Major recording artists have the following of a small country and more influence than most politicians, but how do they use this to their advantage?
20 years ago the only requirement for an artist was to make great music, whereas today artistic expression includes being good at the business and social side of things too. Being creative involves more than just making music. You might be familiar with the 3 P’s of practise, performance, and passion, but did you know there are an additional 3 P’s that are equally if not more important?
An artist can be driven by their passion for music, a passion for fame, or a passion for money. It can be very easy for an ambitious artist to become preoccupied with money, and that’s absolutely fine as nothing happens in business until someone buys something. But before you sell anything know your worth – if people don’t see your value it doesn’t mean that you’re not valuable. Money is earned when you add value to a situation, but how can you share your value?
When you’ve got something other people want you can expect three things in return:
– Payment (kaching!)
Payment is one of three ways you can gain in any situation. Understanding the importance of the part you play will help you to establish what price you should charge. There may be times when a budget is not available, however there are ways that you can still benefit from these projects.
Popular artists are frequently approached by companies offering perks gifting them clothing and goods for them to be seen as a brand advocate. This has obvious immediate benefits for both parties – the brand gains a partnership with an artist who has an influence on the audience they are looking to reach, and in return the artist receives exclusive goods before they are available to the public. Once a relationship is established it makes sense for the brand to be consistent by including the artist in any paid campaigns. Either way you would have received some freebies. Think about how else you can gain from these situations.
The third ‘P’ can be worth more than payment when used correctly. Positioning is a bit like ‘try before you buy’, and sends a call out to the consumer to pay attention to you. By positioning yourself alongside a high profile partner you can leverage the situation for your own long term success. This can mean exposure on a television show with huge ratings, supporting an international star on tour, or being featured on a large media outlet. Opportunities you don’t pay for are as good as money in the bank. Whatever the platform you are given the question is, what can you learn and how will you leverage the position for future opportunities?
Strike a balance between all 3 P’s to meet your everyday, lifestyle, and business needs. The real power in using the 3 P’s is to be clear on what you bring to the party and in knowing who will recognise its value.
– Know your value
– Establish relationships
– Leverage opportunities