MUC110.LEC3 Intro to Record Marketing


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Introduction to Record Marketing: Overview and Planning

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MUC110.LEC3 Intro to Record Marketing

  1. 1. Marketing Records: Overview & Planning O i Pl i © 2007
  2. 2. Marketing Overview © 2007
  3. 3. Two primary activities of Record Label Business: •Marketing & Promotion Creating the “Package” or the “Story” Story •Distribution (Sales) Distribution Selling the finished “Product” © 2007
  4. 4. Definitions: •Marketing & Promotion Marketing “Bringing the consumer to th t the product (music)” d t( i )” •Distribution (Sales) “Bringing the product (music) Bringing to the consumer” Source: Arny Schorr, Smore Entertainment, Artists House video © 2007
  5. 5. What is Marketing? A holistic strategy & process which identifies, anticipates and meets customer needs to promote the exchange of p p g products and services in a marketplace. GOALS: 1)Create successful packaging/image of your company and services offered offered- Creating the brand/Creating the story. 2)Communicate with customers about what you have to offer and why your offering has value –Promoting the brand © 2007
  6. 6. Record Label Marketing Team Marketing Dept. Marketing Product Management Artist Development Radio Promotion Artist Relations Promotions Publicity P bli it Sales S l © 2007
  7. 7. The Marketing Team: Product managers/ AD Managers- manage/oversee complete record marketing process and teams to product launch (new release) Marketing managers- branding, branding sales campaigns post-production campaigns, post production product management Publicists- Developing stories for the press © 2007
  8. 8. The Marketing Team: Radio &Video Promotion managers- Garnering Exposure on Major Commercial Radio and Music Television stations Promotions managers- C ti b P ti Creating buzz and d raising awareness via contests; giveaways Advertising & Media managers- Developing Ad campaigns; buying media p g y g Partnership marketing- extending brand reach through cross-marketing th h k ti © 2007
  9. 9. Key Marketing Functions Pre-Market: • Goal Development • Planning • Research Consumer insight, product testing, competitive intelligence • B d M k ti Brand Marketing Id tit positioning Identity, iti i • Pricing strategy • Product Development • Sales support Lead generation, collateral © 2007
  10. 10. Key Marketing Functions In-Market: • Publicity Managing the Press • Promotions Events, contests, Radio/TV promoters • M di B i /Ad ti i Media Buying/Advertising Messaging, M di B i M i Media Buying, Developing “creative” • New Media/Electronic SEO, Social Media Optimization,website management, mobile marketing • Partner Marketing Sponsorships, strategic alliances • Tracking results © 2007
  11. 11. Planning & Research © 2007
  12. 12. Planning Tools: Consumer Research Marketing Rule #1 Know your audience All successful marketing campaigns start with knowing you aud e ce t o g your audience • How? – Market Research • Consumer research • Sales Data © 2007
  13. 13. Consumer Research: Geographic Detailed D D il d Data Nations, states, regions or cities Points Demographic Age, gender, family size, income, education Psychographic Lifestyle, attitudes, values Behavioral Benefits sought, usage habits, habits frequency © 2007
  14. 14. Consumer Research: Market Segments • Geographic, Demographic, Psychographic and Behavioral data used to understand sub- groups i a l in larger market k t • Data is compiled and analyzed to create distinct profiles or “segments” • “Market Segmentation”= a method that allows Market Segmentation marketers to narrow their efforts and specifically “target” the most valuable audiences © 2007
  15. 15. Planning Tools: Industry Analysis Marketing Rule #2- Understand the Business Landscape All businesses face challenges from competitors and new technologies •How? – Market Research • Industry Analysis • Financial/Sales Data © 2007
  16. 16. Industry Analysis: Research & Data • RIAA • IFPI • Nielsen Media Research • Pew Internet Life • Forrester • Jupiter • Simmons • Edison Media Research © 2007
  17. 17. Industry Analysis: Commentary • • P ll t Pollstar • New York Times • Wall Street Journal • Variety • The Hollywood Reporter © 2007
  18. 18. Industry Analysis: Trendwatching • • Look- Look • Youth Intelligence • • • © 2007
  19. 19. Planning Tools: SWOT Analysis Marketing Rule #3- Understand Your Unique Position in the Marketplace WHAT: SWOT analysis is a business tool used to help entities analyze their viability in the marketplace. • Strengths • Weaknesses • Opportunities • Threats WHY: Develop a strong picture of what can be leveraged for success and what needs to be improved before developing Marketing Plans and using resources © 2007
  20. 20. SWOT Analysis Applications: • New company (position in the market, commercial viability, etc) y ) • Product or brand launch • Business idea • St t i option, such as entering a new market Strategic ti h t i k t • Method of sales distribution • Opportunity to make an acquisition • Potential partnership • Outsourcing a service, activity or resource g , y • Investment opportunity © 2007