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The results are in and Taylor Swift’s Eras Tour concert movie, released in theaters on October 13, 2023, is the highest-grossing concert movie in the country. Swift’s latest album, 1989 (Taylor version)opened at No. 1 on the Billboard 200. She has had 13 No. 1 albums over the years (tied with Drake)—only the Beatles, who have 19 No. 1 albums, and Jay-Z, with 14, have more.
You’ve no doubt heard of her Eras Tour, which saw sold-out shows to massive stadium crowds for 52 dates across the US. It will bring in more than $1 billion in ticket sales. She’s in the midst of the overseas leg of the tour, but recently added more North American dates for the latter part of 2024.
Related: Taylor Swift Is TIME’s Person of the Year, a Billionaire, and a Boon to the Economy—Here’s Which Brands She Got a Big Boost
Whether or not you’re a fan of her music, it’s clear that Taylor Swift is one of the most popular recording artists and performers of all time — and she’s arguably at the peak of her career after all these years in the spotlight.
She’s also a shrewd businesswoman (and newly minted billionaire). You can’t get this far if you’re not, no matter how talented you are.
As entrepreneurs, there are many lessons we can learn about business, marketing and protecting our intellectual property from Taylor Swift. These are five of the most important.
Never forget your “fans”
Swift fans are known as “Swifties” and range in age from 8 to 80 years old and come from a variety of backgrounds. Entire multi-generational families go to Swift concerts. It’s pretty rare these days to have an artist with such universal appeal.
From the stage, she was always very grateful for their support. Indeed, when she appears in public, she is quick to show her gratitude. She is also active on social media and engages with her fans there. She has even been known to send them large boxes of merchandise and invite them backstage or to events.
The tutorial here: Treat your customers well. Give them your all. Create great products. Provide excellent customer service. Engage with them on social media. Become a valuable part of their lives. This will pay off in the form of raving fans who will become your ambassadors to the world — online and offline.
Related: Ivy League University Teaches Secret to Taylor Swift’s Success
A strong brand
One of the main reasons Swift is so popular and will continue to be so — if not now more than ever — is that she has an appealing personal brand. Fans don’t just listen to her music. They feel like they know her because of her lyrics, which are very personal and based on her life experiences.
For you as a business owner, it can feel a little narcissistic to put yourself front and center. But connecting with your prospects and customers and letting them get to know you through a blog, social media posts, videos, web content, and the like can make your marketing and sales a lot easier. There’s a reason influencers and “gurus” do so well.
The tutorial here: Often people today are not just interested in buying “products”. They want to get into a ‘story’ or a ‘lifestyle’. They want a personal connection with a person or brand, and talking to them about your personal journey can do that.
Related: Top CEO of 2023? Taylor Swift and Beyoncé – Here’s why.
Overrun
Swift knows that fans have spent a lot of money and time to attend her concerts and that this is a huge deal for them. So she went all-in with her stadium show, which included pyrotechnics, special effects and multiple outfit changes.
And she puts on a show, playing for hours and including the hits and fan favorites – of which there are so many – so everyone can sing along. Not only that, but when rain threatened to cancel a concert, Swift performed in a downpour.
The tutorial here: It’s simple. Give your audience a great experience!
Adapt and evolve as needed
Swift wasn’t always a certified pop star. Her early career focused more on a country music style. But she wasn’t afraid to grow as an artist, musician and performer, looking for collaborators to help her incorporate a more pop sound, even with some indie rock and dance. It is doubtful that she would have been selling out stadiums around the world if she had stayed with the country. Of course, during all the changes in the genre, it has remained true to who it is – it always shines.
As an entrepreneur, it’s tempting to stick with the same old, same old and walk away from your business. But often, no matter how hard you work, you won’t succeed. Maybe the product doesn’t have a large enough audience, or your marketing channels aren’t right for your niche.
The tutorial here: Don’t be afraid to pivot and try new tactics and strategies. In extreme cases, you may need to abandon your messaging altogether and try something different.
Protect your intellectual property
There’s a reason Swift’s latest album and all the songs on it include this part: (Taylor’s version).
You see, the album 1989 it originally came out in 2014. But she re-recorded and re-released it, as she has done with other albums. The motivation is to take back control of your own work. All of her “original” master recordings on albums from 2019 and before were owned by her old record label. This is standard practice for new artists. But that label was bought by music manager Scooter Braun, who then sold it to another company for $300 million.
Swift was ready to buy her own masters, but was refused. Her catalog is simply too lucrative for the owners. Re-recording all the albums and encouraging fans to buy and stream these “new” songs is a way for her to regain control of her creative work and all the effort she put into building her career.
When it comes to your business, the lesson is to protect your intellectual property with copyrights and trademarks. This includes trademarking your product names, logos, slogans and taglines and registering the copyright for written, audio or visual content you create.
You don’t have to be a fan of her music to appreciate Taylor Swift’s success in managing her business affairs. She is an experienced marketer, an innovative entrepreneur who is not afraid to adapt to new situations and is always ready to take on new challenges — and we can all learn from her example.
Related: Her childhood bullies inspired her to start a brand. He now boasts over $20 million in annual revenue – and just hit the stage with Taylor Swift.
