SWOT analysis can help you a great deal with any project in the music business. In the first place, it can help you if you are an DIY musicians.
However, also music business companies like record labels will benefit from doing a SWOT analysis. What does sound like a military manoeuvre actually is a strategic planning technique.
Here’s the deal: SWOT is an abbreviation for Strength, Weakness, Opportunity and Threat.
What does that mean? It means that with a SWOT analysis you can check any project. What is more, the strategic component of it alows you to plan for future events.
Also, it is a very good tool to prepare for any harmful situation that might come your way.
This is crazy: anyone can do a SWOT analysis for virtually any event or project. Also, you can do it on any scale you want and on any given time frame.
Analysis in the music business
Important to realise, a lot of people fail at their projects like a record release because they didn’t plan well. Of course, in the beginning, you are super pumped up about your new release, for example.
You really want to get started and eager to get your music out to the fans. Feeling this creative pressure you are probably not really patient.
However, most of the planning needs some kind of patients. The good news is, if you take a second and plan properly you will not only have peace of mind, it can actually save you a lot of money as well!
Are you intrigued by the benefits of a SWOT analysis in the music business for your own project? Read on!
How does a SWOT analysis look like?
A SWOT analysis is super straight forward. The best way to do one is to draw a simple diagram.
You need 3x 3 columns, draw them on any material you fancy. Perhaps, in the beginning, it could be helpful to draw basic outlines with a felt tip pen and then fill in the blocks with post its.
That way you can change them around easily. Also, you can avoid any pressure of needing to be perfect. This holds us back very often.
However, once we’ve overcome the need to do anything perfect on the first try we can open our creativeness.
Now, you fill in the guideline words. Strength and Opportunities come into the left side. Likewise, Weaknesses and Threats will go into the very right column. Once you filled in the headlines, you can begin your analysis!
Doing an actual SWOT analysis in the music business isn’t complicated at all!
Now that you have familiarised yourself with the look you can delve right into doing an analysis yourself!
For doing that it could be a good idea to draw another table. This time you can leave some space for your own ideas.
|Strength ||Weaknesses |
Important to realise, you can identify the four different aspects of your project much easier when you understand where they actually come from.
Strength and Weaknesses are internal. In other words, they stem from within your project. On the other hand side, Opportunities and Threats are coming from outside the project, the environment the project is located in.
Identify the different aspects of your project
The Strength and Opportunities section is helpful to the project. Whereas the Weaknesses and Threats can be harmful.
|Strength ||Weaknesses |
(environment the project is in)
After creating the table construct, it is now time to fill in the cells with your own information. Take your time, this analysis does not have to be finished within half an hour.
Below, you can find a brilliant SWOT analysis of a session musicians.
Firstly, let’s start with the Strengths section. For example, this analysis identifies that the person learns quickly and is an expert in music theory. Also, the session musicians know that he or she can master songs quickly.
Another key point are the Weaknesses. Here, the person states that there is a lack of recording experience. Also, the session musicians seem to be overthinking a lot. Additionally, the musician can only play one instrument.
Furthermore, in the Opportunities part, we can find that the musician can make a comfortable wage, for example. Also, working in a studio has been marked. Likewise, learning off people who are more experienced is an Opportunity here.
Lastly, the Threats. A change in technology and virtual instruments are an Imminent Threat. Also, not taking opportunities when they present themselves is used as an example.
A SWOT analysis puts forward a magic trick!
A point often overlooked, the SWOT analysis comes with a reward in the form of a magic trick. Want to know the best part? You can do the trick yourself!
Use the identified Strengths of your analysis to overcome your Weaknesses. By the same token, take your Opportunities to battle the Threats.
In this case, let’s revisit the session musician from our example. Indeed, the Strength that they learn quickly could be used in order to overcome the lack of recording experience (Weakness).
By all means, learning off people who are more experienced (Opportunity) could battle a change in technology (Threat).
You see, the magic trick can help you to plan for any problematic situations in advance. Certainly, this will give you an amazing advance for your project! Not only will you be prepared but you will also already hava a plan of action in your pocket.
You can use a SWOT analysis on any project in the music business. For one thing, it could help you plan your music release.
Another key point, it could help you greatly with your digital strategy. You are thinking about setting up a YouTube channel? Do a SWOT analysis first and plan strategically!