Today, record labels that have consistently been successful face a serious challenge in maintaining the value of their brand name. Your reputation is everything in this business. You cannot become complacent. I have developed ten ways to help you improve your Indie record label company so that you will not become a "has been". Before I begin, it is important that you stop and think what is your company's reputation today, how do other's perceive it and where do you see a need for improvement.
My first suggestion on improving your indie record label is to stay in touch to its grassroots. It is very important to maintain your strong ties with independent retail, clubs, record pools and small market radio stations. Loosing touch with these organizations will cause your company to loose its fundamental structure.
Secondly, it is important to effectively utilize independent marketing and promotions. Labels will need to hire independents on occasion. Make sure to maximize the potential of the in house staff. For example, if you notice that your budget for independent services has gotten out of control, consider rectifying internally to decrease the need. If you utilize independents, understand your needs beforehand, to ensure that they will be effectively and efficiently helping you to accomplish your goals.
Make sure that your company is not releasing sub par material. Producing sub par material causes problems with the retailers, resulting in lower orders. It also pushes potential talent into the hands of other labels. Once you are labeled as producing substandard work, it is almost impossible to improve your reputation. Remember, you only have one chance to make a good first impression.
It is critical to have effective A&R. Strong catalog sales will only sustain a record label for so long. Ineffective A&R places the record label in a position to suffer severe fiscal damage if the proper talent acquisitions do not occur. Conservative A&R thinking, continuous signing of artist clones, and being non-pursuant of production deals, label deals, and joint ventures is not beneficial to your Indie record label. It is crucial to stay onto of you're A&R.
Your Indie record label, in order to position itself above the rest, needs to continuously create new trends. Due to the mass penetration of imitation in our industry, trends have a short life expectancy. The result is a lack of creativity in the marketplace. Therefore, it is imperative that your company is on the side of creating trends, rather than conforming to them.
One has to mention money when he/she is speaking of a business. The two go hand in hand. Therefore, in order to continue your company's growth, it is important to maximize the almighty dollar. In other words, do not waste your money. Stay abreast on your company's P.O.P and timely distribution of promotional material. Also, know where your money is going and to whom. If you have to hire an accountant of utilize various financial software to help you manage your money. You cannot grow if you do not have the means.
Stay informed of your target markets. Demographics may change. In order to continue to be successful, it is important to learn where the action is today, not where the action was yesterday. The result is the difference between CD's that are most critically acclaimed verses CD's that are most slept on. Again, once you have a sleeper, you may as well be throwing your money out the window as well as your reputation.
Not only is it important to stay on top of your target markets; it is just as important to keep those making decisions within your company (including yourself) to not be far removed from the market. The result of you or your other executives being removed from today's market will be a lack of growth for the company.
Since your company is based on music, it is important to retain the artists you attract and sign. Do not make promises to artists that you cannot keep. Ineffective promotion causes the reputation of the artist to sink as well as your name being dragged in the mud. In order to secure artist development, be honest, concise and realistic to them. They will respect you in the long run.
My last tip on how to improve your Indie record label is to continually learn about the music business. Never stop learning. Always remain teachable and learn from your mistakes. Finally, use common sense.
Have fun and good listening!
Copyright: Copyright c 2006-2008 Ty Cohen
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