PMBC Understanding Your Niche
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Transcript of PMBC Understanding Your Niche
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BEFORE SITTING DOWN . . .
Grab a pen and write down your favorite genre of music on the whiteboard!
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FINDING YOUR NICHE MARKETPacific Music Business CampJuly 2013Presented by Keith Hatschek & Dana Myers
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WHAT IS A MARKET?
Webster’s Dictionary: Market: A specified category of potential buyers Marketing: the process or technique of
promoting, selling, and distributing a product or service
What’s the point? Goods/services Consumers Music Fans
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WHAT IS A MARKET NICHE?
Mini-market/market segment Well-defined and specific Picture in your mind the person that
consumes/purchases these brands/products: ESPN Whole Foods / Trader Joes Sanrio / Hello Kitty
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WHY DOES IT MATTER?
Fewer wasted resources when you can target market to your specific niche
You appear to be a bigger fish in a small pond
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WHAT TO WATCH OUT FOR
Defining a niche that is far too large Ex. Music
Defining a niche that is too narrow Ex. Roots reggae music in a minor key with no
lyrics and lots of reverb on the guitar
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UNDERSTANDING A NICHE - REGGAE
Age Ethnicity Gender Geography Wealth Media usage Other characteristics (details are important!)
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WORKSHOP
Form a group Pick a niche – get it approved Build a profile of who makes up your niche Start with the bullet points from previous
slide
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GROUP REPORTS
What is your niche? Describe its inhabitants How do you know what you know? What else would be helpful to learn? How can you gather that info? How might you use the info you have
gathered?
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WHY THIS IS REALLY IMPORTANT
Successful musician, manager, label has to always ask and answer the questions – Who will be most interested in my
music/concert/record? What will motivate them to take action? How can I most effectively reach and persuade
my niche? Can I eventually cross over
to another niche (Taylor Swift)