Social Empowerment: Using the Passion of Music to Form a Powerful Bond Between Brands and Consumers
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Using the Passion of Music to Form a Powerful Bond Between Brand & Consumer
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Transcript of Social Empowerment: Using the Passion of Music to Form a Powerful Bond Between Brands and Consumers
Using the Passion of Music to Form a Powerful Bond Between !
Brand & Consumer !
WHAT WE’LL DISCUSS… !
§ A Bit of History !
§ Why Music Matters !
§ Social Empowerment !
§ Case Studies of Brands Getting it Right!
A !Bit of History!
THE MUSIC INDUSTRY!
The ways of old!
TOTAL RECORD LABEL CONTROL!
RECORD LABEL CONTROL!
At their peak, Record Labels controlled every facet of Music:!
§ Music Production !
§ Manufacturing & Packaging!
§ Distribution !
§ Marketing & Advertising !
MUSIC SALES!
Value of units shipped from 1973 – 2008 in billions of current US Dollars
MUSIC SALES: 1999 - 2009!
The Music Industry’s Lost Decade!
RECORD LABEL CONTROL!
POWER LOSS!
Digitalization of Music Consumption!
Source: IFPI
DIGITALIZATION OF MUSIC CREATION!
LOWER BARRIERS OF ENTRY !FLOODED MUSIC MARKETPLACE!
§ has over 12 million available songs !
§ has 4,801,877 tracks and 595,412 albums
§ has a catalogue of over 15 million songs
§ has a stockpile of about 800,000 songs
RECORD LABEL POWER LOSS!
Digitalization of Music Consumption & Creation !
Lower Barriers of Entry & Access !
Industry Power Shift – Supplier to Consumer !
Record labels failed to engender loyalty among consumers, refused to adapt to new technology and lost the battle against digital."
BRANDS & ADVERTISERS!
The ways of old!
CAPTIVE CONSUMERS!
BRANDS & ADVERTISERS!
§ Few advertising outlets!
– 3 major television stations!– One major newspaper per city!!
§ Difficult to leverage media to promote products!
§ Huge barriers to entry !
Control Over Traditional Media Airwaves!
Brands & Adver9sers once had their audiences locked in: CAPTIVE CONSUMERS
BRANDS & ADVERTISERS!
POWER LOSS!
DIGITALIZATION OF MEDIA CONSUMPTION!
ADVERTISERS RESPOND!
Source: EMarketer
TODAY’S MUSIC LANDSCAPE!
§ Infinite advertising space!– No dominant television stations!– Endless amount of websites!!
§ Ability to bypass commercials!
!
!
Fragmented & Over-Crowded!
More difficult than ever to reach consumers!
A LOOK BACK!
§ Record Labels controlled all industry processes!
§ New technologies à lowered barrier to entry and access à consumer choice expansion!
§ Industry wide shift from supplier to consumer control!
§ Record Labels failed to cultivate brand loyalty à profits sink!
Here’s What Happened…The Music Industry!
A LOOK BACK!
§ Largest Brands once dominated traditional media advertising à Captive Consumers!
§ New technologies à lowered barriers of entry à consumer choice expansion!
§ Brand Loyalty is paramount!
Here’s What Happened…Brands & Advertising!
What can Brands & Advertisers learn from the failings of the music industry? !
Why!Music !Matters !
WHY MUSIC MATTERS!
WHY MUSIC MATTERS! !
Music affects everyone, regardless of specific tastes!!Physiological!Increases heart rate and respiration!Decreases Cortisol à Lower Anxiety!!Cognitive!As high as 21% spike in Dopamine !Higher brain activity à Sustain Attention!!Social !Element of Personal identity!Universal unifying effect !
! !
!
BRANDS & ADVERTISERS!
Opportunity for Brands?!
§ Leverage Social effects of Music !!§ Unify your consumers !
§ Build meaningful bonds à Brand Loyalty !
SOCIAL SHARING!
Social !Empowerment!!
SOCIAL EMPOWERMENT!
SOCIAL EMPOWERMENT!
§ Music → Fanentertains / makes cool"
§ Music → Brandmakes brand relevant & creates consumer need for brand beyond the product"
!
§ Fan→ Brandlooks to brand as tastemaker / curator filter / discussion starter"
§ Brand → Fan provides new music / sharing accessibility & empowers cool / provides inclusion"
§ Fan→ Musicdesires / creates demand"
§ Brand → Music invests in creation & discovery (replacing traditional labels)"
Today’s Music World !
Source: IFPI
Brands Getting it Right!
Jonathan Mildenhall, The Coca-Cola Company:!
“Teens are the most demanding target audience as far as creativity is concerned and in
the way they engage with a brand or campaign. "
"
They demand to interact and participate with brands and be part of the conversation."
"
Coke Music has been designed with that understanding and to enable teens to view,
participate and share the content and experiences.” "
SOCIAL EMPOWERMENT!
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