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Music Marketing Plan Part III
The Formal Plan of Incorporating Your Financial Projections
 
By Ken Cavalier

In my previous article, Music Marketing Plan Part II, we went through a brief summary of how to do the research and structure your informal music marketing plan.  The plan you will personally use to lay out your day to day marketing strategies, time frames, and initiatives.  We talked about doing your market research, listing all the marketing methods you will pursue and implement.

In this Part III article we will talk about formulating your formal music marketing plan.  This plan contains the exact same information as outlined in your informal marketing plan.  However, it will also lay out in addition, the all-important financial projections.  These will be used to demonstrate to a potential investor the ROI (Return on Investment) they could expect by investing money in your independent music career.

Brief Summary of the Formal Music Marketing Plan (The Financial Projections)

Adding financial projections, what kind of income can be expected from record and merchandise sales, royalties, and performances, will show the potential investor in detail the projected income from your project.  This is a crucial section of your formal music marketing plan and it is very important that you do your market research, including demonstrating your past history of overall sales.

When attempting to acquire financial backing for your music project you must remember, the number one question on the mind of any potential investor in a business is "How much money can they expect to make from their investment?"  In the financial projection section of your music marketing plan, you attempt to answer these questions.

Questions Like:

* Who are the artists behind the project What is their experience?
* What are your sales goals for records, merchandise, and performances? 
* How to you plan to market and promote your products? 
* What kind of profit margin do you expect?
* When do you project that your project will be profitable?
* Are there significant debts that need to be taken and later repaid, such as for CD manufacturing, cost of merchandise, tour bus, or equipment, music publicity? If so, you need to factor such things into your financial projections.

A potential investor in you independent music career reading your financial projections will want to know that you have taken everything into account and produced some realistic expectations for your music project and the gross income that can be expected.  This is why researching all these areas to come up with realistic projections is vital.  Dont bloat figures out of proportion be honest with your projected income figures.  A savvy investor who knows a little bit about the music industry trends will be able to determine if the figures you have input into your music marketing plan are really possible to achieve. 

The financial projections in a marketing plan, specifically a music marketing plan for an independent artist, can be pretty challenging to come up with.  The assistance of a music business manager or consultant who has business experience in preparing these plans and projections may be your best bet.  Remember you only have one shot at one particular investor.  If he or she is not dazzled with your music marketing plan and does not realistically believe they can get a good return on their money based upon your written plan then all bets can be off.  Make sure its professionally prepared, accurate, realistic, and done right the first time.
 

Developing and writing a serious music marketing plan can be a daunting task.  It takes hours and days of research and in order for it to be effective it must be accurate.  The Indie Music Consulting Group, LLC. has years of experience developing effective music marketing plans for independent and unsigned artists.  Here is a
brief overview of how IMCG can seriously assist you in developing a plan that will actually work for you.

2016   Ken Cavalier   All Rights Reserved Worldwide

 

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