Tennessee started up a lotto last week. No longer do people here have to drive to Kentucky, Georgia, or Virginia to take a shot at becoming an instant millionaire. And by instant, I mean $50,000/year paid over 20 years.
Some people are into it. Others are outraged.
Regardless of what you think about the ethics of gambling, do some number crunching and you’ll see that 99.99% (or more) of the time, it’s a better investment to put your money into something like a 401k than hope that the lottery will pay off. It’s true that you can’t win if you don’t play, but know that when you do play, your odds of winning are only slightly better than if you didn’t play at all.
And if you don’t play at all, your odds are zero.
Now I want you to think about how you’re promoting your music business career? Are you doing the 401k, longterm method or are you taking the long shot and hoping for the big payoff?
Most bands are taking the long shot. They put together a ton of packages, get addresses from a database, and send out a ton of packages without being able to properly do anything with them…or even bothing to check if the people they’re sending to are interested in the first place.
That is stupid.
Nothing wrong with sending out packages. You have to send out packages if you want people to hear your music. But you’re also going to have to followup on them to really make them have any impact.
And you’re also going to have to have a solid foundation to get people to do anything with those packages when you followup.
What do I mean by solid foundation? I’m talking about fans who will buy your stuff, come to your shows, and help you to be a profitable business.
I know that the word “profit” and “sales” scares the crap out of a lot of bands, but this is the MUSIC BUSINESS. That means that people are concerned about making money. Somebody has to pay for the music and it shouldn’t be the labels or people who create it…it needs to be the people who consume it.
So, don’t be stupid. Stop the “spray and pray” promotions. Get a good foundation, make every contact count, and build on it.
When you do a promotion, you need to think QUALITY, not quantity. One good person that you can really connect with will do more for you than 10,000 unopened packages.