Pelin Thorogood is the Executive Chair of Radicle Science, Proof-as-a-Service pioneer of supplements’ first easy path to clinical trials.
Whether you’re a fan or not, you can’t deny Taylor Swift and her fans (aka “Swifties”) are an economic juggernaut. In Los Angeles, it is anticipated that the Swifties momentum will contribute $320 million to the LA county GDP. Another estimate showed that her Eras tour brought in $5 billion from concert-goers’ direct spending. In addition to the commercial value and the resulting headlines, Taylor has also had her fair share of business dealings and strategy headlines.
Whether it’s her fallout with former music manager, Scooter Braun, which resulted in her rerecording her old classics, or challenging Apple Music and Spotify for failure to properly compensate artists with royalties, she’s not afraid to stand up for herself. Taylor knows how to challenge the status quo. Her concerts exemplify her audacious and entrepreneurial spirit and offer some salient business lessons:
Lesson 1: Exclusivity To Build Anticipation
Whether with media or retailers, exclusivity contributes to increased demand and sales. Companies can focus more marketing efforts on one brand, which allows representatives to become better versed on the product’s features and benefits. With Swift’s ‘Verified Fan’ ticket early release, the demand for tickets exceeded the supply, resulting in the Ticketmaster website crashing.
How To Leverage
Build anticipation within promotions. Something of limited quantity makes it more valuable and coveted. Giving it a name, such as Limited Edition or ‘Verified Fan,’ creates a sense of privilege and prestige associated with those who were able to successfully purchase the product. Re-evaluate your sales collateral. See if you are creating enough of a sense of FOMO (fear of missing out).
Lesson 2: The Power Of Friendship Bracelets And Connectivity
Strong connectivity means strong communications. This applies to customers, employees, leadership and fans and can contribute to increased satisfaction and productivity. In the song, “You’re On Your Own, Kid,” the lyric goes, “So make the friendship bracelets, take the moment and taste it.” Swift fans took this quote literally by making friendship bracelets—a key feature of concert attendance. This served as a unifying token of her fanbase that helped them deploy icebreakers, strike up conversations and meet new friends.
How To Leverage
Re-evaluate corporate communications as it relates to employees, clients, partners and investors. Encourage teamwork, appreciate contributions and foster a culture of transparency and open communication. Creating that sense of inclusion results in an atmosphere of belonging. Given the recent Surgeon General advisory indicating that loneliness and isolation are epidemics in the United States contributing to the mental health crisis, improved connectivity within the business setting can play a bigger societal role than simply identifying Swift fans.
Lesson 3: Playing (And Leading) Acoustically
Vulnerability is often considered a weakness, but in business (and life), it can actually be a real strength. During the Eras Tour, Taylor surprised fans with two acoustic performances at each concert. With concerts made up of elaborate (and likely expensive) sets, just having an artist with an instrument is a more raw and unfiltered experience.
How To Leverage
Unfortunately, openness and honesty are not always common characteristics of today’s business undertakings. As a leader, utilizing active listening skills and being fully present and engaged when team members are speaking shows empathy and general interest. Demonstrating vulnerability and transparency can nurture relationships and make colleagues and customers feel closer, bringing more much-needed humanity to the workplace.
Lesson 4: Celebrating Eras Utilizing The First Follower Theory
Building successful businesses requires leadership, long-term vision, the ability to inspire and a great product. Swift was signed to Big Machine Records at the age of 15 and went on to become a country music star. At the age of 33, her total record album sales are estimated to be over 170 million. Her tour, Eras, is a celebration of her musical journey. In addition to the power of longevity in the industry and talent, Taylor also has the power of great followers.
How To Leverage
The First Follower Theory was coined by Derek Sivers, a record label founder and speaker. A leader’s first follower is as important, if not more important, than the leader themselves, as they play a crucial role in creating a real movement. The first follower serves as the catalyst of the vision, inviting others in, which in turn builds sustainable momentum for the movement. Being a great leader requires having a great team of people who share the vision and values. The first follower could be the first employee or your first customer. As a leader, look for employees and customers who are passionate about your mission and give them the autonomy and resources to share their ideas and expertise with others.
Lesson 5: The Value Of Authenticity
Swift continues to re-write the playbook. The Super Bowl half-time show is a literal and proverbial platform that artists dream about. It’s the pinnacle of so many careers that the likes of Beyonce, Prince and Lady Gaga have taken the stage free of charge. This brings up yet one more business lesson to be learned from Taylor: the value of authenticity. When the opportunity to headline Super Bowl LVIII in Las Vegas, NV, was recently presented to Swift, many were surprised that she declined because of her current commitments to the Eras tour and that she didn’t view the opportunity as career-defining. While she was likely appreciative, Swift said that she wanted to wait until the event takes place in a city closer to her heart, like Nashville. While you can take the megastar out of Nashville, you can’t take the Nashville out of the megastar.
How To Leverage
Authenticity in leadership demonstrates the internal alignment of beliefs and ethics with external behaviors. As a leader, do you walk it like you talk it? If your mission, values and all the internal and external goals align, take a bow and enjoy the applause. If not, maybe it’s time to take some swift (no pun intended) action to ensure that your authenticity shines through. Especially with the super savvy Gen Y and Gen Z generations, this is even more important. Make sure that friendship bracelet is real and not just for show.
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