A company I worked for – I won’t say which one – has an amazing catalogue of rhythm & blues music, arguably the best r&b catalogue of any record label. Despite possessing this goldmine, most of our catalogue releases were from white rock bands. I asked a member of senior management why we didn’t do more with our black artists, and the answer I got was “We don’t know how to sell that music.”
Is that not a stupid response? If you don’t know how to do that, hire someone who has that expertise, or learn how to do it. Why ignore a large swath of your potential market, especially when you already own the assets?
Years ago I was put in charge of licensing at a record label. I knew the music and I knew the components of licensing deals; however, I wasn’t a very good negotiator. I found the process intimidating. I could have left it at that – “I don’t know how to negotiate.” My company would have made money nonetheless, though not at its full potential. For that matter, I wouldn’t be working at full potential.
I took a course in negotiations. Six weeks, $300. Money well spent. I put what I learned in the class into action. Practice makes perfect, and I became an excellent negotiator. In my four years at that company our licensing revenue increased 400%. My skills also led to my next job as the Vice President of Licensing at another company.
Is a lack of some skill or knowledge holding you back? Fix that. Read a book, attend a seminar, take an on-line course or find a mentor. Saying “I don’t know how” won’t lead to success; learning how will.
Today is the last day of Black Music Month. It would be ludicrous to think a 40-song playlist would cover black music in any comprehensive way. Enjoy it for what it is – nearly three hours of fantastic music. Listen to it while you research how to learn a new skill.
