A handful of industries tend to lead the way in application of technology. Music is one of them.
Unless you’ve been living under a rock, you know the music industry is undergoing what can only be described as a seismic shift. Sobering case in point: sales of Lipitor eclipsed sales of all recorded music in 2009.
So if your business is music, you’re looking for a new marketing formula, honto-pronto.
A pair of smart guys — Michael Masnick and Dennis Yang of Floor64– presented a paper at MIDEM, the big European music trade show & conference, in January this year.
They called their paper “Brainstorming Session on New Business Models for the Music Industry Report: From Theory to Action.”
Their Marketing Formula for the New Normal in Music: Connect with Fans + Reason to Buy with Value x Scarcity = Sales
It’s a marketing formula that applies to a lot more categories than music.
Substitute “Fans” with “Customers” and it’s the hand-raiser approach all over again. Find people that have some level of interest in what you have to offer. Connect — engage — with them after they raise their hands. Tell them your story. Learn their stories. Make it a 2-way conversation, even if you’re MegaGiantCorp. Trust us, most of the time, they won’t all answer at once.
Now give them a Reason to Buy. The obvious is cost-savings, but it doesn’t have to be. It could be Fun. Or Convenience. Or Belonging. Or Making A Difference. Key is it has to be something your customers Value.
Now amplify that reason to buy with some Scarcity — make it an opportunity that not everyone can get, that has limited quantities, that won’t be around forever.
Voila! Sales.
Link to the original article here.
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