Rested Reach: The Power of Pricing
- Rashidi Kabamba
- Mar 19
- 3 min read
"Price is what you pay. Cost is what you spend. Value is what you get." - Alan Weiss
Price is right in the economy, building self-sufficiency with autonomy." - RKease Company
What's your economic value? How much are you worth? What is the willingness to pay for your products, services, and merchandise? Who are your fans that are willing to pay for your art? These are all pain points that artists deal with in their rise to building a musical enterprise through their ventures. The best artists in the world, know their value, have their fan base, and have major label support to back their financial decisions.
Now what about the independent artist, what about the artists who are bootstrapping and self-funding their venture, such as their artist works with their own dime, finances, and personal savings. How do you carve out a niche with their own market and leverage the economic laws of supply and demand?
According to an article by Boston Consulting Group, "pricing strategy determines how value creation is incentivized between buyers and sellers - reflecting a company's philosophy for acquiring, retaining, and satisfying customers by sharing value with them fairly." Essentially a pricing strategy reflects and signals various things regarding your venture such as market position, value perception, shapes brand image, and develops a revenue strategy. Therefore, these are the reasons why it's important to conduct market research so that you can minimise risk for your venture because of all the expenses you incur while developing your product in the marketplace.
This is why I created an artificial intelligence minimum viable web application product to determine these statistics and to conduct market research to understand the value of my art in the music marketplace. Within my application (https://restedreach.lovable.app/) it allows my fan-base, who I call the "Resties" to sign up on my digital dashboard and answer a few questions in which gives me data points so that I can curate the RKease experience with the fan base that I have accumulated. I have 12 users to date, and they come from different areas across the country, they answer questions such as "What does stress mean to you, what does burnout mean to you, when is your date of birth, what's your location, what's your name, and how much are you willing to pay for a mix-tape?"
Through getting my music distributed through Kamapro in Germany (https://kamapro.de/), they had a partnership with the Orchard (https://www.theorchard.com/) , whose a subsidiary of Sony Music Entertainment. I was able to learn the power behind data, data analytics, and data driven decisions. Through their insights dashboard it inspired me to curate these questions specifically, so that I was able to understand my fan base pain points and what type of music they want to hear to help my creative process as well and what their willingness to pay is for my music projects. This application helps me minimise risk for my venture because I have to incur many expenses in order to support my own musical enterprise and ultimately build my own musical empire.
Ultimately, this is why at RKease Company we have a saying that capital is culture and culture is capital because black music has made everyone else rich besides our own culture because we lack the tools to build infrastructure, lack business and legal acumen, and are spraying and praying when it comes to our market value. Through this research, it has refined my creative process as well to make more music that highlights these issues, and it has enabled me to learn how minimise risk through putting up my own hard earned dollars to my music venture and hustle. I hope everyone's day is full of rest, kindness, and ease, checks out the application, and has gained value through this blog. PEACE!! :)
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