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Similaire à MUC110.LEC5a Marketing Plan (20)
MUC110.LEC5a Marketing Plan
- 3. The Marketing Plan
WHAT:
A Marketing Plan is a document that
addresses all marketing activities for a new
release (or product)
WHY: Aligns complex activities & spending
decisions with company objectives and
budget constraints. Supports disciplined,
well-researched approach to a company’s
marketing process.
© 2007 musicbizclasses.com
- 4. The Marketing Plan
A Marketing Plan outlines both strategy and
tactics used to promote recorded music
• Strategy long-term, overall approach, to a
business issue, that focuses on the big picture
• Tactics the actual problem-solving techniques
© 2007 musicbizclasses.com
- 5. The Marketing Plan in 5 Questions
• What am I trying to promote/sell?
• Who am I trying to reach?
• What are the obstacles to achieving
success?
• What are the resources I need to
implement my plan?
• How will I measure success?
© 2007 musicbizclasses.com
- 6. Approaches to the Marketing Plan
Traditional:
T diti l
Push Approach
Based on crafted Brand Messages directed
to targeted consumers
Non-Traditional
Pull Approach
Organic
Word of Mouth
Based on conversations, stories and shared
experiences with consumers
© 2007 musicbizclasses.com
- 7. A Record Label Marketing Plan
Outlines…
O tli
•Unique value of particular release/artist
•Target A dience
Audience
•Marketplace conditions- seasonal
•Different marketing and promotional “channels”
channels
or outlets:
• Radio
• Press- Newspapers, magazines
• Internet
• TV
• Tactics-Concept, Art, Copy, P.O.P (displays,
racks, banners), Advertising,
racks banners) Advertising Publicity
© 2007 musicbizclasses.com
- 8. Elements of a Marketing Plan
I. E
I Executive Summary:
ti S
A high-level summary of the marketing plan. Brief
description of product to be marketed and
associated goals, such as sales figures and
strategic g
g goals.
II.
II Situation Analysis
• Company Analysis
•G l
Goals
• Strengths and Weaknesses
• Unique Value Proposition
© 2007 musicbizclasses.com
- 9. Elements of a Marketing Plan
• Sizing the Market Opportunity:
• Number/Market Share
• Type
• Competitor Analysis
• Market position
• Strengths &Weaknesses
• M k t share
Market h
© 2007 musicbizclasses.com
- 10. Elements of a Marketing Plan
•Climate
Climate
–SWOT Analysis
–PEST Analysis
• Political and legal environment
• Economic environment
• Social and cultural environment
• Technological environment
© 2007 musicbizclasses.com
- 11. Elements of a Marketing Plan
• Customer/Audience Analysis
–T
Target Audience segments:
t A di t
• Description
• Value drivers
• Behavior- How they use product
y p
• How to reach them
• Price sensitivity
• Decision process
• Support requirements
© 2007 musicbizclasses.com
- 12. Elements of a Marketing Plan
III.
III The Marketing Mix
Overview of strategic approach; details
of the marketing mix (4 P's):
Product
Price
Place (distribution)
( )
Promotion
© 2007 musicbizclasses.com
- 13. Elements of a Marketing Plan
PRODUCT
The product decisions should consider the
product's advantages and how they will be
leveraged.
Product decisions should include:
• Branding elements
• Quality
• Scope of product line
• Warranty
• Packaging
© 2007 musicbizclasses.com
- 14. Elements of a Marketing Plan
PRICE
Price decisions include pricing strategy
strategy,
expected volume, and decisions for the
following pricing variables:
• List price
• Di
Discounts
t
• Bundling
• Payment terms and financing
options
p
© 2007 musicbizclasses.com
- 15. Elements of a Marketing Plan
PRICE
Digital Singles Pricing
Source: “Record Label Marketing”, Tom Hutchison
Physical CD Pricing
© 2007 musicbizclasses.com
- 16. Elements of a Marketing Plan
PLACE (Distribution)
• Decision variables include:
• Distribution channels, such as direct, retail,
distributors & intermediates
• Motivating the channel - for example,
distributor margins
• Criteria for evaluating distributors
• Locations
• Logistics, including transportation,
warehousing, and order fulfillment
© 2007 musicbizclasses.com
- 17. Elements of a Marketing Plan
PROMOTION
• Public relations
ub c e a o s
• Promotional programs
• Conversations/Social media
• Advertising, including: how much
and which media
• Projected results of the promotional
p g
programs
© 2007 musicbizclasses.com
- 18. Elements of a Marketing Plan
PROMOTION: Publicity Planning
Source: “Record Label Marketing”, Tom Hutchison
© 2007 musicbizclasses.com
- 19. Elements of a Marketing Plan
IV. Fi
IV Financial/Sales Projections
i l/S l P j ti
• The Budget
• The selected strategy's immediate
gy
effects, expected long-term results, and
any special actions required to achieve
them
• This section usually includes forecasts
of revenues and expenses as well as
the results of a break-even analysis
© 2007 musicbizclasses.com
- 20. Elements of a Marketing Plan
IV. Fi
IV Financial/Sales Projections
i l/S l P j ti
© 2007 musicbizclasses.com
- 22. Measuring Tools in the Music
Industry
Used to measure Sales & Usage Data
and b ild “th charts”-
d build “the h t ”
What are consumers buying and listening to?
Two Primary Systems:
–SoundScan= U it S l (retail)
S dS Unit Sales
–BDS= Airplay or spins (broadcast)
© 2007 musicbizclasses.com
- 23. SoundScan (Nielsen)
• Data system for tracking sales of music and
music video products
• Collects sales data from over 14,000 outlets:
--retail (music stores and big box)
--non-traditional (on-line stores, venues, mail order)
• In U.S. and Canada
• W kl collection; reported on W d
Weekly ll ti t d Wednesdays
d
(previous Monday through Sunday)
• Used in Billboard Music Charts
© 2007 musicbizclasses.com
- 24. SoundScan
• SoundScan categorizes Recorded Music
as Albums, Singles or Video:
ALBUM SINGLES
LP 12" ALBUM LP 12” SINGLE
CD ALBUM CD SINGLE
CASS.ALBUM CASS. SINGLE
DIGITAL ALB DIGITAL SINGLE
DVD AUDIO MAXI CD SINGLE
VIDEO
DVD
© 2007 musicbizclasses.com
- 25. SoundScan Registration
• Any product with a dedicated UPC/ISRC bar code can be
tracked by SoundScan
•UPC- Universal Product Code
(physical product- i.e. CDs)
•ISRC- International Standard Recording Code
(digital product- i.e. digital downloads)
• Must register your title at least 3 weeks
before sell date
• Registration is free
© 2007 musicbizclasses.com
- 26. SoundScan Reports
300+ SoundScan reports i l d
300 S dS include:
Store Types (chain, Independent, etc)
Artists
Titles
Genres
Regions
Cities (DMA)
Weekly
Year to Date
Archives
© 2007 musicbizclasses.com
- 27. SoundScan Users
•Billboard Magazine Charts
•Major & Independent Record Companies
•Distribution C
Di t ib ti Companiesi
•Artist Managers, Booking Agents
•Concert Promoters Venue Owners etc
Concert Promoters, Owners, etc.
•Online Retailers and Digital Delivery Co.s
•Media and Entertainment Research firms
•Music Publications and Journalists
•MTV, VH1, CMT
© 2007 musicbizclasses.com
- 28. BDS (Nielsen)
• Data system for broadcast or “airplay” of music and
airplay
music related media
• P
Proprietary di it l system captures d t f
i t digital t t data from 100 million
illi
“spins” annually
• 1,600 terrestrial radio stations, satellite radio and cable
music channels tracked
• In140 markets in the U.S. and 30 in Canada
• Tracks local stations and “network” stations
• Used to create the Billboard and
Radio Records R di Ai l Ch t
R di & R d Radio Airplay Charts
© 2007 musicbizclasses.com
- 29. BDS
• BDS categorizes Airplay By:
– Types of delivery: Terrestrial/Local,
yp y ,
Satellite, Cable and Internet
• BDS reports include:
– Songs/Artists by:
Formats
Stations
Regions
Dayparts
© 2007 musicbizclasses.com
- 30. Other Industry Measuring Tools
Radio & Records:
PromoSquad “Hit Predictor Rankings by a panel
Hit Predictor”-
of music listeners
MediaBase:
Radio Music Charts
Big Champagne:
Extensive reporting on Peer-to-Peer file sharing of
Music, Videos, Games, Software
© 2007 musicbizclasses.com
- 31. Online/ Social Media Tracking Tools
Google Analytics/Google Alerts
Trendrr.com
Rockdex.com
BandMetrics.com
B dM t i
Blogpulse.com
Blogpulse com
The Hype Machine Blog
yp g
© 2007 musicbizclasses.com