marketingweek 2

recap of last week?“being smart about our audience”

understanding our audience

then using this understanding to connect with them

brandingdescribes how we want our audience to feel about our product

consumer led marketing innovation led marketing•products are created after careful research of what the audience already wants•“giving people what they want”

•inventing and believing in a product•using our understanding of our target audience to make it appeal to them•“getting people to want something they didn’t know they wanted”

consumer led examples

innovation led examples

is music generally marketed as a consumer led, or innovation led product?

What happens when music is led? consumer

(giving people what we know that they want)

music is usually innovation led

we have a product which we believe is special and unique

and we use our audience knowledge to find a market, and make it appeal to people

another consideration…

practicalemotionalvs

marketing

in carsconvenient safe

reliable spacious

economical

in carssexy

stylish

“attitude” fast

Italian

“aspirational”

some more emotional marketing messages

practicalemotionalvs

marketing

which does music come under?

if music was marketed from a practical point of view…

“the CD fits perfectly in your pocket!”

“come to gigs and get tanked”

“want to drown out your noisy neighbours?”

music is marketed emotionally

aspirationalidentity

being in with the crowd

rebellion

self projection

identify

escape freedom

transcend

nostalgia

romance

sex

the Billy Bookcase©challenge

practicalemotionalv

s

exchange

“what’s in it for me?”

“what do I get from this product in return for

my outlay?”

the fan’s outlay…•buying CDs/downloads•spending valuable time listening to the music•paying for and attending gigs•spending time on band’s MySpace•emotional energy•dressing like the band?

the exchange…•entertainment•sense of belonging•sense of purpose•hero/role model•projection/aspiration

product pricing reflects this exchange (more about that in two weeks)

pricing and how we value is something is also affected by

supplydemand

&

supplydemand

&

we’re prepared to pay more for something if it’s in short supply

we also think more highly of the rarer things in life

$2 million

$2 million

why is it so expensive?

does this price reflect the costs of the building materials and fittings in the house?

that swanky house in City Beach

$2 million

$2 million

lots of people want to live in City Beach

in fact, many more people than there are houses for sale

this demand pushes up the price of property

but some people are still willing to pay the prices asked

these high prices actually have a positive effect

because we start believing that City Beach is a better place to live because of the property prices

and the cycle begins again

sometimes we can improve people’s perception of our product by limiting its supply

“special collector’s edition – only 500 copies available”

“his only Perth appearance”

“Bon Jovi – see them up close at The Moon Café”

deliberately

in 2001, the distillery started running out of whisky

what do you think they did?

raised the price of a bottle by 50%

this actually raised the whisky’s profile

and galvanised its reputation as a quality, luxury product

Ardbeg Islay whisky

$39.99$39.99 $5$5

which is the better quality CD?

more on pricing in two weeks