This is a guest post by Berklee Online music business instructor Chandler Coyle that originally appeared on the PledgeMusic blog. Chandler is one-half of the fan experience agency Music Geek Services and is also the publisher of the The Coyle Report, a free music marketing newsletter that provides tips, tricks and solutions on fan engagement. Click here for a free subscription to The Coyle Report.
This second video in the 4-part interview series is focused on: Best Practices for Pricing. If you missed part one of this series, please also check out: Part 1 of 4 – Benji Rogers on Best Practices for Merch.
Benji and Berklee Online’s Mike King discuss best practices for the pricing of merchandise. Choosing how to price your merchandise is a careful balance between making money, making connections with your fans, and also trying get your music heard. Pricing too high is as bad as pricing too low. Benji discusses some typical price points for the standard merch items. He also outlines the opportunities for making lasting connections with your fans after the show as they visit your merch booth.
Key Takeaways for Best Practices for Pricing
-Fans are willing to pay premium prices if they buy directly from you.
-Fans want to support you, so allow them to do so.
-CDs tend to work best at $10.
-Vinyl – set minimum price at $20 up to max of $30.
-T-shirts – $15-25 depending on quality of shirt. Fans respond to quality.
-Combine items together with a slight discount to create an attractive bundle.
-Stand behind the value of your music to you.
-Balance making money with getting your music heard. Be willing to be flexible on your pricing in some situations.
-The point-of-sale is also a point-of-connection, sometimes the artist <" fan connection has more value than just the sale.
Stay tuned as next week we’ll feature Part 3 of this 4-part Berklee Online Open Mic Series: Benji Rogers on Best Practices for Determining Quantities.
Study music marketing online with Benji Rogers and Berklee Online this fall. Get personalized feedback on your work, and direct access to Benji in Berklee’s 12-week Music Marketing 101 course, which begins on September 29th. As space is extremely limited, please contact Berklee Online’s registrar if you are interested in studying directly with Benji, at firstname.lastname@example.org, or 1.866.BERKLEE.
Publisher, The Coyle Report
Click here for a free subscription to The Coyle Report, a free music marketing newsletter that provides tips, tricks, and solutions on fan engagement.
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