Opinions expressed by Entrepreneur contributors are their own.
Some readers, at least, may be relieved to note that they don’t need to be a fan of Taylor Swift to admire her music industry successes. Even a modest glance at the 34-year-old pop icon’s journey reveals masterclass-level business process acumen and strategic planning — to the tune of a $1.1 billion total net worth as of October 2023, according to Bloomberg.
I can comprehend why one might initially shy from modeling the career of a pop star, but as a person in tech, trust me when I say that she is a true inspiration for entrepreneurs looking to make their mark in a sector that’s just as competitive and ever-changing as music.
How to remix her strategies into your own:
Stand firmly for your core values and rights
Swift took a bold stance against both Spotify’s “freemium” model and Apple Music’s early royalty policy, emphasizing instead artists’ rights. Tech execs, too, can celebrate and advance their core values and rights, even if that means going against our own industry giants. Actions might include advocating for fair practices, speaking and writing pieces that emphasize the importance of data privacy or ensuring equitable compensation for creators on digital platforms. Doing so not only reinforces your brand and its market integrity but also has the capacity to drive significant change.
Related: Taylor Swift Is Officially a Billionaire — Here’s How She Did It and Where Her Net Worth Comes From
Master both control and ownership of your innovations
Swift famously re-recorded her first six albums in order to gain ownership of those new masters — a pioneering move. For folks on the tech side, it’s likewise important to emphasize control and ownership of intellectual property.
So, secure those patents, maintain control of the source code of your software, and then go ahead and boldly innovate in product design. This degree of ownership has its obvious long-term benefits, but when push comes to shove in any delicate situation, it also serves as a defense against potential takeovers or unfair practices.
Embrace multiple touchpoints
Swift excels in both streaming and physical sales, time and time again balancing digital presence and tangible products. Similarly, tech entrepreneurs shouldn’t put all their eggs in one basket but aim for a presence across various platforms. Have you developed a web app? Cool, now create a mobile version, too. Make physical products? Consider offering a digital one that can work alongside them. And yes, this will call for more time, money and resources, but it will also expand market reach and resilience.
Related: Top CEO of 2023? Taylor Swift and Beyoncé – Here’s Why.
Own community engagement
Swift is simply a genius at fan engagement, using social media and personal interactions to build and nurture a community that seems constantly in touch with her in one form or another. And while I’m fully aware that many variables are at play here, tech entrepreneurs can also harness social media, forums and direct feedback channels to connect with users. If you haven’t already, engage in discussions on further personalizing users’ experience to build a broader community — to foster loyalty and enhance brand sentiment and reputation.
Dive into experiential marketing
The 12-time Grammy Award winner has also set new benchmarks in live music, most recently evident in the engineering and production of the Eras Tour, along with the resulting concert movie.
Tech entrepreneurs, particularly those with a sizable marketing budget, know all too well that experiential marketing can be a game-changer. So, if and when possible, look into ways to offer interactive product demos or immersive virtual reality experiences. At the very least, host industry events such as panels or mixers for memorable experiences that are relatively easy to execute.
Related: How TikTok and YouTube Have Changed the Music Industry Forever
Work towards becoming a change-maker
The Eras Tour ticket pre-sale process was intended to be open only to verified Swift fans, but more than 14 million wound up trying to get them — including an untold number of bots, leading to a public dispute between the singer and Ticketmaster. The result was significant reform in concert ticketing broadly, which further solidified her reputation for shaping business practices for the better.
Most tech entrepreneurs might prefer to work under the radar to encourage improvements, but they can spearhead reforms — advocate for better in-house policies, collaborate in pursuit of fairer rules/laws and tweak products to better solve industry-wide problems.
Be flexible
Swift is known to seamlessly transition across music genres — adaptability that keeps her interesting to fans and newcomers alike. Tech entrepreneurs need to be analogously flexible, ready to pivot in response to market trends and the expected needs of customers by tirelessly adapting products for expanded user groups, among other strategies.
Related: The Benefits of Investing in Talent: How It Impacts the Music Industry and Beyond
Juice your narrative
Swift’s fan base has carefully tracked her brand’s evolution through each album phase, from 2006 Nashville newcomer to present-day pop colossus. From a marketing perspective, it’s simply a #chefskiss. Tech entrepreneurs should also focus on their storytelling — be fearless in evolving their marketing to resonate with different audiences via dynamic visual branding and compelling content across numerous mediums.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Entrepreneur.com – https://www.entrepreneur.com/growing-a-business/taylor-swift-strategies-every-tech-leader-should-apply-in/466717
