As the most literal point of the physical to virtual merch table analogy, price and product are simple enough to explain in a similar manner. As this post last year on the importance of product diversity explained, a range of merchandise covering a variety of price points is what you’re aiming for.
Image Credit: Neil Bird
What we’ll focus on here is fullytranslating that aim to your online world.
How can you create a range of products that is attractive to those who visit your site?
How should you price them and where will they be most effective in moving listeners along to an a larger purchase?
These are the questions to be answered today, so we’ll dig in…
What To Produce (And Where To Put It)
Products inevitably stem from price, as you need to decide what you can afford to make and how to spread that merchandise across several price points.
The key is to understand your listeners and what appeals to them, both in terms of visuals and audio.
For musicians, of course, audio is going to be a huge portion of what you offer to fans. But content components such as video, images, rolling galleries, headlines and typography can all be incorporated to attract website visitors in the direction of your audio section and your online store. If you have a significant visual element to your music, consistently connect art work to individual songs and use it to focus attention on the home page of your site. If people gravitate towards your personality, record a short video greeting with yourself as the thumbnail summary image, prompting them to click and giving you an opportunity to thank them for visiting and direct them to a suggested next step.
In summary, identify the most compelling non-music aspect of your identity as an artist. Use a piece of content that reflects this to guide people towards a next step involving your virtual merch table, be it streaming a song or subscribing to your mailing list.
Some coming to your virtual merch table will be there to sample and be won over, meaning that a freebie should always be on offer. At the other end of the spectrum, you’ll be glad to hear, your lifelong fans need to be catered for with deluxe versions of products, offering them a reason to spend more money with you.
Hitting the right mix price points for the various products you offer thus becomes an important consideration.
How Much Should I Charge For Music & Merchandise?
As you’re catering to a spectrum of listeners with varying levels of interest, you need to provide a suitable price entry point for each of them. Let’s look at some price ranges and what products might be right for them:
Note: The inner circle e-mail will provide a full range of product ideas at each price point. Sign up via this link now to catch the first one in early March >> bit.ly/ManYourMerch
Price Point: Free!
Why? It’s a point of entry to ease new listeners in. It’s hard enough to get people to listen in this digital music environment, without putting a pay-to-play barrier in their way.
Products: Prominent free download (with no sign up hurdle) on every page. Embedded streaming music player. Access to alternative versions of songs and/or exclusive videos (sign up required, password protected part of site).
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Price Point: 99 cents & under
Why? It’s the standard price point for a digital download and provides the right range for an individual piece of digital content. This range also affords you the option of setting a suggested price, but making it pay what you want for anyone feeling generous. Don’t go wild in this area, just offer enough to give first time buyers a chance to dip their feet in.
Products: Single track. Pay what you want piece of digital content. Nick nacks for visitors to add to their larger order, such as buttons, stickers, or other items you’re not giving away.
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Price Point: $1 – $4.99
Why? This is where the rubber meets the road and the order amounts, when taken in multiples, can become a solid income. This range covers all forms of digital content collections and perhaps even combinations of the items in the range below, to offer your visitor a more substantial yet perfectly affordable purchase.
Products: EPs. Video content. Small posters. Access to early content or bonus areas of site, perhaps on a monthly subscription basis.
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Price Point: $5 – $9.99
Why? Here we move into album territory, as well as more substantial pieces of content and discounted older merchandise. This gives convinced listeners a chance to really dig in and contribute without breaking the bank. It’s also a handy discount range for additional “checkout extras”, like a $5 special on an earlier album.
Products: Extended EPs and albums. Singles club subscriptions (delivered over a set period of time). Sale merchandise from past campaigns, such as t-shirts, posters etc.
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Price Point: $10 – $29.99
Why? Here we start to attract the more passionate listeners, lifelong fans, and completists who want to grab your discography (and more!) in one fell swoop. More physical merch will be in this range, especially clothing like new t-shirt designs, hoodies, and specialist accessories. It will also be very dependent on what you’ve produced and combinations of product that you choose to offer together at one price point.
Products: Albums with significant extras, perhaps an EP or pre-order limited version. Physical records on vinyl or deluxe editions. Clothing, hats, accessories.
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Price Point: $30 – $49.99
Why? An extension of the previous range, largely to cover any “complete fan” packages you might want to offer, such as album/clothing/digital download bundles. Most of your items for relatively standard purchase should fit in this bracket, with anything above being somewhat specialist (and requiring another article entirely!) Buyers at this point will be your most passionate fans, or affluent newbies who have been thoroughly convinced by your freebies/lower price items.
Products: Deluxe or limited edition vinyl albums. Complete package bundles of your discography and/or physical merchandise (possibly limited edition).
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Above $50, we move into “super-deluxe” territory. If you have fans that will regularly pay for this level of product, well done!
Items here are highly artist-specific and will need to be tailored to what you know that niche group of your fan base will want. If you’ve read this full series so far, you’ll understand the importance of having regular individual check ins with your biggest fans. This becomes all the more important when deciding on high-end items to offer, as you’ll be much better placed to craft something especially for them.
Does your music and merchandise cover the right price points?
What approaches have been most successful for you? Which need to be improved?
Share your best and worst in the comments so that we can all learn something more…