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Marketing a Music and Recording Industry Business
Marketing plays a central role in any company. But when it comes to a music and recording industry business, your ability to market your brand can be the deciding factor between barely making it and achieving stellar industry success.
It's clear that exceptional music and recording industry business owners tend to possess solid marketing skills. Yet in this industry, the characteristics of able marketers aren't always obvious.
Want to improve your marketing? From our vantage point, it's clear that profitable music and recording industry businesses achieve market dominance through the careful execution of deliberate strategies. Your company is one-of-a-kind. But your marketing strategy will need to include a handful of features that are common to the industry's top performers.
Improving Customer Loyalty
You've heard that it's less expensive to retain a current customer than it is to acquire a new one, right? For music and recording industry businesses, premium mailing lists from list providers can help expand your customer base. To encourage customer loyalty, you'll need to tap into deliberate mechanisms that incentivize customers to reward your brand with repeat business. In many cases, online channels can be leveraged to create innovative customer loyalty programs.
Loss Leaders
The majority of music and recording industry businesses are willing to sustain a slight loss or breakeven position on certain products and service offerings as a way to attract customers. 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. When used in music and recording industry businesses, this approach is most advantageous when it is coupled with a promotion for complementary products or services that are offered at full pricing. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.
Strategic Partnerships
When multiple interests join together in a strategic partnership, they gain music and recording industry businesses avenues for combining the power of their marketing dollars and messaging with suppliers of complementary products. Joint ad campaigns, mailings and other marketing initiatives can be conducted on either a short- or long-term basis, as long as each partner is involved in the creation of messaging and has approval authority over the content that is released.
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