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At least some readers may be relieved to discover that you don’t have to be a fan of Taylor Swift to admire her success in the music industry. According to Bloomberg, even a brief look at the 34-year-old pop icon’s journey reveals masterclass-level business process acumen and strategic planning, with a total net worth of $1.1 billion as of October 2023. That’s what it means.
While I can understand the initial hesitance to emulate a pop star’s career, as someone in the tech industry, she is a true example of an entrepreneur trying to make a mark in an industry that is just as competitive. Believe me when I say it’s an inspiration. Like music, she keeps changing.
How to remix her strategy to your own:
Stay true to your core values and rights
Swift took a bold stance against both Spotify’s “freemium” model and Apple Music’s early royalty policy, emphasizing artist rights instead. Technology company executives can also celebrate and promote their core values and rights, even if it means going against the industry giants. Actions may include advocating for fair practices, speaking and writing to highlight the importance of data privacy, and ensuring fair compensation for creators on digital platforms. Doing so not only strengthens the alignment of your brand and its market, but also gives you the ability to drive significant change.
Related: Taylor Swift is officially a billionaire – how she did it and where her net worth came from
Master both control and ownership of innovation
Swift famously re-recorded her first six albums in order to gain ownership of these new masters, a pioneering act. For those on the technology side, it’s equally important to emphasize intellectual property management and ownership.
So secure these patents, maintain control over your software’s source code, and then boldly innovate your product designs. While it is clear that this degree of ownership has long-term benefits, it can also act as a defense against potential takeovers and unfair practices if pushed into sensitive situations.
Embrace multiple touchpoints
Swift excels at both streaming and physical sales, balancing its digital presence with tangible products time and time again. Similarly, a technology entrepreneur should aim to have a presence across a variety of platforms, rather than putting all his eggs in one basket. Have you ever developed a web app? Well, now it’s time to create a mobile version as well. Do you create physical products? Consider offering a digital version to go with them. Admittedly, this will require more time, money and resources, but it will also expand market reach and resilience.
Related: Who will be the top CEO in 2023? Taylor Swift and Beyoncé – Here’s Why.
Unique community involvement
Swift is a genius at fan engagement, using social media and personal interactions to build and cultivate a community that is constantly in touch with her in some way. We’re well aware that there are many variables at play here, but tech entrepreneurs can also leverage social media, forums, and direct feedback channels to connect with users. If you haven’t already done so, users can engage in discussions about further personalizing their experiences to build a broader community, foster loyalty, and increase brand sentiment and reputation.
Dive into experiential marketing
The 12-time Grammy Award-winning artist also set a new standard for live music. More recently, this is evident in his engineering and production of the Eras tour, and the concerts he produced as a result.
Technology entrepreneurs, especially those with large marketing budgets, are well aware that experiential marketing can be a game-changer. So, if possible, consider ways to offer interactive product demos or immersive virtual reality experiences. At the very least, host industry events like panels and mixers that are relatively easy to execute and provide memorable experiences.
Related: Why TikTok and YouTube changed the music industry forever
Strive to be a change maker
Eras’ tour ticket pre-sale process was meant to be open only to verified Swift fans, but ended up with over 14 million people, including countless bots, trying to get their hands on fans. It led to a public dispute between the singer and Ticketmaster. The result was a major revolution in concert ticketing in general, further cementing her reputation for shaping business practices for the better.
Although most technology entrepreneurs may prefer to work under the radar to drive improvement, can Lead change — advocate for better internal policies, collaborate to pursue fairer rules/laws, and fine-tune products to better solve industry-wide problems.
flexible
Swift is known for seamlessly transitioning between musical genres, and her adaptability keeps her interested in fans and newcomers alike. Technology entrepreneurs must be similarly flexible and ready to pivot in response to market trends and customers’ anticipated needs, with strategies such as vigorously adapting products to expanding user groups. there is.
Related: The benefits of investing in talent: How it impacts the music industry and other industries
Juice your story
Swift’s fanbase has closely tracked the evolution of her brand through each phase of albums, from a Nashville newcomer in 2006 to the pop giant she is today. From a marketing perspective, this is just #chefskiss. Technology entrepreneurs should also focus on storytelling. Fearlessly evolve your marketing to resonate with diverse audiences through dynamic visual branding and engaging content across multiple mediums.
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