Tips for Setting Growth Goals for Your Booking Agency in 2023

Every new year is a brand new opportunity to look back and reflect on the previous 365 days. For booking agencies, this means you should take advantage of 2022’s valuable data inside of your artist management software to determine the best growth goals to set. Looking at the historical trends inside of your band tour management software will help you go into 2023 with a more informed, intuitive mindset and strategy for band booking. Let’s look at a few different tips for setting growth goals for your agency in 2023!

The music industry constantly evolves and changes with the times, and so should booking agencies. Streaming services used to be nonexistent, and yet they have now completely changed the game when it comes to how the average person listens to music. Instead of rejecting these new technology trends, you should use them to your advantage. Consider the most prevalent forms of technology during this year and try to implement them in your agency.

A great place to start is by using artist management software to your advantage. YourTempo’s band booking software and band tour management software is specifically designed to streamline the daily tasks of booking agencies. Using software that is specifically designed to lessen your workload will give you more opportunities to branch out your agency into  novel areas of the music industry.  

Even if you’ve been in business for a while, you should continue to do research on your target market. Booking agencies can continue to grow by investing time into understanding the trends, shifts, and adjusted interests of their target market. Spending time to truly understand the demographics of your target audience will help you set more informed and effective growth goals. You’ll be able to custom tailor and fine-tune your marketing strategies and overall goals to fit the specific needs of your average consumer.

Another useful component of artist management software is its ability to track your booking agency’s performance history. Before you set any concrete goals, you should take some time to review your band booking software and consult the numbers. You can view data such as your total number of clients, prior year’s growth, projected growth, revenue, and more. Consulting your band tour management software to establish a baseline for your current year will help set realistic and attainable goals.

If you haven’t heard of “SMART” goals before, it’s an acronym that stands for: Specific, Measurable, Achievable, Relevant, and Time-Bound goals. It might seem a bit silly at first, but following these guidelines for new-year goals will help you in a couple of different ways. Following this template for new goals makes it easy to understand whether or not you’re on track to meet your projected target. For example, it’s not simply enough to say you want your agency to “increase revenue” this year. Where was your revenue last year? Did you have different numbers every month? Were some months harder than others? Instead of constructing a vague goal, you can say something like “I want to increase monthly revenue by 10%.” This gives you a monthly goal that is actually achievable and has a target date to be completed by. 

You can think of an action plan as an overarching plan for all of your goals throughout the year. It’s exactly what the name suggests– a plan of action. Once you’ve laid out all of your SMART goals for the year, you should develop a strategy to help you and your team achieve them. Common action plans include developing marketing campaigns, bringing on new staff, and expanding services offered by your booking agency. Keep in mind, the more detailed your action plan is, the more likely you are to succeed. Also, your goals and action plan can always be revised. If you find that it’s not working as effectively as you’d hoped, you can always revisit the drawing board to determine what plan of action might work better for your goals.  

Continue to Monitor Progress

It’s not enough to just set your goals, you need to stay consistent with them, too. Regularly monitoring your progress will help you recognize how much growth you have achieved. You’ll also be holding your agency more accountable by regularly checking in and ensuring that you’re staying on track. The way that you monitor your progress depends on your agency’s preferred way of doing things, but regularly scheduled meetings work well for this. It also gives an opportunity for other associates to provide input onto what may or may not be working well. Beyond that, it’s important for you and your associates to celebrate the small victories that come with setting goals. Doing so will keep you motivated and make it easier to focus on the bigger picture.

YourTempo’s artist management software exists to enable easy goal setting, monitoring, and achieving. It’s an everyday tool for every day agencies, and it was built with your current and future business plans in mind. Reach out to our team of knowledgeable associates at 629-895-5285 to learn more about how to get 2023 started right.