Growing Your Business With Metrics
In this digital world, creatives of all backgrounds can now access and learn about the insights and statistics of the works they have put out to the public. Thanks to creator tools and the user-focused services that digital distribution, streaming, and social media platforms offer, we creatives can now understand the performance and reach of our works through multiple metrics.
If you have a social media account where you promote your business or have songs distributed to Spotify, you have probably heard about the “insights” tools available for “business” and “creator” accounts. (If you have not heard about this, try switching your Instagram account from “personal” to “business,” and you’ll be able to access metrics data.)
These insights not only have the capacity of being accurate, but they represent how your business as a creative is doing in today’s main channels of digital distribution and promotion! Even though these numbers are there for us to guide business decisions, there is still a large number of creatives that do not pay attention to them, or that just do not understand what they mean. Continue reading to understand the eight main metrics you should pay attention to know your outreach, public engagement, and your business.
Digital platforms have allowed all creatives to reach every single corner of the world! There are stories of artists reaching fame overseas before their home country. This Metric is quite visual to understand, but dig deeper, and you'll be able to find each city that your music is hitting up. When planning a tour, this is crucial to know where your audience lives. Also, by looking at each city's scenes, you can understand what musics they like and what kind of content is more engaging to them.
There are multiple ways to land a song into a playlist! There are Editorial Playlists (the ones that Spotify curates), Algorithmic Playlists (computer-curated based on the user's likings), and User Generated (public or private playlists curated by the audiences). With this metric, you want to make sure that your music is not only hitting Editorial Playlists. Being able to make it into Editorial's is excellent because these have the most followers, giving you the highest exposure on the platform. However, you also want to make sure that users also include your music in their private playlists, so the music stays relevant even after the Editorial is updated.
This is a metric specific to videos on YouTube and other video platforms.
Besides taking into account the number of views and the number of "likes" and "dislikes," also take a moment to learn the average watch time the viewers take to watch your video. Are viewers watching the whole thing, half-way, or just the beginning? Is the video compelling? Are you able to connect with your audience and drive them to the climax of the video? Take advantage of this to learn and plan your future videos.
As evident at it might be, take a moment to dig into your spins' statistics. Multiple graphs and charts will help you understand not only how many times a track is being played, or a video watched. You will be able to understand what days of the week your music hits/videos hit better with the audiences. Take the advantage and compare your numbers to artists on your level, or your favorite stars - Spotify for Artists allows you to compare your Audience and Streams charts with any other artist on the platform. Check out this article we wrote!
One of the most important Metrics out there. "Shares" can also be more important than "likes" in the early and mid-stages of any song or video released. But why? The more people "Share" your video in the early stages, the broader the audience it will reach and fall into potential fans! It is almost like a virus (if we compare it to the current pandemic), if someone shares it, then his or her friends will consume it, some not pay attention but others might love it. If they also share it, new people will be able to get in contact with the song/video/picture/etc. Check out this article we wrote!
This metric applies to all streaming and social platforms you work with. Use this metric to understand what kind of content people are following. Are there any specifics on this track, or on this post that made the count of followers go higher? Try to identify the trends that are expanding your digital audiences. Like Territory Growth, extract all the information about where those followers are located in countries and cities; these two are complementary and crucial for touring, promo tours, and targeted promotion. You want to increase your following, so new content reaches directly to bigger audiences than before.
Super important to understand what markets your music/videos/content are touching. Allow this metric to guide you through your audiences' eyes, ears, and understanding of what you put out there for them to consume. You can learn about the demographic that is following and consuming your music, videos, and promotional content. Sometimes, audiences approach your art in a different way than the one you intended, and it is all valid. Age Range will let you know what kind of topics, themes, and interests are there for each demographic.
Thanks to actions like Sharing, promotional campaigns over social media, and computer algorithms, you can now know how many new people have discovered your work or social media pages! How many of the new people and pages that discovered you over the last week/month became new followers? Understanding how many of these become followers is like knowing how many clients are returning to your restaurant. You can find this metric on your Instagram "business" account.