MUC110.LEC5a Marketing Plan

Marketing Records
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© 2007 musicbizclasses.com

The Marketing Plan
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The Marketing Plan
WHAT:
A Marketing Plan is a document that
addresses all marketing activities for a new
release (or product)

WHY: Aligns complex activities & spending
decisions with company objectives and
budget constraints. Supports disciplined,
well-researched approach to a company’s
marketing process.


The Marketing Plan

A Marketing Plan outlines both strategy and
tactics used to promote recorded music

• Strategy long-term, overall approach, to a
business issue, that focuses on the big picture

• Tactics the actual problem-solving techniques


The Marketing Plan in 5 Questions
• What am I trying to promote/sell?

• Who am I trying to reach?

• What are the obstacles to achieving
success?

• What are the resources I need to
implement my plan?

• How will I measure success?

Approaches to the Marketing Plan
Traditional:
T diti l
Push Approach
Based on crafted Brand Messages directed
to targeted consumers

Non-Traditional
Pull Approach
Organic
Word of Mouth
Based on conversations, stories and shared
experiences with consumers

A Record Label Marketing Plan
Outlines…
O tli
•Unique value of particular release/artist
•Target A dience
Audience
•Marketplace conditions- seasonal
•Different marketing and promotional “channels”
channels
or outlets:
• Radio
• Press- Newspapers, magazines
• Internet
• TV
• Tactics-Concept, Art, Copy, P.O.P (displays,
racks, banners), Advertising,
racks banners) Advertising Publicity

Elements of a Marketing Plan
I. E
I Executive Summary:
ti S
A high-level summary of the marketing plan. Brief
description of product to be marketed and
associated goals, such as sales figures and
strategic g
g goals.

II.
II Situation Analysis
• Company Analysis
•G l
Goals
• Strengths and Weaknesses
• Unique Value Proposition

• Sizing the Market Opportunity:
• Number/Market Share
• Type

• Competitor Analysis
• Market position
• Strengths &Weaknesses
• M k t share
Market h


•Climate
Climate
–SWOT Analysis
–PEST Analysis
• Political and legal environment
• Economic environment
• Social and cultural environment
• Technological environment



• Customer/Audience Analysis
–T
Target Audience segments:
t A di t
• Description
• Value drivers
• Behavior- How they use product
y p
• How to reach them
• Price sensitivity
• Decision process
• Support requirements

III.
III The Marketing Mix

Overview of strategic approach; details
of the marketing mix (4 P's):

Product
Price
Place (distribution)
( )
Promotion


PRODUCT
The product decisions should consider the
product's advantages and how they will be
leveraged.
Product decisions should include:
• Branding elements
• Quality
• Scope of product line
• Warranty
• Packaging


PRICE
Price decisions include pricing strategy
strategy,
expected volume, and decisions for the
following pricing variables:
• List price
• Di
Discounts
t
• Bundling
• Payment terms and financing
options
p

PRICE

Digital Singles Pricing

Source: “Record Label Marketing”, Tom Hutchison

Physical CD Pricing


PLACE (Distribution)
• Decision variables include:
• Distribution channels, such as direct, retail,
distributors & intermediates
• Motivating the channel - for example,
distributor margins
• Criteria for evaluating distributors
• Locations
• Logistics, including transportation,
warehousing, and order fulfillment


PROMOTION
• Public relations
ub c e a o s
• Promotional programs
• Conversations/Social media
• Advertising, including: how much
and which media
• Projected results of the promotional
p g
programs



PROMOTION: Publicity Planning

Source: “Record Label Marketing”, Tom Hutchison


IV. Fi
IV Financial/Sales Projections
i l/S l P j ti

• The Budget
• The selected strategy's immediate
gy
effects, expected long-term results, and
any special actions required to achieve
them
• This section usually includes forecasts
of revenues and expenses as well as
the results of a break-even analysis


IV. Fi
IV Financial/Sales Projections
i l/S l P j ti


Marketing Records:
Measuring Success

Measuring Tools in the Music
Industry
Used to measure Sales & Usage Data
and b ild “th charts”-
d build “the h t ”
What are consumers buying and listening to?

Two Primary Systems:
–SoundScan= U it S l (retail)
S dS Unit Sales

–BDS= Airplay or spins (broadcast)


SoundScan (Nielsen)
• Data system for tracking sales of music and
music video products

• Collects sales data from over 14,000 outlets:
--retail (music stores and big box)
--non-traditional (on-line stores, venues, mail order)

• In U.S. and Canada
• W kl collection; reported on W d
Weekly ll ti t d Wednesdays
d
(previous Monday through Sunday)
• Used in Billboard Music Charts

SoundScan
• SoundScan categorizes Recorded Music
as Albums, Singles or Video:
ALBUM SINGLES
LP 12" ALBUM LP 12” SINGLE
CD ALBUM CD SINGLE
CASS.ALBUM CASS. SINGLE
DIGITAL ALB DIGITAL SINGLE

DVD AUDIO MAXI CD SINGLE

VIDEO
DVD


SoundScan Registration
• Any product with a dedicated UPC/ISRC bar code can be
tracked by SoundScan

•UPC- Universal Product Code
(physical product- i.e. CDs)

•ISRC- International Standard Recording Code
(digital product- i.e. digital downloads)
• Must register your title at least 3 weeks
before sell date
• Registration is free


SoundScan Reports
300+ SoundScan reports i l d
300 S dS include:

Store Types (chain, Independent, etc)
Artists
Titles
Genres
Regions
Cities (DMA)
Weekly
Year to Date
Archives

SoundScan Users
•Billboard Magazine Charts
•Major & Independent Record Companies
•Distribution C
Di t ib ti Companiesi
•Artist Managers, Booking Agents
•Concert Promoters Venue Owners etc
Concert Promoters, Owners, etc.
•Online Retailers and Digital Delivery Co.s
•Media and Entertainment Research firms
•Music Publications and Journalists
•MTV, VH1, CMT


BDS (Nielsen)
• Data system for broadcast or “airplay” of music and
airplay
music related media

• P
Proprietary di it l system captures d t f
i t digital t t data from 100 million
illi
“spins” annually

• 1,600 terrestrial radio stations, satellite radio and cable
music channels tracked

• In140 markets in the U.S. and 30 in Canada

• Tracks local stations and “network” stations

• Used to create the Billboard and
Radio Records R di Ai l Ch t
R di & R d Radio Airplay Charts

BDS
• BDS categorizes Airplay By:
– Types of delivery: Terrestrial/Local,
yp y ,
Satellite, Cable and Internet

• BDS reports include:
– Songs/Artists by:
Formats
Stations
Regions
Dayparts

Other Industry Measuring Tools
Radio & Records:
PromoSquad “Hit Predictor Rankings by a panel
Hit Predictor”-
of music listeners

MediaBase:
Radio Music Charts

Big Champagne:
Extensive reporting on Peer-to-Peer file sharing of
Music, Videos, Games, Software


Online/ Social Media Tracking Tools

Google Analytics/Google Alerts

Trendrr.com

Rockdex.com

BandMetrics.com
B dM t i

Blogpulse.com
Blogpulse com

The Hype Machine Blog
yp g


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