by Alexander Stensby
Source: General Assembly
Utilizing your Findings
When a data panel is held at a music industry convention, the common findings are:
1.) Music marketers are inundated with data in the age of social networks and streaming services, and
2.) The problem isn’t collecting the data, but making sense of it.
Music industry data covers items like music streams, digital record sales, YouTube music video streams, concert sales, so on and so forth. These may all be viewed online. You may be using your analytics to see who visits your website, who follows you on social media, who adds items to their carts, and who abandons them.
The More You Know…
Of course, humans are necessary not just for analyzing data, but also for creating it. In BandSquare’s experience, for example, asking fans directly what they want is one of the most successful methods to precisely determine their readiness to invest any sort of time or money into what you are selling.
In the streaming world as we know it today, where successful long plays are the priority instead of a one-week surge, certain classic data signals remain valuable. For instance, live bookings and other aspects of an artist’s business are influenced by first-week stats and chart positions.
Therefore, conducting any type of study or test and tracking big data/analytics is crucial for success in not just marketing for music, but virtually any form of business.
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