting that you behave like the infamous retail store, which has contributed to the decline of the addled music industry. Hear me out though.
Walmart is known as the loss leader king. Basically they sell certain items at or below cost, so that they can drive traffic to their stores. They take a loss from selling those products, but know that people will usually buy other things in the store that are priced for profit. Regardless of how you feel about the Walmart brand, this idea is pretty clever. Many retail shops have adopted this practice and most of us are none the wiser. That is why I make the suggestion to you, Mr. or Miss Music Act X.
One of the biggest problems many artists have is understanding the nature of the product life cycle. If it were understood more, there would be more time put into the marketing of independent music projects before they get released. You know what I mean. Take a look at the image to the right. Us fancy marketing people know that your musical products are going to hit a maturity point and then decline. You should be just as mindful. Your product will hit a peak and take a dive. That can be 50 CDs sold at one show or it can be 200 downloads on your website. Eventually, everyone that really wants your product will have it and then you will be left to work on getting repeat business (ie, more music).
Now what does this have to do with Walmart?
Continue reading “Music Marketing Suggestion: Be Like Walmart”