There are a lot of rules that apply to all businesses, for example it’s always important to have a plan B, and in a lot of cases maybe even plan Z. with this said it’s safe to assume the same can be said for music as well. The first thing that we should go over is how an artist usually makes money. You go from one place to another, putting on shows that won’t be forgotten in a long time to come and expect the promoter to pay the money you agreed on beforehand. With the money you earn, you travel to your next destination as a band and all the leftover money goes on your personal agendas.
So the next common question would be, what happens if the show wasn’t sold out because of reasons unknown. After the promoter pays all fees, he doesn’t have enough money to pay you the full guaranteed sum and that puts you in a bad place. With limited funds you wouldn’t be able to go to your next stop. So in order to avoid this you need to have the previously mentioned plan B.
Selling merchandise can be quite lucrative!As you can see all the big artist sell merch even T.I. has Hustle Gang
What most artist don’t know is the fact that a lot of alot of music stars in existence actually make more money selling their own merchandise than they do by actually putting on a show. With this said you need to understand that setting up a solid merchandise campaign can be quite a difficult task. And needless to say that if you are looking to become a professional musician a quality merchandise selling setup is more than needed because the fact is that the money that you make with sold merchandise can and sometimes will be the only money you earn that night.
What do your fans want?
This is a question that cannot be overlooked, when planning out your merchandise campaign be sure to ask your fans what do they want, not everybody wants to buy badges and T-shirts. The can be easily done in many ways:
Mass E-mail sending
Person to person survey
Only after you have acquired the intelligence needed should you move forward with your merchandise selling plans
The facts and the must know!
When you actually get the merchandise you want to sell, things will start to pick up for your in more than one way, you will have increased funds and you will have people promoting the name of your brand everywhere. So to get the most of your merchandise you need to be aware of the following:
Profit margins – the most important aspect of any business trade, and of merchandise selling. It goes without saying that you need to sell the merchandise for more money that you actually spent on it,just like any hustle or business and make sure you have a nice profit margin.How much will you make? Well it all depends on the quality of the merchandise you are selling, usually T-shirts have a much smaller profit margin than the mixtapes you are selling on your merchandise stand also make sure your mixtape graphics or cd graphics are on point also to bait new fans into listening to your music
Merchandise to go – what most musicians fail to understand is the fact that you can make a merchandise stand for next to nothing, and make it packable so it fits in a small van or SUV, this will increase your profit margins considerably because you won’t need to buy space to sell your merchandise on your upcoming gig.
Make it visible – people need to notice your merchandise stand in order to buy something in the first place, a good tactic to achieve this is by simply making your merchandise stand well lit, and easier to notice it can go a long way in maximizing your sales.
Maximizing the sell quota – if you want to get the most out of your merchandise stand you need to make all the attendants of the show see it, this means that you need to place it in something that is known as a high density area, a place where every person walks by at least once, in most cases this is the entrance and a good place for anybody to put up a merchandise stand
You are your best salesman – while you are not on stage be sure to be next to your merchandise stand, it will attract the much needed attention. People will often ask you for autographs and you can always tell them that you will give them an autograph on a T-shirt they buy.
You and your group re your best promoters – while you are on stage, be sure to mention that you actually do have a merchandise and a souvenir stand that is located in close proximity, also feel free to mention this more than once
Have change ready – a lot of customers will be turned down by the fact that you don’t have enough change, this can hurt your profit margins quite badly if not regulated properly, it’s not a bad idea to have a person dedicated to give out change, and acquire small bills in the downtime of sales
Repetition is not good – if you keep selling the same merchandise all the time, people will eventually get bored, from show to show, make sure to change the merchandise that you are selling and feel free to re-arrange and put up new unseen merchandise while the show is on. Also putting up limited edition items in certain events can also go a long way in making the most out of your merchandise stand.Another thing is stop just selling shirt with your rap name or logo on it and start selling line from a song or just some slick sayings that fit your audience.
If you read carefully through this article and understood every aspect that we covered, you should be well on your way to maximize your profits by selling your merchandise and your mixtapes on your stand, keep your merchandise stand ready at all times, make people see it, and always sell cool stuff. It can and it will make your band a lot of money, and as we said before due to unforeseen circumstances, that can sometimes be the only money you make that evening.
So make sure your mixtape artwork or cd design is professional and make sure you have cool merch for sell to people at shows and I guarantee you will increase your profits.
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