5 Business Lessons We Can All Learn From U2
If you have never heard of U2, you are far from alone. Believe it or not, this obscure Irish rock band is one of the biggest bands in the world. They have won 22 Grammy awards and been inducted into the Rock and Roll Hall of Fame. Their hit songs include “With or Without You”, “The Best Thing”, “New Year’s Day”, and “Stuck in a Moment You Can’t Get Out Of”.
Here we will look at some of the business lessons that we can learn from U2.
#1 If you are going to reinvent yourself, then do it properly.
U2 had a very successful early career. They released their debut album in 1980 that sold six million copies. But they did not stay successful by just repeating themselves for more than three decades.
This rock band kept on reinventing themselves, always pushing the boundaries of what they can do instead of being comfortable in their current state.
If you are going to reinvent your business, then do it properly. It is important to listen to your customers and make sure that your product is going to be the best it can be. Listen to the people who are going to use the product and do not be afraid to make changes. You should make sure that you are creating a product that people will want to use. It is your responsibility to create a product that is valuable for your customers.
#2 Be professional.
This might sound obvious, but U2 really are professionals.
Those recalling the early days of U2 have praised the band’s maturity and brand-building ambition. What is even more remarkable? They did so as 17-year-old high school freshmen in the politically volatile Ireland of the 1970s.
The bassist, Adam Clayton, would relentlessly pursue club owners for a gig. To pacify the press and disseminate their message, Bono would undertake up to seventeen interviews every day. After performing, they would meet with fans, speak with the press, and then return to the hotel to recover, whereas other bands would spend the remainder of the night snorting lines off their midsections. They rarely had days off while touring, instead using travel days to compose music and hone their craft.
They took their music seriously and advertised their brand to anybody who would listen. Simply put, they sacrificed immediate enjoyment in exchange for long-term success.
#3 They knew the importance of creating autonomy.
Island Records granted them back ownership of their own copyrights. They were responsible for the great majority of choices on tours, record production, artwork, and packaging. In addition to focusing on touring, as opposed to relying on radio station distribution, they have a direct relationship with their fans.
When PolyGram purchased Island Records in 1989, U2 acquired a 10% stake in the record label for $30 million.
# 4 A leader’s mission evolves
Bono, the lead singer of rock band U2, is one of the most influential people in the world. His mission is not static; it evolves based on the diverse range of social and political issues that Bono seeks to address. Bono began as a philanthropist who fought for the end of poverty, but after writing The Joshua Tree and other hit albums, he decided to broaden his horizons to include other social and political issues. Bono’s goal is to influence leaders to take action on these issues, and his many efforts have raised millions of dollars and drawn attention to problems in Africa and other parts of the world. He keeps coming up with new ways to deal with old problems, and he is now known as a respected activist and giver.
#5: Only hire the best.
U2 was the first contemporary band to have a manager. Paul McGuinness held this position for 34 years. When they signed with Island, they received extraordinary public relations backing from seasoned music executives. They quickly hired a talented music director named Steve Lillywhite for their first three albums, followed by the legendary Brian Eno for many more. And their stage crew and engineers were among the finest in the industry.
U2 knew right away that they needed to surround themselves with smart people if they wanted to be successful.
Conclusion
In the past two decades, the music industry has seen profound changes. A lot of artists have had to struggle in order to adapt to the new way of doing things. U2, however, seems to have figured out a way to keep on top, even in a digital world. We can all learn a few things from U2 when it comes to running a successful business.