<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/b571149d-7919-4be9-b042-beadc87108e0/information.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/b571149d-7919-4be9-b042-beadc87108e0/information.png" width="40px" /> The last and final part of the traditional marketing funnel is conversion. Your job is to optimize every part of the funnel — maximize reach, acquisition, and engagement to ultimately lead the customer to a conversion. You want a ticket sale, a merch order, an album stream, etc. This is money on the table. And there are easy, small ways to maximize conversions.
Monetization can happen in multiple places. In a traditional online business, the conversion generally happens on the company's website. Consumers become aware of the product, they demonstrate intent, they learn more, and then ultimately decide to make a purchase or buy a recurring subscription.
In the music industry, it's a little more complicated than that. Traditionally, yes, we still want to maximize direct-to-consumer e-commerce sales and fanclub subscriptions. But we also want to convert casual fans into full album streams and ticket sales.
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/367d1edc-6df5-431d-b6b8-b0939e890892/information.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/367d1edc-6df5-431d-b6b8-b0939e890892/information.png" width="40px" /> Let people convert wherever they are comfortable. Be where your listeners convene.
While it is a monetized action, a new listener streaming a song or two on a DSP generally doesn't count as a conversion. This is a discovery event. This is an opportunity to pull them further along the fan journey. But once a listener repeats this behavior and demonstrates additional intent, there arises the opportunity to produce additional conversions.
Like all other marketing channels, how you choose to optimize the monetization part of the fan funnel depends on where your fans are currently engaging with you. If you are a touring artist with a loyal fanbase, then you will want to spend most of your energy optimizing your ticketing business while hedging your other monetization channels. If you are a streaming-first artist, think about how you will tap into this interest to drive more streaming and additional conversions in other places.
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/f61340bf-2974-46a5-b5fd-ba7342c431ed/information.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/f61340bf-2974-46a5-b5fd-ba7342c431ed/information.png" width="40px" /> Give people at the top of the funnel a reason to become interested - something free, high-value content... give them a taste. Give people at the bottom of the funnel something unique and different, something they can't get anywhere else. These are your superfans and they deserve a differentiated product or experience.
Any monetized action can be optimized. For example, you can monetize a paid download, a paid stream, or even a YouTube stream.
While you don't technically control the ticketing monetization funnel (this power often resides in the hands of ticketmaster, ticketfly, etc), you have the opportunity to maximize your ticketing monetization strategies. For example, you can use your best marketing channels to generate general awareness about upcoming tour dates.