Here are some ideas from a producer worth looking at. This article is about what producers must deal with when listening to demos.

https://blog.discmakers.com/2015/07/9-things-not-to-do-with-your-next-song-demo/

Several things got my attention and resonated with me.

1. Choose a pro singer for your demo. Unless you’re a real vocalist, don’t sing it yourself to save money.

2. Good songs with average lyrics don't normally get picked up. You can't sell "average."

This highly competitive business requires business skills and a good bit of being at the right place with the right stuff at the right time.

What David Snyder said is dead on. You can go to a high-quality studio, spend thousands, and "maybe" get the best "demo" possible. The issue is that song will most likely end up where hundreds of thousands of other demo songs end up. So risk-taking needs to be tempered with good business judgment.

Billy

“Amazing! I’ll be working with Jaco Pastorius, Charlie Parker, Art Tatum, and Buddy Rich, and you’re telling me it’s not that great of a gig?
“Well…” Saint Peter, hesitated, “God’s got this girlfriend who thinks she can sing…”