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Marketing a Music Festivals Business
Looking for innovative ways to market a music festivals business? Although you there are no magic bullets that will enable you to dominate the industry, there are several things you can do to improve visibility and market presence.
Think tired marketing collateral is all you need to succeed in today's marketplace? Think again!
Common sense and practical decision making are part of the marketing equation. But to rise to the top of the industry, you'll need to gain a deeper understanding of the marketing tactics competitive music festivals businesses have used to achieve success.
Technological Expertise
The PR and marketing community has embraced technology with open arms, transforming basic marketing concepts into sophisticated, tech-driven systems and solutions. The consequence for music festivals businesses is the need to increasingly incorporate technological marketing solutions into the marketing mix. Despite the initial cost associated with many technological solutions, the long-term payoff for the right technologies almost always outweighs the upfront expense.
Media Monitoring
Many marketing techniques are easy to evaluate. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. The difficulty comes when you are tasked with quantifying market presence and brand influence. To gauge brand reputation and presence, many music festivals businesses turn to media monitoring. If executed properly, media monitoring can help your brand get ahead of negative messaging and exert greater influence over news cycles.
Loss Leaders
The majority of music festivals businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For the majority of music festivals businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
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