How much does this REALLY cost?

      One day not too long ago, I was walking past the front window of a music store. Displayed in the case under beautiful showroom lights was the keyboard of my dreams.

      As a vocal coach, having a piano is a key factor in being able to perform your job duties at the highest level. I had been working without one for some time, renting studio spaces that provided pianos, but I was limited to where I could go and how many students I could teach due to scheduling conflicts with the studios. At the same time I had been saving up enough fund

s to put my car into the shop to fix a dent put into it by an anonymous individual who seemed to have , *ehem*, difficulty parking in the space next to mine.

 ( Gotta love those people who hit your car and don’t leave a note!) 

 Along with the other dings created by people who cant seem to be able to control their shopping carts.

                                              

      Coincidentally the amount I had saved matched the cost of this shiny new keyboard. I felt the money burning a hole in my pocket and had to make the choice, pretty car? or shiny new keyboard?  As I weighed the pros and cons, I realized that the cost incurred for going with car over the keyboard was more than money. Yes I would love for my vehicle to be presentable (rather than the embarrassment it currently was), but buy buying the keyboard, it would increase the profitability of my business as I would be able to work out of my home rather than renting studio space and I would be able to increase my client roster by travelling directly to a students home with my portable keyboard.  What do you think I chose?

      Every time you make the decision to do something, you are giving up the opportunity to do something else. This is referred to as opportunity cost. A lot of times it can be measured monetarily ( when one thing costs more than another) but other times it can be the decision between something that will provide instant gratification over long term benefits. I think we as artists, musician, and small business owners tend to look at things one way or the other: money, or value. A prime example is  concert guitar-piano duo Robert Bekkers and Anne Ku who discuss the "cost" of attending a concert when you are a musician yourself in their  Concert Blog.

 It is important to growth of our businesses, careers, and personal lives to revaluate every choice while factoring in what you would be missing out on as well as the “cost” of the choice. Sometimes the cost is time, other times its experiences, and often, its education. Remember, not all things can be measured in money.

Do YOU have Klout?

     In finance, one is asked to analyze “meaningful comparisons” or ratios to determine the health of a company. One looks for trends, crunches numbers, and collects numerical data in order to determine how “well” a company is doing.  We look at profit, sales, expenses, stock prices, assets, and debt and review how our numbers compare to similar companies within our own industry. This information helps business owners to determine whether or not to make changes in the future, can reflect success of past business decisions, and may reveal indicators of needed changes to some of our business practices.

     As musicians, artists, party promoters, and individuals in the entertainment industry, you may ask, “What does this have to do with me? I don’t own a business, I just do what my record label (or parent company tell me to do.)” Whether you own a small business or are a rock band on tour, your goal is to influence your target audience. You are selling a physical product, an idea, or an image and as important as is to keep track of your financial health, it is equally important to measure your sphere of influence.

     Social media is how most entertainment entities reach their fans and potential clients. Although not all interactions turn into profit, they can be a huge indicator as to how far your ideas have spread. They can also show how likely your target audience is to spend money on your product, attend your concert, buy your album etc. based on how much they interact with your public identity. Until recently, you were only able to measure your success based on how many Facebook likes your fan page has, or maybe the number of followers you have on Twitter. Now there is an even better way to monitor your sphere of influence: Klout. 

Why is Klout important? 

     Klout measures your social media activity on all of the major social networking sites: Facebook, Twitter, and LinkedIn.

    According to Klout.com your “Klout Score measures influence based on your ability to drive action. Every time you create content or engage you influence others. The Klout Score uses data from social networks in order to measure: True Reach: How many people you influence, Amplification: How much you influence them, Network Impact: The influence of your network”

    With the recent addition of YouTube, Google+, Blogger, Flickr, Instagram, Last.fm, Tumblr, and WordPress Klout now has the ability to monitor the full scope of your social media influence. This can be used as a tool to examine marketing success, for brand building  test a new product or idea, and to see how much of a buzz you can create throughout the Internet.  “So I get a score, big deal.” There is more than that. Klout users at differing levels are offered perks like swag, exclusive experiences, and of course, bragging rights.