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!
Ty Cohen is the acclaimed author of over a dozen best-selling music
industry "How to" books and courses. Grab a copy of Ty Cohen's
latest book title by visiting http://www.MusicBooksByTy.com
and to learn more about starting or turning your existing record label
into a world wide, profit pulling record label visit: http://www.TheUltimateRecordLabel.com/landing_page.htm
Start a Record Label Today!
