As I watched this journey to success unfold, my brain was busily remembering ideas for this blog so here's 14 small business insights from Led Zeppelin – I'm sure there's many more 😊.
And I promise these insights won't spoil the movie for you.
14 Small Business Insights from Led Zeppelin:
💡 INSIGHT #1 Trust the Leader
Jimmy Page formed the band but was a collaborator rather than a dictator in whom he picked to be in the band and how songs were written, selected and arranged.
Because he continually proved his skill and expertise – in music and business management – the band trusted him to look after their interest and steer them in the right direction if they did start to deviate (which they rarely did)
💡 INSIGHT #2 Clarity of Purpose – "We're an Album Band, not a Singles Band"
This was a strategic decision as the band was formed to ensure they made the music they wanted, in the way they wanted so it could only be played in full on the underground FM radio stations (where their audience was) rather than cut up into 'singles'.
It also provided a clear point of difference between them and other bands.
💡 INSIGHT #3 Listened To Their Customers, Not the Critics
Critics included Rolling Stone were extremely harsh about their music but the band knew they were doing something right as people were lined up for hours to get tickets to their gigs.
💡 INSIGHT #4 The Power of Word of Mouth Referrals
They often were flabbergasted to play in front of full venues and wondered how people were finding out and coming to their concerts.
They discovered it was purely through word of mouth as they did little or no advertising/marketing.
💡 INSIGHT #5 Allow Everyone The Space To Excel
Jimmy Page was always conscious of giving everyone the 'space' to showcase their talents and blend them together to create 'magic'.
And it's for these skills and talents that every band member was specifically chosen.
💡 INSIGHT #6 Do The Work
All members had done the hard work of playing in other bands and/or as session musicians long before they released their first album.
They also had single minded focus to lock themselves away for months on the first album BEFORE they tested it at a few low key festivals and concerts.
💡 INSIGHT #7 Ask Questions To Learn (and keep learning)
They toured as the support band to build their brand and reputation until demand for their music meant they turned into the Headliner.
All band members watched and learned from more experienced and successful people on how they could improve their craft – as musicians and Jimmy Page learnt so much by asking questions about arrangement and editing.
💡 INSIGHT #8 Established Royalty Fees Long Before Shark Tank
Led Zeppelin through Jimmy Page and their manager Peter Grant negotiated an extraordinary and unheard of deal with Atlantic Records.
As they had created their first album rather than the record company, they had autonomy in deciding when they would release albums and tour, and had final say over the contents and design of each album.
They also decided how to promote each album/singles release, and formed their own company to handle all publishing rights (royalty arrangements).
This enabled them to take control of their destiny and income.
💡 INSIGHT #9 Know Your Role and Master Your Skills
Each member had their own skills which complemented rather competed against each other, and because they each knew their role so well, everyone was trusted if they improvised on stage that they would all know where the song was going.
I loved when bass player John Paul Jones said 'the bass player's role is to fit into the band', and that sometimes he would leave out a note to enable John's right drumming foot to do what was needed.
He didn't want to 'step on' that creativity, spontaneity and innovation – he'd rather admire it instead.
💡 INSIGHT #10 Confidence Breeds Success
Whilst they were shy and unassuming, once Zeppelin hit that Gold Record success; it gave them the confidence to know what they could do with the music, what would work and what wouldn't.
💡 INSIGHT #11 Work With The Best Experts
Page ensured they worked with the right and best experts FOR THEM including their manager and arranger.
He understood success comes from surrounding yourself with the best TEAM of people who bring complementary skills which strength your knowledge and skills.
💡 INSIGHT #12 Protect Your Brand and Reputation At All Cost
The negotiation skills of Jimmy and Peter ensured they stringently protected their brand and reputation.
Whilst the movie doesn't go into the details, the stories of Peter ensuring Led Zeppelin received all monies owed to them – including merchandise sales – are outlined in their book: When Giants Walked The Earth – 50 years of Led Zeppelin.
💡 INSIGHT #13 Accept The Price To Achieve Success
All members except Page had young families when they started touring and this certainly did take a toll as logistics didn't enable the families to be on the entire tour – only parts.
There is always a price to achieve success in anything you do – in business, work and in life.
You just have to decide if you want to accept the price BEFORE you say Yes.
💡 INSIGHT #14 What's Next?
They wrote and worked on their second album whilst touring the first so their fans would soon be able to purchase the next album.
They didn't rest on their laurels or let complacency filter into their music and were always innovating how music could be played – with different instruments or vocal arrangements.
