Taylor Swift has redefined what it means to be a pop star in the age of social media, but she has also demonstrated a talent for business savvy, according to a webinar hosted last week by Harvard Business Review. Kevin Evers, a senior business editor at the magazine, outlines Swift’s strategic decisions in his book, “There’s Nothing Like This: The Strategic Genius of Taylor Swift.”
“Taylor has found a way to continually stay on top,” Evers said. “At this point, she’s been doing it for 20 years. That’s twice as long as The Beatles were a band.”
With the announcement today of the title of Swift’s 12th album, “The Life of a Showgirl,” the singer-songwriter proves she’s still on top of her game. The announcement set off an internet frenzy after Swift announced it on boyfriend Travis Kelce’s podcast.
The Eras Tour, which concluded last year, featured more three hours of music from across Swift’s storied career. The tour set a record for highest-grossing revenue and also was the first tour to cross both the $1 billion and $2 billion threshold for revenue. Even if you can’t carry a tune, you can still learn from how Taylor Swift built her brand — and found harmony with her fans.
Know your customer
Evers said Swift has always understood that fans wanted connection, even when social media was in its infancy with MySpace. Evers points to Swift’s ability to connect with her fans, dubbed “Swifties,” as a key ingredient to her success. Swift peppers her social media with Easter eggs for her die-hard fans and seems to sing directly to her fans. “She really understands the needs and wants of her fans, and integrates that into everything she does,” Evers said.
Pivot before it’s required
Swift, 35, started out as a country star before migrating to pop music, but managed to keep her fanbase instead of alienating them. Swift’s management team wanted her to stick with country, but Swift felt she needed to grow as an artist after releasing three country albums, starting with her self-titled debut in 2006. In 2014, Swift released her first pop album with 1989, which became an instant success. “Despite her success, she was always moving in a new direction, always trying to grow,” Evers said.
Embrace authenticity
Early on in her career, Swift shied away from politics, but broke her silence in 2018 by endorsing a Tennessee candidate for state lawmaker. The following year, Swift came out in support of gay rights in 2019 with her “You Need to Calm Down” track from her “Lover” album. Since then, she has actively encouraged her fans to vote. Swift has also endorsed Democrats on social media without driving away conservative fans. Evers said Swift connects with people across the political spectrum because she’s “uber-relatable” and prioritizes authenticity. “She’s a multigenerational artist, but she really attracts a fanbase from all walks of life,” Evers said.
Focus on your strengths
Despite her meteoric rise to fame, Swift has experienced her share of criticism, most notably during the 2009 MTV Music Video Awards when Kanye West questioned the decision to award Swift the award for Best Female Video. After the event, Swift sought out vocal lessons and wrote all of her own songs for her third album. Evers said Swift focused on her passion for singing and songwriting, and emerged as a stronger artist despite the criticism. “Taylor doubled and tripled down on what she was good at after that event,” Evers said.
Keep communicating
The best advice businesses can glean from Taylor Swift is her dedication to communicating with her fans. For today’s album release, Swift posted a countdown timer on her website and made the relatively benign announcement of an album title into an event. When Swift decided to re-record the masters of her first six studio albums that had been sold, she communicated her reasoning to her fans. Fans flocked to buy “Taylor’s Version” of her older albums to support the pop star. “She’s such a great communicator,” Evers said. “She’s not the type of artist who puts out an album and leaves the interpretation to chance.”
Even if you’re not a Swiftie, you can learn from Taylor Swift’s business acumen by knowing your customer, pivoting before it’s required, embracing authenticity, focusing on your strengths and communicating often. Embrace your inner pop star and find your path to success.
Opinions expressed by SmartBrief contributors are their own.
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