How to get more from your music

How the “Name Your Price” option can help you see better results from monetizing from your music.

I was recently asked by an artist I was working with my thoughts on setting up a shopping cart system on their website for their music, rather than selling it on other platforms.  He said the main reason for doing so was to have control over how much value his music should have.  I understand where he and many other artist are coming from, but don’t under estimate the power of the  letting the consumer choose the price for you.

You would be surprised at the result you will be getting when you allow the consumer to name the price of your content.

For example lets take a look at both of the following scenarios.

Scenario 1:

Lets say you have your shop up and running, and you are giving the option to download your songs for free.  Now, there is nothing wrong with giving away your music, just still give it the value it deserves and ask for the person’s email in exchange for the free download.  Even just having the music becoming a tool to growing your fanbase is still very much worth the effort.

Scenario 2:

You set the price of the song at $1.29.  You are offering a high quality wav file mixed, mastered, and ready to go.  But then you give the option to let the consumer set value and allow them to set the price.

believe it or not, once people see that you already gave value to the song at $1.29 they now have consciously ask themselves what value will they give it.  most times people will just set it at zero, thats fine as long as you can always exchange that download for email address you can let that slide.  But you will have a lot of people who will either pay the amount you set or get this…pay more than the price you set for the song.  When you place the burden on the consumer to choose the price, they have to think about the value your song has, which for a moment you are giving them an opportunity to engage with you and be a part of supporting you as the artist.

Now granted, the healthier your relationship is with your fan base the harder it will be for them to perceive the value of that song less than what you regularly set it for.  The point of giving them the option to name their price for the download places the burden on them to choose, and most times they choose to pay more than what you set it for.  For those of you looking to add this idea to your current situation you might want to consider using http://www.nimbit.com/ They allow you to create your store and add it to your current site and give you the option to upload your music and give the option for fans to name their price.

 

Have you thought of using this method before?  Let me know your thoughts below.