Categories
News

The Importance of Merch Sales in Music Today [VIDEO]

With streaming music replacing physical media sales more and more, artists are increasingly dependant on merch sales to stay afloat.

It is no secret that streaming royalties pay artists far less than traditional album sales. The top-paying music services give artists about $0.006 per song stream. Spotify, which is the most popular subscription service, pays roughly half that amount.

Last week, UK metalcore group While She Sleeps made headlines around the world by releasing merchandise that explicitly aired their frustrations with streaming royalties. The shirt in question reads, “One t-shirt is the equivalent to 5000 streams on Spotify. 76% of all music in 2019 is streamed and not bought physically or digitally. Band merchandise is the most direct way of supporting an artist.”

While She Sleeps is not wrong. In today’s music business, merchandise sales matter more than ever. An artist who is capable of moving huge volumes of merch can turn industry heads faster than an artist with a viral single because executives know merchandise sales are where the most money is being made in 2019.

But how does an artist sell merchandise? There is more competition than ever for listeners’ attention, which means there is increased competition for their financial support. There are also no shortcuts to selling large amounts of merchandise. That said, there are ways artists can position themselves for success, which is what we’re going to discuss today.

In this episode of Music Biz 101, host James Shotwell details the increasing importance of merchandising in artists’ careers. He also offers advice for creating merch your fans will want to buy, complete with examples from artists with immensely dedicated followers.

Want more video content? Subscribe to our official YouTube channel.

Categories
News

How to increase your Black Friday sales

Holiday shopping season is upon us, and the biggest day of the year for consumerism is right around the corner. Black Friday happens on November 23. To help improve your sales and ensure your promotions go off without a hitch, we’ve developed a series of tips to ensure your holiday sales occur without issue. Some will seem obvious, but no point should be overlooked. Every step outlined below will help streamline your business, improve shipping speed, and – if you’re lucky – bring in a few additional customers.

Check your inventory. Twice (just like Santa).

Your goal with holiday sales should be to liquidate as much of the merchandise you have in stock as possible while still making a healthy profit on each product sold. Before you can do this to the best of your abilities, you need to know what you have available, and how much of it is in stock. Running out of something during your holiday sale will cause headaches for everyone, and that goes double if you run out of something because you forgot to check your inventory before launching your sale. The back and forth required to straighten out orders that cannot be fulfilled may cause you to lose future sales, as well as those you are forced to cancel. Prevent this mess from ever happening and do inventory first. Do it twice, in fact, and ask someone else to check your work.

Promote your entire sale, as well as individual items.

You want people to use your discounts to buy more than they usually would, but often those attempting to promote a store-wide sale forget the impact that promoting key items one at a time can have on consumers. You should still mention store-wide discounts, of course, but you should also make room to highlight individual items. If you’re offering 25% off everything online, you should promote the sale by showing how the discount changes the cost for specific products. Create images for Instagram and other networks that highlight these changes. That way, people can more easily understand what a great deal you are giving them. Likewise, you can use Twitter to promote various items and their price after discounts throughout the holiday weekend.

Speaking of promotion, think about paying for it.

I’m about to say something most artists hate to hear: Paying for promoted posts on Facebook and Twitter can have a positive impact on your reach, as well as your overall sales. It would be wonderful if this were not the case, and that those who could not afford paid promotion on social networks saw their sales work just as well, but years of research has made it clear that is not the case. Thankfully, the cost of entry into paid promotions is low. For as little as five dollars you can have a guaranteed reach to hundreds, if not thousands of people who have previously enjoyed your music enough to give you a Like/Follow online. Whether or not they take advantage of the message being conveyed will depend on how you choose to present yourself, but at least you know your efforts are reaching those who are most likely to jump on them.

Create specific Twitter search streams for particular items you sell.

This one is a bit more time-consuming than other tips, but it can help you bring in a lot of new consumers who may have otherwise not checked your store. Numerous tools allow you to create and save Twitter search streams. Find one you like and use it to track people tweeting about shopping/looking for things like ‘new vinyl’ or ‘cool band t-shirts.’ It’s likely these people already have an artist or genre in mind when they send these messages, but you can still reply with links to your store and music. If they don’t respond, oh well. If they do, you’ve got a potential new consumer/fan.

Make the most of SEO.

We’ve talked about this before, but keywords are becoming increasingly important when it comes to how people find your content online. Use a tool such as the Google Keyword tool to understand better how your customers are searching, then modify your own store to reflect what you have learned. It is essential to know which keywords are mostly used during the holidays, such as ‘sales,’ ‘top gifts,’ ‘Cyber Monday,’ and ‘Black Friday.’

If you know nothing about SEO, some services can help you improve your efforts, as well as people on Fiverr willing to work for just $5. Get creative if you must, but the smart decision would be to master SEO yourself as soon as possible.

Make sure everything is working before promoting your sale.

This one may seem obvious, but every year there are a handful of musicians who see their site, or at least parts of their website, crash amidst the sudden upswing in view brought on by the holiday shopping season. Before you push your sale live, make sure every item on your store is listed correctly and that every discount is working correctly. If there is a code word needed, make sure you test it out before sharing it online.

Exit mobile version