COVID-19 is hitting the whole economy hard and this includes recording studios. With social distancing measures in place, it’s difficult for businesses like this to function as they once did. Companies have been forced to reduce team numbers and are not seeing the same level of demand they experienced previously. Clients are either reluctant to use a compact indoor space like a recording studio or they simply no longer have the money in their budget to pay for a service like this. If you own or manage a recording studio, you could be starting to feel the strain. However, there are some ways that you can get back on track.
#1 Run Promotions
If you are struggling to get the same level of demand for your recording studio, it could be worth running promotions and special offers to encourage your clients to get back to what they love. Don’t forget to Eat Out To Help Out was a tremendous success for restaurants and food services across the UK. Clients do respond to these types of deals that save them money and that help businesses at the same time. So, you can offer discounted services, limited time offers, or even a free recording session if you book numerous sessions.
#2 Find More Customers
If you are struggling to stay profitable, then you need to think about finding more customers. One of the best ways to do this is to upgrade your social media campaign. Specifically, you need to think about local SEO tools that are going to help you attract your local audience. Through social media marketing as well as SEO, you will be able to generate more leads. High-end leads can quickly become customers interested in using your recording services. When you are trying to build leads, there are a number of options that you can explore. Youtube ads can be helpful and you can also think about sending out cold emails. Cold emails will work as long as the email in question establishes that you are offering value.
#3 Provide A Custom Service
Do you advertise your rates on your website? You should consider moving away from this approach. By offering rates, you can turn clients off immediately. It makes it seem as though you are offering a cookie-cutter service. Instead, get artists to enquire and then provide them with a custom quote that is specifically built around their needs and their goals. It doesn’t matter if all the quotes are similar because the service will feel more personal. This will help you stand out from other key competitors.
#4 Use Outsourcing Solutions And Form The Right Partnerships
One of the best ways to boost your profitability will be to ensure that you have a tighter level of control over the costs in your business model. You can do this by partnering with the right company. At The Famous Company, we do provide white-labeled services to ensure that you can offer more to your clients. With this solution, you can boost the support you are bringing to your customers and create a positive impact on your brand identity. We are keen to partner with companies who want to offer more services and regain their footing on the market.
#5 Website Redesign
Ultimately, now will be the perfect time to refresh your marketing campaign completely. This could include a brand new design for your website. As part of your design, make sure that you do include a page explaining the COVID-19 safety measures that you have put in place as clearly as possible. It’s here that you can also advertise discounts and new deals that will be chosen to help your clients save money on your services. When you redesign your website, your business will feel fresh and exciting once more. You will be giving your clients a reason to go back to your recording studio and check out the new services that you are now offering.
Using these tactics, you might be able to boost the profitability of your recording studio during these troubling times. This might be key to keeping your doors open until a vaccine is announced or the economic situation stabilises. At The Famous Company, we are committed to supporting studios and ensuring that they have the services they need to continue to function and operate in a way that their clients demand.
So that’s it! Our 5 tips to help you increase the profitability of your recording studio. If you’re still struggling, get in touch with us here at The Famous Company. We’re full of great ideas!