Social Empowerment: Using the Passion of Music to Form a Powerful Bond Between Brands and Consumers
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Social Empowerment: Using the Passion of Music to Form a Powerful Bond Between Brands and Consumers
- 1. Using the Passion of Music to Form a Powerful Bond Between! Brand & Consumer!
- 2. WHAT WE’LL DISCUSS… ! § ABit of History ! § Why Music Matters ! § Social Empowerment ! § Case Studies of Brands Getting it Right!
- 3. A ! Bit of History!
- 4. THE MUSIC INDUSTRY! The ways of old! TOTAL RECORD LABEL CONTROL!
- 5. RECORD LABEL CONTROL! At their peak, Record Labels controlled every facet of Music:! § Music Production ! § Manufacturing & Packaging! § Distribution ! § Marketing & Advertising !
- 6. MUSIC SALES! Value of units shipped from 1973 – 2008 in billions of current US Dollars
- 7. MUSIC SALES: 1999 - 2009! The Music Industry’s Lost Decade!
- 8. RECORD LABEL CONTROL! POWER LOSS!
- 9. Digitalization of Music Consumption! Source: IFPI
- 10. DIGITALIZATION OF MUSIC CREATION!
- 11. LOWER BARRIERS OF ENTRY ! FLOODED MUSIC MARKETPLACE! § has over 12 million available songs ! § has 4,801,877 tracks and 595,412 albums § has a catalogue of over 15 million songs § has a stockpile of about 800,000 songs
- 12. RECORD LABEL POWER LOSS! Digitalization of Music Consumption & Creation! Lower Barriers of Entry &Access! Industry Power Shift – Supplier to Consumer! Record labels failed to engender loyalty among consumers, refused to adapt to new technology and lost the battle against digital."
- 13. BRANDS & ADVERTISERS! The ways of old! CAPTIVE CONSUMERS!
- 14. BRANDS & ADVERTISERS! § Few advertising outlets! – 3 major television stations! – One major newspaper per city! ! § Difficult to leverage media to promote products! § Huge barriers to entry ! Control Over Traditional MediaAirwaves! Brands & Adver9sers once had their audiences locked in: CAPTIVE CONSUMERS
- 15. BRANDS & ADVERTISERS! POWER LOSS!
- 18. TODAY’S MUSIC LANDSCAPE! § Infinite advertising space! – No dominant television stations! – Endless amount of websites! ! § Ability to bypass commercials! ! ! Fragmented & Over-Crowded! More difficult than ever to reach consumers!
- 19. A LOOK BACK! § Record Labels controlled all industry processes! § New technologies à lowered barrier to entry and access à consumer choice expansion! § Industry wide shift from supplier to consumer control! § Record Labels failed to cultivate brand loyalty à profits sink! Here’s What Happened…The Music Industry!
- 20. A LOOK BACK! § Largest Brands once dominated traditional media advertising à Captive Consumers! § New technologies à lowered barriers of entry à consumer choice expansion! § Brand Loyalty is paramount! Here’s What Happened…Brands & Advertising! What can Brands & Advertisers learn from the failings of the music industry? !
- 23. WHY MUSIC MATTERS! ! Music affects everyone, regardless of specific tastes! ! Physiological! Increases heart rate and respiration! Decreases Cortisol à LowerAnxiety! ! Cognitive! As high as 21% spike in Dopamine ! Higher brain activity à SustainAttention! ! Social ! Element of Personal identity! Universal unifying effect ! !
- 24. BRANDS & ADVERTISERS! Opportunity for Brands?! § Leverage Social effects of Music ! ! § Unify your consumers ! § Build meaningful bonds à Brand Loyalty !
- 25. SOCIAL SHARING!
- 28. SOCIAL EMPOWERMENT! § Music → Fan entertains/makescool" § Music → Brand makes brandrelevant&creates consumerneedforbrandbeyondthe product" ! § Fan→ Brand lookstobrandastastemaker/curator filter/discussionstarter" § Brand → Fan providesnewmusic/sharing accessibility &empowerscool/provides inclusion" § Fan→ Music desires/createsdemand" § Brand → Music investsincreation&discovery (replacingtraditionallabels)"
- 29. Today’s Music World ! Source: IFPI
- 31. Jonathan Mildenhall, The Coca-Cola Company:! “Teens are the most demanding target audience as far as creativity is concerned and in the way they engage with a brand or campaign. " " They demand to interact and participate with brands and be part of the conversation." " Coke Music has been designed with that understanding and to enable teens to view, participate and share the content and experiences.” "