Different discussions this week have led me to several different blogs that relate to changes in outdated business models that are now being re-invented and re-launched, based around: current events, trends, and marketing efforts in today's world of the entertainment industry. One that I feel most suited for this week's blog entry, is entitled: “Can Myspace’s Grand Experiment Help Save the Music Industry” written by: Abbey Klaassen of Ad Age Digital. This particular blog explains how Myspace is attempting to throw traditional banner ads out the window and embrace large corporate sponsorships in a way that links popular social networking with major music labels.
This new concept will practically re-invent what Myspace has been known for and offer groups the ability to provide individual downloads to what CEO Chris Dewolfe is now calling “The Infinite Playlist” catalogue.
The newly re-emerging company will try to include a marketing mix of traditional television advertisement marketing and the 25 billion dollar per year domestic web-based advertising. With over 300 people reported on the new Myspace sales staff and an additional 250 people in the Myspace sales-development staff, the potential for success in this endeavor is much greater than that of older competitors that have fallen by the wayside. Including: Napster, Qtrax, and Spiral Frog.
Utilizing this approach, similar to how television provides free programs to those who watch the commercial advertisements, will make the Myspace platform work similar to how radio works with local area business and larger business chains.
There has been no discussion on the total cost of the ads Myspace will sell companies but, the professional interest in this plat form has been gaining interest for quite some time now. According to Anja Carroll of Carroll marketing, the director of marketing for McDonald’s USA: "This MySpace venture was very appealing, as it is one of the best opportunities we've seen that combines the elements that matter most to music fans and users".
Three different opportunities, pertaining to a marketing mix around my company idea would include:
Opportunity 1: Tapping into existing marketing strategies
Explanation: In many ways, existing marketing strategies reach an already large number of consumers. Though the idea of my management company’s corporate marketing strategy differs from its consumer marketing strategy, the idea is basically the same. Generate business through reaching a large number of talent and industry professionals. Existing strategies include: Magazine & Newspaper Ads, Television Advertisements, Outdoor billboards, Direct Mail Pieces, etc.
Opportunity 2: Social relationship marketing
Explanation: Social relationship marketing is one of the most important forms of marketing in today’s industry. Giving the talent buyer or average consumer the ability to “Follow” the company’s growth and artists, as well as track progress through social platforms like: Facebook, Twitter, Blogger, and the multitude of others, the consumer has the ability to follow the company and its represented artists in what some consider real time. A great article on merging traditional direct mail pieces with real-time social media can be found on the link to a blog called “Launch”.
Opportunity 3: Tapping into integrated marketing communications.
Explanation: The idea behind tapping into an integrated marketing strategy revolves around unifying the brand’s message to the public through a multitude of different mediums. Utilizing different aspects of all forms of advertising, Including: Company PR Reps and inside sales people, giving the organization the ability to speak with one true voice instead of different voices through only a handful of outlets.
Realistically, a newer company would blend an integrated marketing campaign, with a small sales force and one on one communications; incorporating an ethically sound guerilla campaign in conjunction with a huge social media push and internet marketing campaign. Then, grow its brand awareness and advertising budget by an even percentage as the company itself grows.
No comments:
Post a Comment