Do you calculate booking conversion rates?
For each concert you book, how many booking deals do you need to open?
We agree that music booking is a sales work with something unique to sell: live music performances. Isn’t that great? Like any other sales job, it is important to follow some metrics that help us drive our strategies. Today, we discuss some relevant concepts for an artist booking funnel.
When you fill a bottle with water using a funnel, you have more water in the bottle if you drop more water in the funnel, losing less water. Right? Let’s talk about live music: if you drop more contact leads in your “artist booking funnel”, you increase the probability of booking more concerts for your artists. In case you have a 10% conversion rate, it means that: for each 100 booking deals you open, you win ten booking deals. Once you know an artist conversion rate, you know how many booking deals you should be opening to reach your goals.
Leads are connections you make that can become customers. They are concert promoters, curators, marketing managers and many more. Leads must express some interest in your artist. The best leads are those who ask for a proposal or make an offer, letting you jump the first stage of the funnel. However, you can open new booking deals with contact leads whose needs you know you can satisfy. For example, Jazz festivals promote jazz concerts: they are perfect leads for jazz artists. In this way, you must collect as much information as you can about your lead. That lead profile will help you determine its relevance and rate it.
You must know that some leads are better than others. For that reason, rate your leads in terms of “artist fit”. How likely is a festival to book your artist? Try a 1 to 5 scale and start talking with the best rated. Your leads rating will determine where you´ll invest your time. For this reason, you must be honest and impartial. Sometimes we tend to give a better rating to ego-related leads, but it doesn’t mean that those leads are the best ones for a specific artist.
How do you generate leads? Do you send emails, make phone calls, go to trade shows, pay online ads? How do you drop more leads in your booking funnel?
The Email and Web are the best ways to generate leads and keep customers engagement. The phone is good to convert leads into bookings, but it is becoming less powerful as the internet gets stronger in the live music business. Music industry events are great to meet new people and make connections. Build your strategy with the solutions that best fit your artists.
Do not kill the magic!
On top of everything: do not kill the magic. Keep a close relationship with your network by using all the good things the internet can give you, but do not give up on having a personalized service. Technologies should help you to do so!