Understanding your Competition

Applying business strategies to your music career can help you succeed

You and your competitors have one key characteristic in common: you are both going after the same target customer. There are two basic kinds of competition: direct and indirect.

Here’s a quick review of the definitions:
• Direct competition: similar businesses in your product category.
• Indirect competition: any product from outside your product category that goes after the same target customer’s attention and money.

The total competitive environment includes both the direct and indirect competitors. While this may seem obvious, I’ve found that most music people focus primarily on one or the other. Consider these two scenarios: Read more…