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3 Things We Can Learn From the Music Festival CEO
Music festivals and their adjacent parties are a fun time, but there is serious business behind the festivities. Music festivals are businesses that have a large impact on seemingly unrelated industries, be it plastics manufacturers or companies that create solar-powered backpacks. The popularity of music festivals keeps growing exponentially, but it takes a business mind and an entrepreneurial spirit to keep it going, and getting bigger. Here are three business lessons we can learn by looking to the festival CEO:
Set goals, design a vision
Your bottom line is important, and expanding into a larger space is exciting, but what are you doing? Create a vision for your business and the direction of its growth. What are you trying to accomplish? Festival CEOs have to mind margins, but they also aim to create experiences that inspire, entertain, and thrill their attendees. Doubling ticket sales is a goal, creating a special moment for thousands of people is a vision.
Look to your fans
This one may have been borrowed from the musicians as much as the festival CEO, but the point is support your happy customers in spreading the word and join the conversation. Turn your customers into brand advocates by having a social media presence ready for them to jump into the pool. Steer your marketing effort into managing a great online reputation and growing your fan base (and revenue) from there.
Gotta have faith
Album sales go up and they come down. Concert tickets sell and then they don’t. Every industry experiences fluctuations and it can take a business a moment to get its footing. You’re bound to make mistakes along the way, but your long-term success is primarily dependent on your commitment and ability to persevere.
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