“An Apple a Day” for the Music Industry

Posted on November 5th, 2008 by LeeBerg

In a great piece written over at the Artists House Music Blog, Andrew Goodrich breaks down what he believes are the healthy traits of a successful music business. He explains that in a such a buyer heavy market, the keys to keeping an entity healthy lie in creating value in absolutely everything you do.

His four main traits of a healthy (music)business are:

Have an easily identifyable competitive advantage.

Constantly strive to increase your product’s viral nature.

Create a social object through which people can build genuine connections and relationships.

Create a synergy amongst your products that points to your core competency.

I particularly love his mentioning of creating a positive feedback loop:

“Make sure you are where your potential fans are. This means having a presence on more than one website, and driving them to your main website. Some of your fans are on Facebook, some are on MySpace, some are on newer and smaller niche sites. A couple don’t use the internet and hang out at that hipster coffee shop a few blocks from you. The point is, find out where your potential customers are hiding and create a kind of positive feedback loop so that the people who should and want to hear your music can’t escape it.”

View the full article here.

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