More on Metrics…

September 22, 2009
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If there’s one thing anyone tackling any project in the music industry knows, it’s vital to experiment. But let’s be clear here: an experiment is testing causal relationships among variables or testing a hypothesis. How can you test a hypothesis if you don’t have accurate instruments with which to test it?

The advertising industry has already recognized “how poor metrics are undermining digital marketing“, and the same is absolutely true for music marketing.

I mentioned BandMetrics in my last post, and I’m also a fan of Trendrr. Google Alerts is a clumsy but useful tool – and there are many off-shoots or versions of Google Alerts (such as Addictomatic) that can be used to track buzz, but they all feel like blunt instruments.

Here’s my question: WHERE are the great innovators in music metrics? What metrics or services are YOU using to find out where, when and how often fans are listening to your music?

Update: Just heard about a very interesting metrics tracking site called http://www.trendly.com – it more usefully interprets your Google Analytics data, presenting trends etc. Just dipping into it now, but looks very promising!

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Metrics and New Measurements of Success

September 13, 2009
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The launch of BandMetrics had me all excited – I really thought it was a game changer in the music industry and said as much.

So I suppose an explanation is in order. Basically, it’s about Clout. In essence, the web knows something, something deeply intricate about how people listen to our music, how people talk about it and as Seth Godin puts it, it’s not telling. At least, not yet.

Amazon’s “people who bought x also bought y” was the Penny Farthing bicycle of this stone age process of understanding how your fans interact with you. LastFM’s Music Manager or YouTube’s Insight is the pneumatic tire, just one part of an important whole. Google Analytics is great but is too technical for a quick read.

What we need is the automobile version of this process – a process simple enough and precise enough to quickly and easily interpret data and get where we need to go .

I’m not going to categorize BandMetrics in this light as it’s still in beta, but I feel it’s the first attempt to really tackle what is, to me, an essential problem with marketing music online.

Essentially, right now we’re using an ax when what we need is a scalpel.

And if you develop the scalpel, you’ll do one of two things:

1) You’ll create an incredibly valuable piece of software that could be potentially very lucrative.
2) You’ll increase exponentially the chances of artists becoming marginally profitable.

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End of the summer…

September 7, 2009

Ah, Labor Day. The last day of summer – at least it would be if I were still in the USA. Things have been baking, shifting, moving in the heat this past six weeks, and that can only be a good thing. Penny’s always been about evolution

To wit, here’s what’s coming out of the oven:

El Corazon

In addition, the next step for Penny is called Penny Black. It has always been part of The Plan but now it’s got my full attention, enthusiasm and some proper muscle behind it. Should be good…

Things change quickly out here, and we can’t be standing still, now can we?