PMBC Understanding Your Niche

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This presentation accompanied a class given by Keith Hatschek and Dana Myers addressing the importance of defining a market niche for every artist to maximize the opportunities to connect with the most likely group of fans that will support an artist.

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PMBC Understanding Your Niche

  1. 1. BEFORE SITTING DOWN . . .  Grab a pen and write down your favorite genre of music on the whiteboard!
  2. 2. FINDING YOUR NICHE MARKET Pacific Music Business Camp July 2013 Presented by Keith Hatschek & Dana Myers
  3. 3. WHAT IS A MARKET?  Webster’s Dictionary:  Market: A specified category of potential buyers  Marketing: the process or technique of promoting, selling, and distributing a product or service  What’s the point?  Goods/services  Consumers  Music  Fans
  4. 4. WHAT IS A MARKET NICHE?  Mini-market/market segment  Well-defined and specific  Picture in your mind the person that consumes/purchases these brands/products:  ESPN  Whole Foods / Trader Joes  Sanrio / Hello Kitty
  5. 5. WHY DOES IT MATTER?  Fewer wasted resources when you can target market to your specific niche  You appear to be a bigger fish in a small pond
  6. 6. WHAT TO WATCH OUT FOR  Defining a niche that is far too large  Ex. Music  Defining a niche that is too narrow  Ex. Roots reggae music in a minor key with no lyrics and lots of reverb on the guitar
  7. 7. UNDERSTANDING A NICHE - REGGAE  Age  Ethnicity  Gender  Geography  Wealth  Media usage  Other characteristics (details are important!)
  8. 8. WORKSHOP  Form a group  Pick a niche – get it approved  Build a profile of who makes up your niche  Start with the bullet points from previous slide
  9. 9. GROUP REPORTS  What is your niche?  Describe its inhabitants  How do you know what you know?  What else would be helpful to learn?  How can you gather that info?  How might you use the info you have gathered?
  10. 10. WHY THIS IS REALLY IMPORTANT  Successful musician, manager, label has to always ask and answer the questions –  Who will be most interested in my music/concert/record?  What will motivate them to take action?  How can I most effectively reach and persuade my niche?  Can I eventually cross over to another niche (Taylor Swift)

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