Effective marketing is a fundamental part of being an artist. Without it, you, your music, and your branding can only go so far. This is where spending the money for thoughtful and dependable marketing comes into play. But how do you know how much money is the right amount to help you achieve your goals? In this part of our marketing journey series, we’ll break down everything you need to know about building a successful marketing budget…
Marketing Journey for the Music Industry Part 7: How To Determine Your Marketing Budget
Think Long Term
When it comes to marketing, timing is everything. It’s important to consider when the right time to pull certain triggers will be for you. For example, “Should I be focused on building an audience and a social following organically right now?” or “Is it time to invest in spreading the word more widely?” You need to consider which roads will give you the most success over time, not just for right now.
The time it’ll take to make these goals a reality will effect the amount of money you’ll need to allocate towards whatever means it’ll take to get there. Remember, each paid avenue should yield a sufficient amount of action from your audience.
You don’t want your efforts to be “dust in the wind”. Make them count.
Consider Your Goals
First, consider your strengths from an internal perspective.
- What seems to be working you?
- What generates recognition or revenue?
Secondly, consider your weaknesses from an internal and external perspective.
- Are other artists performing better?
- What are they doing differently?
Finally, take a look at your strengths and ask yourself whether or not they make way for any opportunities. Based on the weaknesses and the opportunities you’ve come up with, now you can decide what your goals need to be in order for you to improve.
🧠 Sharpen your skills…
Know Your Priorities
Once you’ve uncovered which areas will need the most attention, you can allocate funds accordingly. Some of the services you may find yourself considering range from copywriting services and release packages to video marketing, social media analysis, public relations, playlist placements, release campaigns, and more.
These services will cost you depending on how much you need and where you get them from. For example, one of Symphonic’s most popular marketing services is a marketing diagnostic and brand analysis service which includes:
- In-Depth Audience Analysis with location, ethnicities, age, gender, interests
- Digital Surfaces/Presence Analysis & Optimization Recommendations
- Popular Social Engagement Tactic Recommendations
- High Affinity Creator Targets
- Notable Followers Analysis
All for a $400 one time fee. Other companies offer different services for prices way more than this and offer much less. It’s up to you to do your research to find what works for you and your needs. Once you’ve done that, you can tally up everything you need and adhere to whatever budget you’re able to meet.
In the meantime, here’s a basic budgeting sheet to help you out:
Meaningful advertising is a big part of any successful marketing plan. When it comes to ad spending, sit down and ask yourself the following questions first:
- What platforms do I want my ads to appear on? (FB, IG, YouTube, etc.) // It’s best to stick to platforms you are actually active on.
- How much budget do I have to spend in total? // This could limit your placements depending on platform minimums.
- Do I have more than one release in my strategy? // If you have more than one, you will need to allocate accordingly based on priority.
- What is the end goal? // Do you want more streams, more views, more fans, etc. If you have a limited budget, it’s best to focus on one and go from there.
“I typically suggest to start with $500-$1,000 for individual releases depending on the amount of placements; if you want more, you need to spend more, essentially.” says Symphonic’s own Digital Advertising Specialist, Andrew Faraone. If anyone knows best here, it’s Andrew. He works with artists every day advising them on inquiries just like this.
Your marketing budget should be based on all the services you’ll need to accomplish whatever goals you set for yourself as an artist. To make your budget as concise as possible, you’ll need to go through each action item and come up with the approximate cost of each.
Everyone is different. Assess what you need and what you don’t. You don’t need to break the bank to create useful marketing solutions for yourself. Be smart, do your research, and don’t be afraid to ask for help!
⚡️Need help creating your marketing plan? Check out our Marketing Services here.
⚡️ Interested in learning more marketing tips? Check out the rest of our Marketing Journey Series:
- Part I: Understanding Your Market and Audience
- Part 2: Understanding Your Fanbase
- Part 3: Finding Your Niche And Using It To Your Advantage
- Part 4: How To Develop and Share Your Story
- Part 5: Social Media Marketing
- Part 6: How To Set Marketing Goals