It has been fascinating to watch the music industry evolve over the last few decades. As well as the inevitable ebb and flow of tastes and styles, the sector itself has also witnessed huge disruption thanks to the arrival of streaming platforms such as iTunes and Spotify. Nonetheless, the industry continues to go from strength to strength and was valued at a whopping $25.9 billion in 2021.
The most successful artists are those who adapt to the changing times, rather than resisting them, and carve out a niche for themselves among a dedicated and ever-growing fanbase. So, how can your business replicate those results in your chosen trade, whatever that may be?
Here are six lessons that B2B enterprises can learn from the music industry.
- Online presence is key
These days, the music itself is only one component in a band or artist’s success. Engaging with their audience online is more important than ever, with social media providing unprecedented opportunities for musicians to connect with their fanbase.
B2B businesses can also leverage social media’s power to forge a bond of trust with their customers, ensuring they keep coming back for more.
2. Embrace innovation
The thing about the internet is that it’s evolving all the time. Savvy musicians, like South Africa’s beloved rapper Cassper Nyovest, are aware of the importance of embracing the latest trends and innovations. Through his partnership with Bitcasino, Nyovest is able to reach wider audiences and expand his influence further than ever before.
Similarly, B2B brands should explore new partnerships and products as and when the opportunities arise.
3. Prioritise in-person events
Back in 2002, the late, great David Bowie predicted that “music itself is going to become like running water or electricity; you’d better be prepared for doing a lot of touring because that’s really the only unique situation that’s going to be left”.
Truer words have not been spoken and although a virtual presence is powerful, physical representation through in-person events is equally important in the B2B world.
4. Don’t be a one-hit wonder
Did you know that between 1960 and 2017, a massive 78% of bands and artists who recorded a top 10 hit failed to repeat the trick?
Music history is awash with one-hit wonders – and so is the business world. If you experience early success, don’t rest on those laurels. Instead, focus on how you can leverage those gains to consolidate your position and build for the future.
5. Explore tiered pricing
If your products and services are up to scratch, everyone will want them – but not everyone will be able to afford them. Musicians are aware of this conundrum and circumnavigate it by offering early-bird discounts, cheap seat packages and VIP deals to meet the needs and wants of individual customers.
Copy that strategy to cast your B2B customer net as wide as possible, targeting smaller and larger businesses alike.
6. Persist, persist, persist
To make it big in the music industry, you’ll need to put in the hard yards. Talent is one thing, but having the grit and determination to keep believing in your dream despite rejection after rejection is quite another. B2B companies can learn from that approach by dusting themselves off, learning from their mistakes and coming back stronger when the chips are down.
As a lucrative money-making machine, the music industry is ripe for inspiration when it comes to creating a successful business model in the B2B sector.