You might suddenly think that there is nothing that connects the music industry and the project world. Although the rules cannot be changed when it comes to projects, the keys to success are otherwise the same. Three decades in music have taught Juha Koivisto a lot. Now that he has been on the board of Liiver for two years, it is time to ask what projects could learn from rock 'n' roll?
Having been involved in the music industry for a long time, it is interesting to consider what rules and lessons have been learned over the years. The music industry is an interesting environment, as the prerequisites for success do not come from a long education or a thick wallet. The threshold for entering the industry is low and the only rule is that there are no rules. However, there are a few things that at least help with success.
1. Contacts and relationships are the key to success
I once attended an international management training course, where I was able to receive guidance from professionals working at the top of the music industry. During the long days, I remembered a statement from several people: “it's all about connections”. Relationships and contacts are the most important thing you need to succeed at work. It is clear that no one can find contacts sitting on the couch at home. You have to go where you can meet interesting and useful people. Someone knows someone who knows someone else.
2. Marketing is the be-all and end-all of everything
The record industry was in a major upheaval when physical products disappeared and digital products took over the market. Great, declared many experts and bloggers. Now everyone has a chance to succeed and the power of record companies is decreasing. How did it happen? Streaming services offer tens of millions of songs. Customers have more power and choice. According to a recent study, three multinational record companies operating in Finland control 90% of the % market. You can't succeed in the music industry if your marketing isn't good. And who has the best marketing expertise in Finland? The large multinational record companies.
3. Referral marketing is effective and cheap
When marketing a band, song or product, you need a good sales pitch. If you are popular in your own country or hometown, you can say that you have the recipe for success. You just need to repeat this in new market areas. At first, it is worth investing in one market area and, driven by success, move on to the next. On the other hand, in the music industry, the best marketers for a band are the band's own fans. By staying in touch with fans (fan = customer), you can maintain really effective "spread the word" or word of mouth marketing. You can talk about recommendation marketing for different products, but the starting point is the same. A satisfied user is the best marketing tool.
4. Co-development
No one is an expert in all areas. Finding good collaborators can be a prerequisite for success. In music, the cornerstone of all activities is a good song. Making successful songs is a very systematic activity these days. Experts from different areas are brought together and the best skills of each are utilized. One person composes the chorus, another writes the lyrics, a third creates the rhythmic foundations of the song, someone focuses on the beginning of the song. The producer has an overall vision and brings the best pieces together. Working together has a better chance of success than working alone.
Utilizing networks, collaborating, communicating effectively, and keeping it clear who the project is for are tools that can also help achieve better results in development work.