Musicians: How To Give Yourself A Well-Deserved Raise

How much money should you charge?

This is a difficult question for musicians selling their playing, sheet music, CDs, tickets, instruments, books, merchandise, or teaching. If you want more people to buy from you, what is that perfect price that will attract more buyers and give you a greater return for your efforts?

Price is complicated, and my experience is that most people charge too little. They lack confidence in the real value they offer or the greater value they could offer, they feel obligated to charge what everyone else charges, or they think they'll attract more clients or customers by charging less. Remember the old joke, "I lose money, but I make it up in volume."?

So, what will make you comfortable charging more for the good work you put out into the world?

Complicating that question are the signals that your price sends to your potential buyers. All things being equal, a higher price projects higher quality. It's not always true, but for example, a $39,000 car sure sounds better than a $19,000 car.

Are you a commodity?

Further complicating things is the competition for the goods or services you sell. Competition drives down prices, so if you are selling lead sheets of standard tunes, you'll have to be competitive with others who are successfully selling those same pieces of paper or digital downloads. If you are simply selling what everyone else is, the question to ask yourself is not just what is the right price, but why are you selling the same thing we can easily get elsewhere?

Offering a product that is indistinguishable from what others sell defines that product as a "commodity." Commodities are products or services that are interchangeable with those found elsewhere, like the same brand and model of instrument, the same CD or book found in other places, the same standard songs performed the same way, or a basic lead sheet of a standard or pop tune. Those are all commodities.

To sell a commodity, you must compete on price because that's the only distinction you have, and at that point, you've entered a race to the bottom where you make very little profit. Unless you are Walmart, that's not a great business to be in.

But as a musician, you have an edge if you can recognize and take advantage of it.

Capitalize on your secret sauce

Musicians and other artists sell something that reflects their individualism. No one can play saxophone exactly the way you do, talk about music the way you do, or teach exactly the way you do. No one writes original music or arranges quite the way you do. No one has quite the same musical sense as you. That is art and it is the exact opposite of a commodity. But how do you use your unique art to your advantage in order to be worth a higher price?

One way is to simply take a hard look in the mirror and ask yourself if you are simply charging too little for what you provide. That's very likely. Another way is to add something to your offerings that your customers want so that you can justify a higher price.

Ask yourself what spice you can add that will make your 'special sauce' stand out and be worth more money. Sell your audience something they value that they can't get elsewhere. Don't be a commodity.

Two questions to ask yourself are, "What can I add or create that provides a higher perceived value, one that people want? And, "How can I create that value within a worthwhile amount of time and effort?" Maybe it involves reinventing what you sell. But it might also involve tweaking something within your offering that makes it more unique, attractive, and valuable to your audience.

• For teachers

  Provide a recording of each lesson along with a three-point practice agenda for the next week. Hitting the record button at the beginning of a lesson along with the five minutes it will take to draw up that agenda can provide the extra value more students want and need from you. Email them this bundle within 24 hours after each lesson.

• For teachers

  Create quarterly online events for which you sell admittance. Convince the highest profile musician you can find to be part of it. You'll give that musician exposure for their new or future project or some other benefit. Then convince a company that values your audience to sponsor it for a fee.

• For Writers/Arrangers

  Provide stems and/or backing tracks with your original songs. Offer them as a means for people to learn your music quicker, practice your music, and to sound good performing it.

• For Podcasters

  Set up a Superchat feature through which people pay a certain amount to ask a question on your live show. Just make sure that you provide worthwhile answers.

• CD/Vinyl/Music sellers

  Sell digital downloads of your music. Give a limited number of early buyers exclusive access to cool, well-produced videos on the making of the album. For inspiration, look at the things Artistshare.com offers in exchange for album crowdfunding contributions. Go ahead, steal some of their ideas!

• Cocktail pianists

  Sing if you can, or find someone who will. It may require a little extra equipment and effort, but it will likely feel to the venue like an elevation of your performance. Remember the film, The Fabulous Baker Boys?

• Retail sellers of instruments

  Bundle the instrument with something the buyer values like a lesson or a book or tickets to something. That initial lesson could entice them to continue lessons. Negotiate with a venue a discounted purchase of bulk ticket credit to future shows in exchange for advertising the venue in your store.

Quick! What is the thought that flashed through your mind after reading those suggestions? "I can't do that.," "That's already been done.," "That's too complicated.," or "That wouldn't work for me."

Take a breath... then ask yourself, "If I put on my creative thinking cap and invested a little time, thought, and effort, what could I add to my offerings that would make them more valuable to more people—and therefore, earn me more money?"

I believe that there is something you can do that aligns with your music and your values that will allow you to charge more for your good work. What is that something for you?

In the comments below, inspire us by describing something you've done or plan to do to raise your value to your customers, or something someone else did that you think was creative and effective.

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