The video above provides information on a very important topic, and that is…know your value and know the value of what you’re selling so you can make your money. This can apply to any product or service you are selling, but we’re talking about knowing your value as a music producer specifically.
We know that determining value can be difficult, but it can be done through some research. Even if you are just starting out, doing some research is important to make sure you are charging a fair market value for your services. If you don’t want to put any time into researching what the value is you’re offering, don’t expect others to automatically think what you’re offering is of value either.
As a music producer, if you are actually putting in the time mixing, spending hours on a sound, panning and doing everything you can to get your track on fire (as ReaperKussion mentions in his video above) you must look at your value. In fact, you can think of yourself as a project manager who has a specific expertise and value to offer your customers (record labels, musicians).
Yes, you can make a quick buck and sell some beats, but you can also build your brand and set yourself and your associated artists and record label up for longtime success. For example, your plan could include selling non exclusive, semi-exclusive, and exclusive beats. The more time you invest and the more exclusivity you offer, you can expect to demand a higher price for your services (the price should be reasonable and based on what you find in your market research. You should make sure your prices are competitive with others who are providing similar services).
As a part of your plan as a music producer, you can explain and show how your plan extends beyond providing beats and demonstrates how you will be a part of the artists creative process, and bring your business expertise to the table to help your artist reach their music goals.
Possessing the skills and ability to do this comes at a price, so make sure both you and your customers (artists) know your value too.
If you lose customers who don’t want to pay for your services, don’t sweat it. Work with customers who can afford and value your services, and develop a strategy to reach those customers who are a good fit for your business model.