Artist Management

What's In, What's Out and What's Coming Up!!

noreply@blogger.com (B. Golden) — Sun, 25 Mar 2012 23:05:00 +0000

It is no secret that the entertainment industry is ever-evolving. The industry manages to not only stay abreast of current trends, but the industry is the leader in implementing and generating trends. To keep up with trends of this industry is a full-time job.

The industry's current trend is to use digital platforms to create content and distribute it to the general public. Social media sites have been instrumental in disseminating information, entertainment and advertisements. Over the past ten years, televisions, smart pads, kiosks, autos, and wireless devices have created many new media channels and platforms for the industry. The consumers constant crave for information faster and with more accessibility is insatiable and the industry works diligently to ensure that technology plays a vital role in supplying those demands to the public. Ten years ago, experts in the industry were forecasting that televisions would start to become obsolete, as consumers would be more interested in viewing content, "on the move", via computers, laptops, cell phones and other mobile technological devices (globalfuturist.com).

Marketing and technology are the two critical components that are needed in this industry as well as to an entrepreneur in this market. These are two areas that the industry has mastered and has led the charge, showing other industries the way to reach target markets quickly, seamlessly and more cheaply.

The future of the industry is just as exciting and optimistic. Now that the industry has mastered how to market and provide information to the public through technology, the focus is now on content and its distribution. Content will soon be in the hands of the consumer as opposed to the companies that generally produce content. In fact, as you can clearly see from platforms such as YouTube, Facebook, Viddler, etc., consumers have begun to control the content. Many projects from television and movie studios are ideas that are directly associated with content that has been created by consumers and have gone viral or captured the attention of the industry's power players.

The trends in this industry are perpetual and constantly changing. One aspect that will never change is the industry's ability to grow, change and lead the world with innovative and relevant trends, while staying connected with its target market...the public.

http://www.globalfuturist.com/about-igf/top-ten-trends/top-ten-entertainment-trends-for-the-21st-century.html

Show Me The Money!! (Financing for Small Businesses)

noreply@blogger.com (B. Golden) — Sun, 11 Mar 2012 20:38:00 +0000

Nothing is more important to an entrepreneur or a small business owner than financing/capital. As many small business owners quickly realize that more money is always needed than was initially anticipated, the search for third party sources of cash begins.

Luckily, there are a multitude of financial resources available to give or loan money, teach you how to prudently use money and how to generate money.

The Community Development Financial Institutions (CDFI) is one of the best vehicles that supports small businesses and entrepreneurs that have community based initiatives. CDFIs is a funding source which consists of private-sector organizations from a myriad of private and public sources (http://cdfi.org/index.php?page=info-1d). According to the CDFI website, the organization financially assists small businesses through the private sector contributors such as "Corporations, individuals, religious institutions, and private foundations. Depository CDFIs, like community development banks and community development credit unions, get capital from customers and non-member depositors." The biggest source of CDFIs funding is through a federal CDFI fund, which makes funding available through capital grants, equity investments, and awards to fund technical assistance and assistance and organizational capacity-building. To be eligible for an FA award, a CDFI must be certified by the CDFI Fund before it applies for the award. Prospective applicants that are not yet certified must submit a separate certification application to be considered for FA during a funding round. Both certified and non-certified CDFIs are eligible to apply for TA awards. However, non-certified organizations must be able to become certified within two years after receiving a TA award.

Touting themselves as the "voice for microenterprise", Association for Enterprise Opportunity (AEO) is instrumental in assisting small businesses via "microlenders, small business development organizations, non-profit lending organizations, and educational institutions dedicated to microenterprise." Some of their contributors are Capital One, Citibank and the W.K. Kellogg Foundation.

"AEO presents showcases to highlight successful businesses. It is an opportunity to demonstrate the importance of small businesses across the country, as well as the business support organizations that help them thrive.The showcase allows entrepreneurs to promote their products and services, develop relationships with other business owners, and share information on the resources that have been instrumental to the startup and growth of their companies." (AEO, http://www.aeoworks.org/index.php/site/page/category/aeo500_business_owners/)

The CDFI and AEO are just two resource vehicles for small businesses and entrepreneurs. Without financing, small businesses and their ancillary services will fail. All small businesses and entrepreneurs require these pertinent resources and information.

Well, what does this mean...? These organizations are showing start-ups the money!!

Community Development Financial Institutions

Association for Enterprise Opportunity

Two Experts. One Conclusion.

noreply@blogger.com (B. Golden) — Thu, 23 Feb 2012 06:06:00 +0000

After further research of the two business experts Jay Turo and David Gumpert, in addition to my own research, I now fully understand the importance of business plans and how investors and other third parties use business plans to make decisions.

Turo and Gumpert both impressed upon me how important it is to know all of details about my business and how to convey these important facts both in the business plan and in execution of the plan. It is not enough to simply outline in a business plan the attributes, strengths, weaknesses and strategy of a business. Execution of the plan is equally important; to capitalize on the positives and opportunities of the business and to amend or extinguish the negatives and deficiencies of the business.

The experts intently expressed that you must have a concise, detailed and direct idea of how your business is structured and operated, as well as how it will be profitable and how it will address its shortcomings. This requires an intense knowledge and understanding of my business. In addition, you must be able to express the knowledge of your business to investors and third parties.

Prior to preparing sections of my own business plan, I had not thought out the specifics of my business, its positioning, and what I thought the trajectory of my business is and should be. After researching with the experts, I redressed my business plan to make sure that it was as detailed and informative as possible. I wanted my plan to answer any question that a third party may have about my business. It is important that my plan shows my wisdom about my business, its market, the company’s short and long-term ambitions and our plan to attain them.

The most important sections of the plan to investors are the marketing section, financial section and the SWOT (strengths, weaknesses, opportunities and threats) sections. Marketing is very important because you must know your target audience, and you must know the most effective way to reach that audience. Marketing and branding are the life forces of any business. With the evolution of technology, marketing has become more precise and allows a business to be more effective. The financial section is undoubtedly the most reviewed and analyzed section of the business plan. Numbers don’t lie and the operations of the company are predicated upon the financial structure and its implementation. The SWOT section gives an internal and external examination of the company’s corporate health. This section outlines the good, bad and ugly of the company, for the executives of the company and for potential investors.

Jay Turo

David Gumpert

Business Plan Expert Blog

To Business Plan, Or Not To Business Plan? Expert Views on Business Plans

noreply@blogger.com (B. Golden) — Sat, 04 Feb 2012 05:50:00 +0000

As graduate students, we have repeatedly been told about the importance, the contents and the goal of business plans. Business plans, students have been told, serve three distinct purposes:

1. A business plan can help to move you to action. A business plan will help you to pull apart the pieces of starting a business and examine each piece by itself.

2. A business plan can be an invaluable tool to help keep you on track and moving in the direction you want to go -- a business plan can help to keep you focused.

3. A business plan can serve as a sales tool. You will probably need outside financing to start your business, and a business plan is the tool you need to convince investors to come on board.

These are the purposes and views of business plans that students have, but what do the experts think?? In order to answer this question, I chose two of the business industries experts on business plan writing and analyses: Jay Turo and David E. Gumpert.

Jay Turo earned a Bachelor's degree with Distinction and with Departmental Honors from Stanford

University. In 1999, Jay Turo graduated with his MBA from UCLA’s Anderson School of

Management. Along with his friend and soon to be business partner, Dave Lavinsky, the two soon founded Growthink, a strategic advisory and investment banking firm, after noticing that people wanted to launch internet ventures, but had no idea as to how to start or finance them. Jay Turo has spent the last 10 years advising and managing business clients. He has worked with all types of companies from new emerging small businesses to multi-million dollar corporations. Turo specializes in private equity investing and entrepreneurship. Turo is also a noted and respected angel investor. His corporate clients have included Deutsche Bank, McKesson, Infospace, Samsung, Porsche, & Paramount Pictures.

Turo adamantly believes that “there are ten key components that investors are looking for in a business plan: Executive Summary, Company Analysis, Industry Analysis, Customer Analysis, Analysis of Competition, Marketing Plan, Operations/Design and Development Plans, Management Team and the Financial Plan. Understanding and applying information to satisfy these components can make the difference between whether or not a business will be funded.” Turo firmly believes that a well-written, concise and informative business plan is the key to ensuring success with the intended recipient.TT Investors aren’t generally interested in the
Learn About Jay Turo

According to Turo, companies and potential investors could care less about the pomp and circumstance of graphics and the creativity of the business plan; they are much more interested in the information in the business plan and the profit that the business will make.t "The two most common pitfalls that Turo and his partner come across are professionalism and not enough information. Many businesses try to add colorful paper, fashion graphics and artwork to their cover sheet, but this is the quickest way to get their business plan discarded." Most investors only want to invest in a business that shows a large and thriving market for the product or service they’re offering, and an investor will only continue reading the business plan if it’s something they are interested in and could potentially secure the deal.

David E. Gumpert is a graduate of the University of Chicago, Columbia University, and Harvard’s Business School. He worked as an editor at Inc. Magazine and the Harvard Business Review. He has authored many books on business and entrepreneurship and regularly blogs. Gumpert has written a number of books about small business and entrepreneurship, including Burn Your Business Plan! Gumpert, believes that the business plan should be customized to meet the needs of the company. For instance, “if the individual is looking to attract investors, then the business plan should be tailored to meet the preference of the investor.” Gumpert confirms, “it is the job of the entrepreneur to sell themselves, the business venture, and the potential success in the amount of time, space, and energy the investor is willing to spare.”

Uncharacteristically, Gumpert invests in another principle…“burn your business plan! (Entrepreneurship.org, n.d.).” Basically, Gumpert believes that effort means much more than intention. Entrepreneurs, according to Gumpert should be focused on the business and not on drafting a business plan. In essence, let your works speak for the business rather than your words about the business. Additionally, Gumpert feels as if some parts of the business plan, such as financial projections can be misleading and really are more writings of fiction and shouldn't be taken so seriously by potential investors. Gumpert alludes that while business plans can paint a prettier picture than reality might reflect, hard work and efforts to make business successful is much more effective.

Learn About David Gumpert

Although the experts moderately disagree on the approach and purpose of the business plan, they both agree that the most important items that investors are looking for are accurate and concise information about the company which leads to profitability of the business. Whether you subscribe to Turo's approach concerning the 10 pertinent components of a good business plan or Gumpert's more hands-on approach, to interest an investor or company, you must undoubtedly subscribe to their definitives that time, knowledge and purpose must be components for a successful business plan and its execution.

Business Plan Expert Views

Burn Your Business Plan!

"Must Tweet TV": The New Era of Marketing

noreply@blogger.com (B. Golden) — Wed, 18 Jan 2012 23:59:00 +0000

The first method was word-of-mouth, shortly thereafter it was radio, then along came television...now, today's prolific method of advertising is digital marketing.

Digital marketing has permeated every industry in the world, including entertainment. Television is one of the genres that perpetually and consistently benefits from the use of digital marketing. Digital marketing is used in every area of television; from this year's presidential campaign to sporting events and award shows, platforms like Facebook, Twitter and YouTube are being used to instantaneously connect with existing fans, create new fans and attract advertisers. In fact, social media marketing has become so engrained in television, that industry experts are calling this new age of marketing, "must Tweet TV".

In addition to the benefit of connectivity, television networks use digital media in conjunction with smart phones and computers to provide consumer data, which helps television execs decide on the viewership of a show and the audiences immediate response to it (Reuters, 2012).

Television networks use digital media to promote a new, upcoming show or to reintroduce the airing of an existing show or episode. After this preliminary information is gathered, it is important to find an accurate way to "use it more effectively and monetize it." Without this ability, networks will never be certain as to how this new brand of marketing stacks up against the more traditional methods of marketing and whether the resources used to maintain the digital campaign is worthwhile. However, networks and television execs are understanding how powerful social networking is to advertisers. The generation of audience information that digital marketing provides helps to persuade advertisers on where, how and to whom they should spend their ad dollars (Reuters, 2012).

The relationship between television and social media is constantly evolving. Whereas initially social media sites such as Twitter and Facebook were used by celebrities and athletes to tell their fans what was going on and how they were feeling, now social media sites are being used by networks to increase exposure and "build buzz"during certain climatic show moments and to increase viewership.

Not everyone is excited about utilizing this different brand of marketing. Some are concerned that too much effort is being given to a form of marketing that could potentially be a trend or fad. The answer to this is yet to be seen, but the current climate proves that digital and social media marketing are increasingly popular and are growing and expanding with new digital platforms being introduced almost monthly to keep the public ever connected to their favorite television shows.

Tweeting TV

Digital Marketing and Entertainment - A May/December Romance

noreply@blogger.com (B. Golden) — Sun, 08 Jan 2012 21:42:00 +0000

The entertainment industry is constantly evolving and changing. As societal trends ebb and flow, the entertainment industry is quickly changing to meet the demands of its audience as well as keep the industry relevant. Very few industries have been so quickly affected by the use of the new digital landscape like the entertainment industry.

Long gone are the days where traditional vehicles of marketing such as television, radio, posters and flyers moved audiences to watch television shows and upcoming blockbuster movies. Today's marketing climate is very different. With the introduction of and quick adaption to digital marketing platforms such as Facebook, Twitter, Linked In, YouTube and other digital vehicles, entertainment marketing has gone viral...quickly!

Movie and television studios are using digital marketing platforms to post trailers and promos about upcoming productions and projects. They are using social media vehicles to reach millions of people at once to brand, market and promote for little to no cost. The industry has taken a grassroots approach to marketing and has found it to be immensely effective without adversely affecting the bottom line.

Independently financed and distributed films and television shows are reaching mass audiences through digital platforms. Without a lot of capital or distribution outlets, these projects are finding mainstream success simply by pounding the digital marketing pavement and garnering interest and exposure in their projects.

Artists are using digital marketing in record numbers to self-promote anything that they are doing. The use of this type of marketing keeps the artists in tuned and in touch with their fan base and introduces them to a new demographic of fans. Twitter and Facebook, specifically have kept artists relevant and have allowed the fans unprecedented access into the personal and professional lives of their favorite artists. With a simple, point and click artists are now able to effortlessly reach a fan base that they otherwise wouldn't have been able to before digital marketing.

Artists such as Tyrese are using social media to promote self-released albums and are posting videos of album release parties on their digital marketing sites...there seems to be no end to or limits to what can be accomplished through digital marketing.

Although the entertainment The industry is still attempting to more accurately calculate and assess how effective digital marketing in terms of dollars and cents, but be assured that as the digital landscape evolves and improves, the entertainment industry is playing close attention to ensure that they are able to take advantage of this new and seemingly permanent genre of marketing.

Digital Marketing & the Entertainment Industry

http://www.youtube.com/watch?v=UdkBrAsHA3I

Social Media Marketing for Entertainers by Shawn McClonson

Commission?!

noreply@blogger.com (B. Golden) — Mon, 12 Dec 2011 02:55:00 +0000

The ongoing question..."why do manager get such a high commission"? A manager's role is all-inclusive. Once the gig is booked, its the manager who negotiates the contract under the advisement of the artist, books travel logistics, handles back stage riders, pushes the merchandise to be sold, handles all greivances from the artist and a million other tasks. A manager role never ends, unless the relationship is terminated.

Agents generally get 10% for booking the gig and then they are on to trying to book the next gig. One of the manager's responsibilities is to also work in tandem with agents as necessary. A manager's role is constant; its a 24 hour, 7 days per week responsibility; its almost similar to working for one of armed services. The seasoned artists understand the need for a manager. Its like the circle of life that if a manager gets paid then he is more likely to continue to find jobs for an artist. Its a win/win situation!

A manager should ensure that the artist life's hierachy is as follows: God first, family second and the manager third. There has to be a close relationship between the artist and his manager - the artist and manager should be totally comfortable with one another so that they trust one another and can speak candidly. The artist's life in essence becomes your life...so 20% commission to a manager is not very big at all. At the end of the day, we work diligently together. Its very similar to this most recent NBA lockout. Its because everyone wants to be valued for the work that they do. Artist management is no exception.

In essence, managers are constantly working to keep the artist working. The job is for the faint of heart so if anyone gropes about the commission, you tell them to give me a call!

Too Many Cooks In The Kitchen

noreply@blogger.com (B. Golden) — Mon, 12 Dec 2011 02:13:00 +0000

My contribution to the entertainment world is as an artist manager. This role is fiercely competitive! I have learned over the past few weeks, there are as many managers as there are aspiring entertainers.

The reprentation has seriousy evolved so there are now a host of various platforms to submit clients. Although there is greater exposure, the industry has managed to keep up with changes.

Because the industry has made the process as easy as they can more shady "managers" have surfaced and have tainted the character of this much needed profession. In fact, inCalifornia and New York only agents can secure jobs for talent, but many managers book their talent. As I am fairly new to the industry, I seek wise counsel from established managers. This is important because credibility is everthing in the industry.

Now-a-days everyone thinks that they have what it takes to manager an artist's career and artists because they are hungry for work in their field use managers that don't really have their best interest at heart. With all of the managers out here, the integrity and strength of managers has drastically diminshed, much to the chagrin of those of us who are serious about the industry.

That's why they say, "when there are too many cooks in the kitchen either something is forgotten or will burn", the same is applicable to the masses of managers in the industry.

My Advice To You Is...

noreply@blogger.com (B. Golden) — Sun, 20 Nov 2011 19:41:00 +0000

Legal advice is a necessity at one point or another for every business. Whether you use an attorney to assist you in corporate formation, to advise you on how to dissolve your company or to defend you in a lawsuit, at one point or another, legal counsel will be required.

To ensure that my business plan was sound and reasonable and to assess the potential risks associated with my business, I spoke with Meaghan Roberts. Ms. Roberts is an attorney who is licensed in the states of California and Texas and she specializes in the entertainment industry. I sat down with Ms. Roberts to "pick her brain" regarding my business plan and the impending pitfalls that I could face with my business. As my current Master's program course is Entertainment Law and we have concentrated on contracts, endorsements and intellectual property law, we agreed to focus our conversation on these three important topics.

Ms. Roberts' first piece of advice to me was to ensure that all pertinent business transactions have a contract that details the exact relationship between each party, each parties responsibilities, rights of each party and compensation, if applicable. She advised that I pay close attention to the details of the contract; it is the details, that holds "the essence of the contract."Although oral contracts are valid contracts, she strongly advised that I get all contracts in some type of writing, otherwise if litigation arises, there will ambiguity as to who agreed to what and what each party understands the agreement to mean. Interestingly, she explained that it is imperative that there is a "meeting of the minds" to validate the contract - both parties need to be in agreement with why they are entering into this contract and what is the expectation of this contract.

When the interview shifted to endorsements, she reiterated the importance of reading the contract in its entirety. The client, she states "will make the ultimate decision as to whether or not they decide if the money is reasonable, but as the representative of the artist, it will be your responsibility to ensure that the components of the contract are fair and are not too restrictive or unfair." When asked for clarification, Ms. Roberts further explained that as the "face" of an endorser's product, my client is creating a specific branding concept, which is one reason the endorser chooses my client at the onset; "to brand the product in a specific way to a certain demographic." Ms. Roberts goes on to say, "your client can either enhance the endorser's brand or ruin it. There is rarely an in between when it comes to product endorsement." As the manager of the celebrity or athlete, it will be my responsibility to keep them cognizant of their image as well as the image of the brand that they are endorsing.

Our final topic, intellectual property, Ms. Roberts admits, " is much more in-depth." She said that she would provide me with what she calls "the basics" regarding intellectual property. The first thing that she said is that the intellectual property of a business is much more important than it's physical property. The intellectual property is the "brain child of the business. You must first obtain a full understanding as to what intellectual property is and what type you are creating. Once this is done, you must then protect it by registering it with the proper governmental office." Ms. Roberts goes on to say that the laws regarding IP are " detailed, yet ambiguous." As I have always thought, she tells me that is prudent to seek the advice of legal counsel for issues surrounding intellectual property. According to Ms. Roberts, "one wrong move and your intellectual property could be jeopardized."

Although entertainment law is much broader than contracts, endorsements and intellectual property, per Ms. Roberts, "the three areas that we have discussed are three of the most important ingredients of entertainment law. Without extensive knowledge and training about these three areas, it would be similar to baking a cake without flour, eggs or milk."

Great analogy, I thought...and actually after this course, I agree!!

*Although Ms. Roberts does not have her own website, I have attached a link below that has a variety of entertainment legal liability podcasts...enjoy!

Entertainment Liabilities

Artist Management Contracts..."stronger than oak"?!

noreply@blogger.com (B. Golden) — Sat, 15 Oct 2011 23:52:00 +0000

Most of us remember the scene in " Jerry McGuire" where the athlete's father entered into an agreement to retain McGuire's services as an agent with a handshake. Stating that his word was "stronger than oak", the father told McGuire that he would allow him to represent his son in the NFL draft.

Well, we all know how that "agreement" ended...McGuire ended up losing the number one draft pick, "the night before the draft" and there was nothing that could be done about it since there was not a written contract between McGuire and the athlete (see "Jerry McGuire stronger than oak handshake" video below).

That got me to thinking...are the days of negotiating merely via trust and integrity without the written letter of a contract obsolete? The answer that I came up with is....YES!!!

Contracts have become a necessity among any parties entering into a contract; especially an artist management contract that can be ambiguous, convoluted and because of the money involved, risky.

Some artists and managers claim to have such good working relationships that a written agreement is unnecessary. These types of arrangements can be successful. However, a contract still is recommended because it allows the parties to outline and define their business relationship in writing. This helps to avoid disagreements or discrepancies that may arise later if the parties cannot remember exactly what their agreement was.

Before a manager and artist sign the written agreement the parties usually negotiate important issues that each party feels needs to be addressed in the contract. Negotiation is a process of discussion to determine each party's needs and concerns; successful negotiations always are based on compromise and solutions.

The most important issues to be addressed in the contract are

the term, or time frame, of the agreement,
the services to, and/or responsibilities of, each of the parties,
compensation to each party, and payment of expenses, and
the authority of the manager.

With entertainment careers becoming the most highly sought after and with more and more money attached with the roles of successful actors (just think Charlie Sheen), it is highly advantageous for both the manager and the artist to draft a written agreement that each party agrees upon to outlines all of the pertinent components and expectations of each party in the relationship.

Over the past decade, numerous artists have fired their management team, for various reasons, with only the letter of the contract to guide and gauge each party's culpability. It's quite a sad state of events that we can not negotiate verbal contracts, however people's memories become vague and the terms change as the success or failure of the artist's career increases.

So, be prudent and understand that an agreement is structured to protect both parties...just in case. After all, in this day and age, the only thing that should be "stronger than oak" is the ink on the paper from the oak tree used to draft an effective management agreement.

Jerry McGuire - "Stronger Than Oak" handshake

Artist Management & The Contract

Product Management: To Be...Or Not To Be!!

noreply@blogger.com (B. Golden) — Thu, 29 Sep 2011 00:34:00 +0000

Many underestimate or simply do not understand the role of product management. Essentially, the role of product management is to define, develop and maintain products and services to: (1) provide more value than the competition, (2) create a competitive advantage over the competition and (3) deliver financial benefit to a business.

The most effective product managers spend time understanding what consumers want AND need, then create solutions through products and services to satisfy them. To do this, product managers focus on the "why" and the "how" of the adverbs. This issue and subsequent solution can determine the product's success or failure.

Creative minds, such as Apple and Wal-mart use product placement and brand integration synonymously. They use brand integration and strategic product placement to make consumers feel as if their product is a necessity in their lives. Each of these companies is aware that the art of product management is to combine a deep understanding of your target customer’s needs and desires with the capabilities of your business and the technologies they have to work with in order to come up with a product definition that is both compelling and achievable. The process of coming up with the right product/right time boils down to insight, judgment, and the ability to make choices. Of the hundreds of possible and even desirable features in the product, which are the few that are actually essential to the success of the product?

When speaking with Gary Guidry, President of I'm Ready Productions, he described product placement as one of the most integral components of business. I'm Ready Productions releases their stage play DVDs to audiences worldwide. In order to ensure that their product is appropriately managed, he has created seven key considerations in product management:

Know your products and their limits
Listen First - ask what they do before you explain what you do
Ask why, not what
Be decisive - make calls, don't wait forever
Responsive - get back to people, period
Communicate frequently, concretely, and concisely
Manage Passion

An example of how to do things correctly comes from the Ford motor company’s product managers. They wanted to offer their extended warranty product to their F-150 pickup truck customers; however, their impersonal approach in which they simply used the customer’s name just wasn’t doing the trick: they had a 2.5% response rate.

Determined to make their customer contact more personal, the Ford product managers went back to the company’s databases and pulled together all of the information that they could on the people who had bought their F-150 truck. This included things such as vehicle type, how long they had owned it, address, age, income and gender.

Using this type of information they were able to personalize how they interacted with each customer. This went so far as being able to send them material that contained a picture of a correct gender person standing in front of the correct model F-150 which was painted the same color as the customer’s.

By doing this, Ford saw a 5.7% increase in their response rates and a whopping 35.7% increase in their sales penetration. Not bad results for what was basically some behind-the-scenes database work.

In most cases, product management is more important than the product itself!!

Ford F-150: The Prime Example of Product Management

Negotiating with Je'Caryous Johnson

noreply@blogger.com (B. Golden) — Sat, 17 Sep 2011 18:30:00 +0000

Negotiation is defined as " a process by which the involved parties or group resolve matters of dispute by holding discussions and coming to an agreement which can be mutually agreed by them" by Legalexplanations.com.

Negotiation is an art form or sorts and like your favorite sport is better understood when either you are involved or are watching it take place first hand.

Je'Caryous Johnson is an urban national playwright, author and filmmaker who negotiates for a living. From the hiring of talent for his productions to the inking of distribution deals, this accomplished and talented entrepreneur is constantly and consistently negotiating. Mr. Johnson allowed me to interview him via telephone in an effort to find out what "negotiate" means to him and how he is successful in his negotiations.

Me: How do you define negotiations?

JJ: Negotiations is a process that happens to everybody, everyday. Everyone wants something and has to skillfully negotiate to satisfy their wants. Negotiation is simply reaching common ground so that each party inevitably gets something that they want or can compromise in such a way that their goal is met.

Me: Do you like the "art of negotiating"?

JJ: It is now so common to me and should be to most people that it is second nature. I don't like it or dislike in general, it is a necessity. It only becomes difficult if the negotiations become contentious.

Me: Can you give me an example?

JJ: When people lose sight of the objective and begin to take the negotiations personally, it can steer of course. Usually that happens when someone becomes emotionally entangled in the process. You can't effectively negotiate when you are emotionally.

Me: Great point. I am learning about that in my master's program.

JJ: It's a good lesson to learn early on; especially in business. Certainly each party wants to walk away from the table meeting all of their objectives, but that isn't realistic. The reality is that you can most of what you want and possible some things that you never insisted on getting if you can learn to properly negotiate.

Me: What is your formula for effective negotiating?

JJ: There is no one formula since I am negotiating with another party and don't know what they want or their disposition in negotiating until we sit down at the table, so to speak. But I do try to understand that in general, no one is attempting to take advantage of me and that this negotiation is because we are essentially both trying to reach a holistic objective, but the terms need to be ironed out. If we can straighten out the terms and both parties walk away satisfied then we can move forward to make a deal happen.

Me: Have you ever found yourself, as you put it, "emotionally entangled" in a negotiation?

JJ: Certainly! At that point, everything the other party said was adversarial. I felt like I was constantly defending myself and my position, even when it wasn't necessary. (Laughs) It's a very humbling lesson; I was so ineffective that I don't believe I was able to walk away with any of the things that I needed. Luckily, that was very early in my career, so I was able to learn from it and never repeat it.

Me: Did you learn to skillfully negotiate through a class or through experiences?

JJ: In my line of work, observation is paramount. I watch people, study them and soon began to understand that individuals though different, are the basically the same...in terms of negotiating. Everyone wants to feel as if their side was heard and that they are not being taken advantage of. I believe that everyone is willing to negotiate and everything is negotiable.

Me: Your observation seems like a component of what is termed "negotiation jujitsu". Learning your opponent and using this knowledge to effectively negotiate. Have you ever walked away from a negotiation because there was simply no progress or no viable way to negotiate?

JJ: Well, I think that in negotiations it is essential to listen to the other side. Not simply in terms of their wants and needs, but how they express them. This gives you a better understanding of how to express your points and walk away from the table fulfilled that you have met your goal. To answer your question...yes, individuals sometimes place more worth in themselves than they have and attempt to back you into a corner if you do not concede to their point of view. I have had individuals attempt to shut down or slow down productions because they felt as if their worth was so great that unless I agreed to whatever they wanted, they were unwilling to perform or to provide the services. Depending upon the situation, I have either walked away and renegotiated at another time or halted the negotiation altogether and figured out an alternative route. Again, since I believe that anything is negotiable, I knew that their position was one derived from their ego and I was not comfortable with negotiating with their ego.

Me: Have you ever used your position as a playwright or filmmaker to persuade the other party to see your point of view?

JJ: Absolutely. I would like to think that I didn't use my position negatively or threateningly, but simply because I am a visionary and my works require specifics; some that I am unwilling to negotiate simply because any changes or alterations would destroy the context or meaning of my play, book or film. But again, I understand the importance of negotiations and am willing to concede, if absolutely necessary (chuckles).

JJ: You are welcome.

Je'Caryous Johnson's Bio

Who Are You Again??

noreply@blogger.com (B. Golden) — Fri, 19 Aug 2011 17:03:00 +0000

Whether an individual, a product, a company or an image, understanding branding is essential!

Why...?!

A brand is a name or symbol that is commonly known to identify a company or it’s products and separate them from the competition. Almost every business has a trade name, however only a minority of these businesses have what could be classified as a "brand" or a "brand name".

Branding is a word commonly referred to by advertisers and marketing people, but what does it actually mean, how can you get it, and most importantly; how will it benefit you and/or your business?

A well-known brand is generally regarded as one that people will recognize, often even if they do not know about the company or its products/services. These are usually the businesses name or the name of a product, although it can also include the name of a feature or style of a product.

The overall ‘branding’ of a company or product can also stretch to a logo, symbol, or even design features that identify the company or its products/services.

For example:

The Nike brand name and it's trademark "swoosh" is known throughout the world. People can identify the name and logo even if they have never bought any of their products. The majority of people that are aware of the company can also identify it (or its products) from this symbol alone.

The clothing and running shoe company Adidas is well known for using three stripes on its range of products. This design feature branding allows people to identify their products, even if the Adidas brand name and logo is not present.

The main benefit of branding is that customers are much more likely to remember your business. A strong brand name and logo/image helps to keep your company image in the mind of your potential customers.If your business sells products that are often bought on impulse, a customer recognizing your brand could mean the difference between no-sale and a sale. Even if the customer was not aware that you sell a particular product, if they trust your brand, they are likely to trust you with unfamiliar products. If a customer is happy with your products or services, a brand helps to build customer loyalty across your business.

A strong brand will project an image of a large and established business to your potential customers. People usually associate branding with larger businesses that have the money to spend on advertising and promotion. If you can create effective branding, then it can make your business appear to be much bigger than it really is.

An image of size and establishment can be especially important when a customer wants reassurance that you will still be around in a few years time. A strong brand projects an image of quality in your business, many people see the brand as a part of a product or service that helps to show its quality and value.

It is commonly said that if you show a person two identical products, only one of which is branded; they will almost always believe the branded item is higher quality. Again, the importance of brand recognition!

If you can create effective branding, then over time the image of quality in your business will usually go up. Of course, branding cannot replace good quality, and bad publicity will damage a brand (and your businesses image), especially if it continues over a long period of time. A strong brand creates an image of an established business that has been around for long enough to become well known. A branded business is more likely to be seen as experienced in their products or services, and will generally be seen as more reliable and trustworthy than an unbranded business.

So, I ask again...who are you...?!

Brand Importance & Identity

Artist Management: What's It All About?

noreply@blogger.com (B. Golden) — Sat, 06 Aug 2011 21:25:00 +0000

I read an interview between Ryan Kuper, an artist manager from Leverage Entertainment and Entertainment Management Online magazine. In this interview the following questions were asked:

What Do You Do?
What Is A Typical Day For You?
What Education & Training Is Necessary?
What Personality or Skills are Necessary?
What's Your Career Path?
What Are Some Pros and Cons?

This interview made me think about these questions, since being an artist manager is my dream. My interview would be published as followed:

What Do You Do?

I am an artist manager who provides management, financial, contract negotiation, bookings and representation services. My firm specializes in public relations as well as artist management services. I represent entertainers in all genres of entertainment.

What Is A Typical Day For You?

Just as Ryan stated, there is no typical day. Entertainment is not a Monday- Friday, 9am to 5pm type of industry and my day consists of a constant barrage of emails, phone calls, websites, meetings, negotiations, think tanks, etc. Since there is no formula for success as an artist manager, there is no typical or usual day. As Tom Cruise, eloquently stated in "Jerry McGuire", "...it is an up at dawn, pride swallowing siege of which I will never be able to fully tell you about."

What Education and Training Is Necessary?

There are various educational and training tools that are necessary to be an artist management; and there are different ways of becoming one. You can major in psychology, law, artist management, accounting, finance or business. Or you can be gifted and work your way to the top through sheer tenacity and passion in this industry. A good understanding of contracts, negotiations and business definitely helps as well as a passion for the entertainment industry and the ability to stay abreast of things happening in the industry, since it is constantly evolving.

What Personality Or Skills Are Necessary?

First and foremost, you you must have a love for people. This industry and this position is focused on and around people. Clients, producers, directors, agents, promoters, other managers, etc. You have to be stern, but not offensive in order to succeed in this industry and have the ability to understand that everything is a negotiation of business; very rarely is any of this personal. You must be committed, dedicated, unwaivering and organized. You are handling an artist's career and must understand that they depend upon you to ensure that their career is being handled properly and successfully.

What's Your Career Path?

I plan on becoming one of the top artist managers in the industry. My firm will be reputable as a clearinghouse that launches artist careers. As the majority of our clients are talented, but unknown, my niche is to create an environment where artists who are both established and non-established entrust me with their dream.

What Are Some Pros and Cons?

Pros - I get to set my own schedule; I am only as successful as my work ethic; this industry is extremely dynamic and constantly changing; I change lives.

Cons - The work is constant; working with people who are not as tenacious and hard-working as I am; there is an amount of sheer luck that is involved, apart from my work ethic to ensure success; very little sleep.

Being an artist manager is a specialized and industry specific position. Education, experience and personality are paramount in this industry, but the reward of assisting someone in achieving their dream coupled with the excitement of the entertainment industry is well worth it!!

Artist Manager Interview

Me Wrong…Why Not?!

noreply@blogger.com (B. Golden) — Sun, 31 Jul 2011 03:18:00 +0000

After reviewing the TED.com website, I reviewed the speech by Kathryn Schulz entitled On Being Wrong.

In her speech, she spoke about the reasons why we are so afraid of being wrong and how we view other people’s perception when we are found to be wrong. During a road trip, she spoke about how she mistakenly took a picnic table sign as a foreign symbol. When corrected, she began to think about why she felt so badly about being wrong. Why did she feel like being wrong meant that something was wrong with her??

The audience was deeply engaged after recognizing that we have all been wrong at some point and that our being wrong has not always been a bad thing…we have all experienced instances where being “wrong” was to our advantage. It can create an excitement of sorts…

Kathryn expounded upon why we as individuals are so stuck on having to be right. What is it about being deemed right that makes us feel so superior or being deemed wrong that makes us feel so inferior? Her concept is very interesting because this perception of ourselves, whether right or wrong affects us personally and professionally. Even more so, others perception of us directly affects us since, most times we are unaware that we are wrong until other people point it out. When we realize that we are wrong or are perceived to be wrong, we immediately either look at ourselves in a less favorable light or we simply become arrogant and assume that we are right and that other people are incorrect. Looking at being wrong can cause self-doubt and leave us feeling badly. Or, to ease our egos, we assume that we are right and that those who don’t believe that we are right are susceptible to one of three assumptions:

The Assumption of Ignorance

The Assumption of Idiocy

The Assumption of Evil

Kathryn’s speech made me begin to think about how being wrong can be a learning experience; after all, it is part of the human experience. No one goes through life without being wrong either in perception or in fact. Why should we be ashamed of being wrong? Why not use this as a learning experience?!

We see the world as we choose and this benefits us as people; our ability to see the world differently should keep us all from being embarrassed if we are wrong. This allows us to be humble and meek when we are wrong and to learn from those experiences where we are wrong. The greatest lesson in life!!

So, have I ever been wrong?! Why, yes…and I am proud to say so!Kathryn Schulz: On Being Wrong

So, who manages the managers?! NAPAMA - Northern American Performing Arts Managers & Agents

noreply@blogger.com (B. Golden) — Fri, 22 Jul 2011 01:06:00 +0000

The North American Performing Arts Managers and Agents (NAPAMA) is a non-profit association for US performing arts managers and agents that promotes the industry's professionalism and ensures the industry's integrity for managers and agents of performing artists.

In addition to advancing the interests of the industry's managers and agents, NAPAMA is a resource for its members and creates a regional, national and international alliance between and on behalf of managers and artists. The association was founded in 1979 to ensure and foster the effectiveness and professionalism of managers, agents and self-managed artists. NAPAMA provides an open forum of communication among its members through meetings and organizational e-letters to keep existing members informed and provide on-going assistance for its new members.

Self-touted as " A cooperative voice, in a competitive business", NAPAMA promotes and supports other agencies, unions and organizations that serve local, national and international performing artists. Understanding the importance of performing arts managers and agents, NAPAMA assists in ensuring that communities across the nation have access to the very best avant-garde, classical and modern performing artists in the world.

Whether a manager, agent, self-managed artist, affiliated business vendor or other associated party, NAPAMA is the "voice" in the performing arts field. As the performing arts industry is ever evolving, NAPAMA organizes educational sessions and provides up-to-date information regarding all facets of the performing arts industry such as taxation, immigration, licensing, insurance and contract law.

There is a standard of excellence that is required from managers and agents. NAPAMA works to assist in capitalizing and retaining this high quality of excellence. This standard has forced NAPAMA to establish guidelines of ethical behavior related to all manager/artist relations and has implemented an annual award of excellence for those managers and artists who are distinguished in their field. The citation of excellence will be presented at the annual Arts Presenters conference by the NAPAMA board.

NAPAMA is recognized as a reputable performing arts manager and arts association in the United States and North America. It is not just recognized as a vehicle to educate, inform and communicate with managers and artists, but also to promote the vitality of the performing arts.

While NAPAMA is not a governing association and cannot impeach an ineffective manager or artist, it provides current and relevant educational tools, communication forums and incentives to increase and retain a spirit of excellence in this field.

.Northern American Performing Arts Managers & Agents Association

Teamwork

noreply@blogger.com (B. Golden) — Mon, 20 Jun 2011 03:29:00 +0000

The concept of teamwork is extremely important to the success of any team. Teamwork and unselfishness create the backbone of a great team; without them a team cannot realistically compete. You can have a group of superstars, but if they do not work well as one unit, chances are they are not going to be as successful as you would think. The team working as one cohesive unit is going to be the key in their success.

Here are some things to take into consideration when you are looking at your team:

Does your team have agreed-upon goals they created as a team?
Do the members openly encourage and support one another?
Do they have open communication with one another, as well as the project manager?
Does each team member know what their role on the team is?
Is there mutual respect among the team and the project manager?
Do members use statements such as "we" when referring to the team, or is it more of an "every man for himself" mentality?
Have they created a positive team image for themselves?
Are the individual contributions of each player recognized?
Is the team as a whole committed to improving performance?
Does each member consider themselves as a "team player?"

A productive team has members that share common goals, a common vision and have some level of interdependence that requires both verbal and physical interaction. Teams come into existence through shared attitudes about a particular project. They may come together for a number of different reasons, but their goals are the same - to achieve peak performance and experience success. The ends may differ but the means by which one gets there is the same - teamwork. Every member of the team is accountable when it comes to teamwork.

This month's keystone class, Project and Team Management emphasizes these critical areas and attributes of teamwork. To succeed at the task in hand everyone involved needs to combine their efforts. If everyone does their job well, then it increases what the team can accomplish. This teamwork has to be recognized by everyone and know that great things can happen if individuals master the fundamentals and work together as one unit. Everyone has their own unique role, but each person's individual role must be recognised and appreciated.

Teamwork is something that must be a high priority and given constant attention. Every member needs to understand how important it is for them to work smoothly together if they want to be successful. Each member must be dedicated to the whole team and be willing to act unselfishly. When challenges arise (as they always do), the team needs to have the resources, accountability and commitment to deal with them in a constructive and positive manner. A sense of teamwork will play an integral part in this.

Everyone is familiar with the meaning of the acronym "T.E.A.M." - Together Everyone Achieves More!

Jaspal, (2011). The Importance of Teamwork. Retrieved on June 19, 2011 from http://gilygily.com/the-importance-of-teamwork.html

Building A Teamwork Culture

Agent vs. Manager?!?! (Tricks of the Trade)

noreply@blogger.com (B. Golden) — Thu, 02 Jun 2011 04:41:00 +0000

As old as the entertainment industry is itself, the difference between an agent and a manager has been debated! Even the most seasoned artists are often confused as to: do I need an agent or a manager? When do I need an agent and/or manager?

An agent and a manager's job is equally important to an artist's career; the main objective of both is to get an artist work to make money. Although their core goal is synonymous, and their responsibilities can either be blurred or overlap, there are distinct differences between an agent and a manager. So, how does the entertainment industry view the differences between an agent and a manager? Very distinctly. First of all, there is a difference between their tasks and responsibilities. An agent's primary function is simply to find an artist jobs...pretty cut and dry. They are generally members of the Screen Actors Guild or SAG, which regulates their responsibilities. Managers on the other hand navigate and manage every aspect of an artist's career and are not members of SAG. They often introduce an artist to an agent, accountant, publicist, attorney or anyone else pivotal in ensuring that their career is successful. Managers generally do not search out auditions or jobs for the artist; this responsibility lies with the agent.

Secondly, there is a difference in compensation. An agent's commission generally averages between 10-15% commission. A manager's commission generally averages between 15-20% commission. The variance in the commission scale is because of each party's role. As previously stated, an agent just provides jobs or gigs to the agent, the manager works much more closely and is an integral part of every aspect of the artist's career. Neither a legitimate agent nor a legitimate manager require that an artist pay any upfront fees or pay fees to either out of their pocket. Both are paid once an artist is paid from work that is performed.

When an artist needs an agent or a manager is solely dependent on the artist's needs and the success of the artist. It is usually more likely that an artist is needed first to secure jobs. After an artist's career has reached a semblance of success, they look for a seasoned manager.

As stated, both of these roles are an integral part of the entertainment industry and an artist's career. Knowing the difference between an agent and a manager is important for an artist to ensure the artist's success.

Aphter, Prior (2007). Yahoo! Contributor Network: The Differences Between a Talent Agent and a Talent Manager. Retrieved on June 01, 2011 from http://www.associatedcontent.com/article/352349/the_differences_between_a_talent_agent.html

Are Artist Managers Important In An Artist's Career?

noreply@blogger.com (B. Golden) — Sun, 15 May 2011 18:37:00 +0000

Exactly what a manager is, does and a manager’s value is a topic that is often discussed and frequently debated in the entertainment industry. There is no precise description of what a manager is or definition of what a manager does that is unanimously agreed upon. According to Donald S. Passman, author of All You Need To Know About the Music Business, one of the primary reasons for this is because the job of the manager is fairly complex and can differ from artist to artist and situation to situation. It often depends on the stage of the artist's career and the areas that the artist needs assistance with (e.g. image development, publicity, label shopping, touring, recording, publishing, songwriting, licensing, merchandising, sponsorship acquisition, etc.). A good manager can expand your career to its maximum potential, and a bad one can rocket an artist’s career into obscurity. Many artists are equally as confused as to when or if they require a manager of any type. Some feel that they have not reached the pinnacle in their career to warrant one and others feel as if they are succeeding comfortably without one – so why get one now? Choosing a manager is also an issue of concern for an artist; they are torn between hiring a seasoned manager with a network of contacts, a midsized manager who is wildly enthusiastic about the artist and is working equally as hard to make a name for themselves or an inexperienced manager who is thirsty to succeed and to ensure that the artist’s career takes off. The difficulty of staying connected and pursuing a career simultaneously can be daunting and almost impossible, but the presence of a manager alleviates all of the artist’s pressure, except performing. Although there are many decisions to make in choosing a manager, a manager’s importance is undeniably important. Whether an artist is at the genesis of their career or is well known and highly sought after, there are a multitude of components and responsibilities that are required to be handled. It is the manager’s role to ensure that these components are handled and that the artist’s most important focus is on the craft.

Why Is Brand Management Important

noreply@blogger.com (B. Golden) — Sun, 08 May 2011 17:34:00 +0000

Brand management has become increasingly important as advertisers are now searching for new and innovative ways to market products and services. Using celebrities has become an extremely popular form of branding, since most strive to attain the celebrity "lifestyle".