By Thomas J. Stanley on Aug 3rd, 2009 in Mentor's Corner
I received an inquiry regarding marketing/networking advice last week from a Grammy-nominated recording artist. I’ve included the note (with name changed), my response to her question, as well as advice for those in the entertainment industry below.
How do I apply your techniques to music marketing – I am a recording artist. All your subjects are business people.
Ms. Violet – Recording Artist
Hello, Ms. Violet.
Thanks for your inquiry. I would recommend you stop by the library and check out my book Networking with the Affluent and Their Advisors. It’s also available on CD under the title Networking with Millionaires and Their Advisors. It is especially important to review the “advisors” parts of the book. This material was gathered from hundreds of interviews I conducted with successful people.
If you want people to support you, promote you, you must first figure out creative ways to help them enhance their business and their lives in general. There are eight ways to do this, which I cover in the Networking book.
Remember in your industry, as well as in my previous vocation (lecturing/speaking), it is very easy to be intoxicated by the applause you receive from fans. I’ve given more than 3,000 lectures in my career, but I discovered that unless I give one more, there is no compensation – the sounds waves are dead forever. That’s why I write books which can be inventoried (much like your music). But, even more important, you must constantly monitor your balance sheet…a good indication of whether or not you’re reaching your goal of financial independence.
Most people that are in the entertainment and/or sports industries think of money as the most easily renewable resource – and they spend accordingly. But, if you associate yourself with people that also are focused on accumulating wealth, that will rub off on you; it will be contagious. I would recommend working with very frugal accountants and investment experts that are part of large, major banks.
Somehow celebrities often think they need more – more houses, more cars to denote their success. But, in reality, its the success in their vocation which is the measure of greatness.
Thomas J. Stanley