🎶Artist Business Model Part 3

🎵⭐️ Artist Business Model PART III

What’s up y’all 🔥 here’s Issue #10 of The Dice Roll 🎲 newsletter! 

In the modern music business, understanding as an artist that you’re also a business is crucial to being successful. The past two newsletters  I went over the 9 building blocks that make up a business model, and continued with the value - proposition design. Today we are going to talk about product-market fit.

In case you forgot, here are those 9 building blocks:

👤 Customer Segments

🚀 Value Propositions

📺 Channels

👤 Customer Relationships

💰 Revenue Streams

🔑🔨 Key Resources

🔑🤳Key Activities

🔑🤝 Key Partnerships

💵 📈Cost Structure

And then you can fill out the Business Model canvas…

🔍 Let’s start by defining what a value proposition is…

According to the sequel to the Business Model Generation book, Value Proposition Design.

Value Proposition ⚖️ - describes the benefits customers can expect from your products and services.

1. Create Value 💰 - the set of value proposition benefits that you design to attract customers.
   

2. Observe Customers 👤 - the set of customer characteristics that you assume, observe, and verify in the market.
   

The Value Map 🗺 - describes the features of a specific value proposition in your business model in a more structured and detailed way. It breaks your value prop down into products and services, pain relievers, and gain creators.

Customer Profile 👤 - describes a specific customer segment in your business model in a more structured and detailed way. It breaks the customer down into its jobs, pains, and gains.

Fit 🧩 - is achieved when your value map meets and relieves the jobs, pains, and gains of the customer profile.

Then go ahead and fill out the attached Value Proposition Canvas…

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Now, let’s talk about today’s topic, Product-Market Fit.

Product-Market Fit - is when the value proposition successfully alleviates the pains and gains of the customers. This is achieved by correctly matching your product (a record) with the right market and customers (fans).

So, what this means is defining in the midst of the music creation process what your customers (fans) want as well as what the purpose of your record (product) is.

Yes, GOOD music is subjective. However, over 100,000 tracks are released everyday which means that your music needs to be GREAT to cut through the noise in the modern business.

According to Ari Herstand’s book, How To Make It in the Modern Music Business, you should make a document before recording titled Our Fans and then fill it out with 20 boxes to fill in about what your customers like, where they live, what artists they already listen to, etc. Create a fan profile.

Lastly, be thinking about the overall story or purpose of this specific product (record) and how you play that into your press release and other promotional materials.

The major labels do this within the creation process and if you’re an independent artist you should be doing the same sort of process.

That’s all for this week but don’t forget about all the other things happening!

⭐️Here's a reminder of what you can find on my socials: 

🚀 Industry Insights: Stay up-to-date with the latest trends, insider leaks, and developments from streaming strategies to new social platforms launching.

🎸 Tips for Independent Artists: Discover actionable tips and strategies to help you thrive in a competitive market.

📢 My Network: See exclusive information and panels hosted and curated by my network of music professionals and record label executives. 

📺 Veteran Videos: Watch some of the most successful and motivated artists give us some practical advice and helpful reminders.

⭐️⭐️New Channel: New long-form content from me in the near future. This week I posted a teaser on my instagram so go watch! It’s called “DICE GAME”, pretty fitting right? 

Stay up to date on the music business news, get tips and tricks, and connect with your favorite music business professional, DICE 🎲

TOOL OF THE DAY 💎

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https://www.chatgot.io/

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That’s all folks! 🥕

Stay tuned for another letter in the next few days and thanks for reading! 🙏🏻🎲

For more tips and thoughts on the music business be sure to follow me on all socials at @chasethedice and feel free to reach out to connect!