Music Industry R&D A - Z: Marketing every freelancer should test
a measure of how easy it is to get in touch with people who might want what you're offering.
6 Adoption of innovation-
a behavioral characteristic that examines the tendencies by which customers adopt a product as it moves through its life cycle. People can be characterized as innovators, early adapters, one of the early majority, one of the late majority, or laggards.
the foundation for content generation which encourages contacts to engage with the brand while they are on their way from making a decision to acting on that choice. The acronym (with keyword intent in parenthesis) stands for Attention (information), Interest (navigation), Desire (commercial investigation), Action (transaction).
as you develop your offering, you can't avoid making choices between competing alternatives. Considering the customer's perspective results in better choices. Presenting an attractive offer means understanding the alternatives your customers face upon purchase.
modern life is overloaded with demand on your attention. Everyone has too many things to do, and too little time to do them all. Maximize your effort's chances of capturing attention with a headline or hook to promote it.
a company, product or service. According to the American Marketing Association (AMA), a brand is a "name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition." Many practicing managers refer to a brand as more than that- as something that has actually created a certain amount of awareness, reputation, and prominence in the marketplace.
The brand resonance model lists a series of steps for building a strong brand: (1) establishing the proper brand identity, (2) creating the appropriate brand meaning, (3) eliciting the right brand responses, and (4) forging appropriate brand relationships with customers.
Achieving these four steps, in turn, means establishing six brand building blocks: brand salience, brand performance, brand imagery, brand judgments, brand feelings, and brand resonance.
Brand association: a relationship that one company instigates with another to strengthen its public image. Must be seen as desirable, deliverable, and differentiating.
Brand attitude: the overall posturing a company chooses to project to its public.
Brand building: managing a brand involves the careful development and implementation of creative brand strategies. Three models are helpful in aiding such planning:
Brand positioning model: describes how to establish competitive advantages in the minds of customers in the marketplace;
Brand resonance model: describes how to take these competitive advantages and create intense, active loyalty relationships with customers for brands; and
Brand value chain model: describes how to trace the value creation process to better understand the financial impact of marketing expenditures and investments to create loyal customers and strong brands.
Brand elements: different components of a brand that identify and differentiate it such as a name, logo, symbol, package design, or other characteristic. 6 criteria: memorable, meaningful, likable, transferable, adaptable, and able to be protected.
Brand feelings: are customers' emotional responses and reactions to the brand. It is not enough for a brand to be just respected. It must transcend to become a name or symbol that emotionally binds a company with the desires and aspirations of its customers.
Transformational advertising: advertising designed to change consumers' perceptions of the actual usage experience with the product.
6 important types of brand-building feelings: 1. warmth, 2. fun, 3. excitement, 4. security, 5. social approval, and 6. self-respect. The first three types of feelings are experiential and immediate, increasing in level of intensity; the latter three types of feelings are private and enduring, increasing in level of gravity.
Brand identity: the name, logo, slogans, associations, and behavior a company uses to ensure that the right image forms in the mind of fans.
Brand imagery: refers to the more intangible aspects of the brand, such as: 1. user profiles, 2. purchase and usage situations, 3. personality and values, and 4. history, heritage, and experiences.
Brand judgments: customers' personal opinion about and evaluations of the brand, which consumers form by putting together all the different brand performance and imagery associations. 4 types are particularly important: judgments about quality, credibility, consideration, and superiority.
Brand credibility: describes the extent to which customers see the brand as credible in terms of three dimensions: perceived expertise, trustworthiness, and likability.
Brand knowledge: two components:
Brand awareness: related to the strength of the brand node or trace in memory, which we can measure as the consumer's ability to identify the brand under different conditions.
Brand recognition: consumers' ability to confirm prior exposure to the brand when given the brand as a cue.
Brand recall: consumers' ability to retrieve brand from memory when given the product category, the needs fulfilled by the category, or a purchase or usage situation as a cue.
Brand image: the perception that is formed in the customer's mind about a product/service/company.
Brand attributes: are those descriptive features that characterize a product or service.
Brand benefits: the personal value and meaning that consumers attach to the product or service attributes.
Brand logo: a design (composed of graphics, words, and/or letters) that conveys a company's brand name and character in the marketplace.
Brand-mark: a company logo composed of only a graphic (i.e., no words or letters).
Brand mantra: a short, three to five word phrase that captures the irrefutable essence or spirit of the brand positioning. Similar to brand essence or core brand promise. Strong brand mantras are structured with three terms, as follows: emotional modifier, descriptive modifier, brand function. The emotional modifier provides a qualifier- how exactly does the brand provide benefits and in what ways? The descriptive modifier further clarifies the nature of the brand. The brand functions term describes the nature of the product or service or the type of experiences or benefits the brand provides.
Brand name: the label given to a company or product/service to help create a strong and memorable image in the minds of fans. Brand names that are simple and easy to pronounce or spell, familiar and meaningful, and different, distinctive, and unusual improve brand awareness.
Brand performance: describes how well the product or service meets customers' more functional needs. Five important types of attributes often underlie brand performance: 1. Primary ingredients and supplementary features, 2. product reliability, durability, and serviceability, 3. service effectiveness, efficiency, and empathy, 4. style and design, plus 5. price.
Brand personality (or character): the attitude, look, and vibe of a company.
Brand resonance: describes the nature of the ultimate relationship and level of identification that the customer has with the brand. Characterized in terms of intensity as well as activity.
Intensity: the depth of the psychological bond that customers have with the brand (strength of the attitudinal attachment and sense of community).
Activity: engendered by loyalty (repeat purchase rates and the extent to which customers seek out brand information, events, and other loyal customers).
We can break down these two dimensions of brand resonance into four categories: 1. behavioral loyalty, 2. attitudinal attachment, 3. sense of community, and 4. active engagement.
We can gauge behavioral loyalty in terms of repeat purchases and the amount or share of category volume attributed to the brand, that is, the "share of category requirements," or how often and how much.
Resonance requires a strong personal attachment beyond having a positive attitude to viewing the brand as something special in a broader context.
Conveying a sense of community provides a broader meaning for the brand.
Perhaps the strongest affirmation of brand loyalty occurs when customers are engaged, or willing to invest time, energy, money, or other resources in the brand beyond those expended during purchase or consumption of the brand.
Brand structure (a.k.a. brand architecture): the manner in which a company brand and a company product brand relate to each other. There are three possibilities, company dominant, company endorsed, and company silent.
Company dominant (or combined) brand structure: a type of product brand architecture in which the identity of the company supports the overall image of all of its products and services.
Company endorsed brand structure: a type of brand architecture in which the company uses its identity to support the image of products and services outside the realm of its usual line of products and services.
Company silent (or separated) brand structure: a type of brand architecture in which the identity of the company is separated from the various products and services it provides so that the image of one product/service can't affect the image of another product/service.
Brand value chain: a structured approach to assessing the sources and outcomes of brand equity and the manner by which marketing activities create brand value.
Consistent with the brand resonance model, it assumes that the value of a brand ultimately resides with customers. Based on this insight, the model next assumes that the brand value creation process begins when the firm invests in a marketing program targeting actual or potential customers (stage 1).
The associated marketing activity then affects the customer mind-set, what customers know and feel about the brand, as reflected by the brand resonance model (stage 2).
This mind-set, across a broad group of customers, produces the brand's performance in the marketplace: how much and when customers purchase, the price that they pay, etc. (stage 3).
The investment community considers this market performance, and other factors such as replacement cost and purchase price in acquisitions, to arrive at an assessment of shareholder value in general and a value of the brand in particluar (stage 4).
Three sets of multipliers moderate the transfer between the marketing program and the three value stages: program quality, marketplace conditions multiplier, and investor sentiment.
Customer based brand equity: the differential effect that brand knowledge has on consumer response to the marketing of that brand. Approaches brand equity from the perspective of the consumer. The power of a brand lies in what customers have learned, felt, seen, and heard about the brand as a result of their experiences over time.
Letter-mark: a logo that features the initials of a brand name with or without the name spelled out beneath, alongside, or above the name.
Word-mark: a logo that features the brand name in a simple and unique typeset.
4 Buyer's journey-
The active research process people go through leading up to making a purchase. Three stages: Awareness (problem-based keywords), Consideration (solution keywords), and Decision (branded keywords). When buyers have a problem, they search for a solution, and often buy a product or service.
when a company's product or service takes away from another of its existing products or services.
2,3,4 Call to action-
the most effective marketing messages give the recipient or prospect a single, very clear, very short action to take next.
1 Caveman Syndrome-
human biology is optimized for conditions that existed 100,000 years ago, not for the world in which we live today. Part of the challenge of working in the mordern world is that our brains and bodies are tuned for physical, and social, survival, not 16 hour work days. Business hasn't been around long enough for our biology to adapt to the new demands we are placing upon ourselves. We are running demanding new software on ancient hardware.
6 Channel contention-
competition that exists between the various sellers of your products in the distribution chain.
6 Commericial specialty show-
a weekly late night program on a commercial radio station that focuses on independent artists and the local music scene.
2 Communication (vs promotion)-
promotion is a closed dialogue from business directed to consumer. Communication is open dialogue between the business and consumer, and an interactive, effective mean of providing contacts with what they want.
4,6 Company branding-
the process of delivering clear, relevant, consistent, and long-term messages about a company which provides value to prospects.
1,5 Conscious capitalism-
Four tenants on conscious operation in capitalist existence:
Higher Purpose: Recognizing that every business has a purpose that includes, but is more than, making money. By focusing on its higher purpose, a business inspires, engages, and energizes its stakeholders.
Stakeholder Orientation: Recognizing that due to the interdependent nature of life and the human foundation of business, a business needs to create value with and for its various stakeholders (customers, employees, vendors, investors, communities, etc.). Like the life forms in an ecosystem, healthy stakeholders lead to a healthy business system.
Conscious Leadership: Human social organizations are created and guided by leaders - people who see a path and inspire others to travel along the path. Conscious leaders understand and embrace the higher purpose of business and focus on creating value for and harmonizing the interests of the business stakeholders. They recognize the integral role of culture and purposefully cultivate conscious culture.
Conscious Culture: This is the ethos -the values, principles, practices- underlying the social fabric of a business, which permeates the atmosphere of a business and connects the stakeholders to each other and to the purpose, people, and processes that comprise the company.
1 Conservation of energy-
humans avoid expending energy unless absolutely necessary. People only start to spend effort if their reference levels are violated in some way, so if their expectations aren't violated they don't act.
2 Consumer wants and needs (vs products)-
you can't develop products and then try to sell them to a mass market. You have to find out what people want and then provide it for them their way.
the message your inbound strategy delivers. The content process: 1. Plan, 2. Create, 3. Distribute, 4. Analyze, and 5. Repeat. Defined by purpose, format, and topic. Buyers respond better to different content across every stage of their journey: awareness, consideration, and decision. Keep your buyer persona's goals and challenges in mind when creating content. When possible with fluidity and consistency of message of content, include keywords.
2 Convenience to buy (vs place)-
marketing is getting customers to products. Sales is getting products to consumers. Know how each subset of the market prefers to buy (on the internet, catalogue, telephone, or in person)
4 Conversion process-
part of inbound marketing methodology used to convert prospects into leads and then customers. Online: call to action, landing page, thank you page.
1 Core human drives-
have a profound influence on our decisions and actions: 1. The Drive to Acquire, 2. The Drive to Bond, 3. The Drive to Learn, 4. The Drive to Defend, and 5. The Drive to Feel.
6 Cost of sales-
the costs required to bring your product or service to the marketplace. Includes expense of value production and overhead.
Cost per Click: a web metric based on how often ads are "seen and clicked on" by potential customers, in proportion to what you pay for the ad.
Cost per Order: the cost per promotional piece, multiplied by the number of leads contacted and divided by the people who buy, equals your CPO.
CPM (Cost per Thousand People): the cost for 1,000 people to actually see, hear, and listen to an ad in a specific media channel.
2 Cost to satisfy (vs price)-
price is one part of the cost to satisfy, other costs include the resources (like time or energy) a customer spends on satisfaction.
7 Customer equity-
affected by revenue and by the cost of customer acquisition, retention, and cross-selling.
Brand equity management can be related to customer equity management in different ways. One way to reconcile the two points of view is to think of a matrix where all the brands and sub-brands and variants that a company offers are rows, and all the different customer segments or individual customers that purchase those brands are columns. Effective brand and customer management would necessarily take into account both the rows and the columns to arrive at optimal marketing solutions.
The customer equity perspective puts much focus on the bottom-line financial value created by customers. In its calculations, however, the customer equity perspective largely ignores some of the important advantages of creating a strong brand, such as the ability of a strong brand to attract higher quality employees, elicit stronger support from channel and supply chain partners, create growth opportunities through line and category extensions and licensing, and so on.
Brand equity, on the other hand, tends to put more emphasis on strategic issues in managing brands and how marketing programs can be designed to create and leverage brand awareness and image with customers.
Customer-based brand equity (CBBE) maintains that brands create value by eliciting differential customer response to marketing activities. The higher price premiums and increased levels of loyalty engendered by brands generate incremental cash flows.
7 Customer mind-set-
the customer mind-set includes everything that exists in the minds of customers with respect to a brand: thoughts, feelings, experiences, images, perceptions, beliefs, and attitudes. To provide a concise summary, a shorter “5 As” list can highlight important measures of the customer mind-set as suggested by the resonance model: awareness, associations, attitudes, attachment, and activity. Brand value is created at this stage when customers have (1) deep, broad brand awareness; (2) appropriately strong, favorable, and unique points-of-parity and points-of-difference; (3) positive brand judgments and feelings; (4) intense brand attachment and loyalty; and (5) a high degree of brand activity.
effective marketing makes your prospect want what you have to offer. The more core human drives you can connect with your offering, the more they want what you have and the more you can charge for your offering.
6 Direct marketing-
a form of promotion where companies communicate to end users directly without using intermediaries to generate a customer response or transaction.
6 Disguised pricing-
a pricing where the seller hides or shifts the price of the product or service onto another product or service to give something of value for free.
makes content relevant. The right distribution technique gets the right content to the right person at the right time.
6 Economies of scale-
a concept whereby the cost per unit of a product or service gets smaller as more units are manufactured.
1,5 Education-based selling-
the process of making your prospects better, more informed customers. By investing energy in making your prospects smarter, you simultaneously build trust in your expertise and make them better customers.
2 Effective advertising-
accomplishes four things: promises to solve a meaningful problem, paints a picture of what your life will be like once that problem is solved, proves that you will deliver on your promise, and pushes the prospect to subscribe, download, donate, share, or buy. Effective content marketing builds on the self-interest of your contact.
2,3,4,6 Email marketing-
can be effective if you determine your audience, segment your contacts database, send the right email at the right time, and nurture your lead into a customer. Emails should add value, not ask for it. Optimize for mobile: responsive templates, bigger is better, clear and concise messaging, and avoid using tiny fonts. Define a clear goal for your email, personalize where appropriate, focus on engagement, test, and analyze. Delivery rate: is your email getting through to your contacts? Open rate: tells you the effectiveness of your subject line. Click rate: are people engaging with your emails?
1 End result-
marketing is most effective when it focuses on the desired end result, which is usually a distinctive experience or emotion related to a core human drive.
electronic press kit. A collection of materials (bios, pictures, videos, songs) in digital format used to get gigs, blog reviews, and more.
6 Exclusive distribution rights-
companies handling digital distribution typically request permission to be the sole provider of your recordings, since no two companies can digitally distribute the same recordings on download sites at the same time.
6 Executive summary-
a one-page overview of the key sections of a marketing plan (vision, goals, strategies, allocation of costs, etc.). Sums up why your business idea will be successfull and qualifies whether or not your plan is worth reading.
7 Experiential marketing-
promotes a product by not only communicating a product's features and benefits but also connecting it with unique and interesting consumer experiences.
refers to both brand extensions, where new products outside the realm of a company's typical offerings are created, and line extensions, where different variations of an existing product are offered.
7 Forward buying-
retailers order more product than they plan to sell during the promotional period so that they can later obtain a bigger margin by selling the remaining goods at the regular price after the promotional period has expired.
the act of emphasizing the details that are critically important while de-emphasizing things that aren't by either minimizing certain facts or leaving them out entirely.
if you want to attract attention, quickly give something valuable away for free. People love to get something for nothing. However, people don't appreciate low quality free give aways as much as high quality free give aways. Always provide value. If it is easier for people to experience your company's offerings, and the more people start to talk about your offerings, the sooner people will pay for all of your company's offerings.
6 Gracenote Media-
after entering the data about your music into the Gracenote Media database (www.gracenote.com), your song data will show up when people play your recording in their computers.
6 Guerrilla marketing-
an unconventional form of promotion that can be employed on a low budget to no budget.
1,2,5 Hero's journey-
in The Hero with a Thousand Faces, Joseph Campbell identifies a "mono myth" with a fundamental structure that is shared among myths that have survived for thousands of years, also known as the hero's journey.
Identifies a cycle between the ordinary world (call to adventure, meeting the mentor, the journey home) and the extraordinary world/ the world of transformation (crossing the threshold, helpers & challengers, into the innermost cave, the supreme ordeal, seizing your treasure).
The mistake most often made in marketing is thinking of your business as the hero, resulting in egocentric messages that no one else cares about. The prospect is always the primary hero, because they are the one going on the journey to solve a problem or satisfy a desire.
The prospect starts off in the ordinary world of their lives.
The call to adventure is an unsolved problem or unfulfilled desire.
There's resistance to solving that problem of sastisfying the desire, until...
A mentor (your content) appears that helps them proceed with the journey.
By making the prospect the hero, your brand also becomes a hero in the prospect's story. By accepting the role of mentor with your content, your business accomplishes its goals while helping the prospect do the same.
# Hold up-
it is frustrating as hell when someone representing a company vandalizes public property (such as street posts) with promotional items. Not only bad for environment, the company can be fined or pursued otherwise with legal action. Same goes for littering. As for vehicles, they are not places for promotional material. Use permission marketing. No one asked for this information so why waste efforts on someone who didn't say they were interested? If it rains before they get back, people may be angry when the material becomes messed up on their vehicles.
a single phrase or sentence that describes an offer's primary benefit. The reason someone would want what you're selling. The better your hook, the more attention you'll grab, and the easier it will be for your satisfied customers to tell their friends about you.
everyone has a fundamental need to feel important. The more important you make people feel, the more they will value their relationship with you.
2,3,4 Inbound links-
are links from other sites to your site. Search engines follow links between pages to see how they're related to each other. The more inbound links on and to your site, the more optimized your site is for search engines.
4 Inbound marketing-
a technique for drawing customers to products and services via content marketing, social media marketing, and search engine optimization. Equals content plus context. Inbound methodology: attract, convert, close, and delight.
4 Inbound sales-
buyers have more information available to them, and higher expectations for a relevant, personal experience when making a purchase. Giving them that delightful experience is inbound sales.
6 Independent radio promoter-
a professional promotion person who, by virtue of his or her experience and connections in the radio business, helps get records played on the radio. While many independent radio promoters are hired by record companies, they are independent of them.
6 Indirect route-
a method of distribution where the creator moves products through intermediaries such as online and physical distributors, retailers, agents, and songpluggers.
7 Information processing model of communications-
for a person to be persuaded by any form of communication, the following 6 steps must occur: exposure (seen or heard), attention (noticed), comprehension (understood), yielding (favorable response), intentions (plan action), and behavior (action).
the process of using your own company and resources to complete a job.
6 Intercept interview-
a research technique designed to get feedback from customers as they are leaving a venue.
6 Inverted pyramid-
in press releases, a style of writing that includes the most important information at the top, followed by the less important information.
7 Investor sentiment multiplier-
Financial analysts and investors consider a host of factors in arriving at their brand valuations and investment decisions. Among them are: market dynamics, growth potential, risk profile, and brand contribution. The value the brand creates in the marketplace is most likely fully reflected in shareholder value when the firm is operating in a healthy industry without serious environmental hindrances or barriers, and when the brand contributes a significant portion of the firm’s revenues and appears to have bright prospects.
6 ISRC code (International Standard Recording Code)-
an international identification system used for identifying content (sound, music, and video recordings) online.
a short song or instrumental that a company uses to help brand its image on radio, on TV, or online.
are the words typed into search engines. Can be long or short. It is best to optimize for longtail keywords, because it is specific and therefore the best way to rank for a primary term. Also, when you optimize for a long keyword you also optimize for the broad (short) keyword. Should be included in: URL, page title, body, and image alt-text.
2,3,4 Landing pages-
pages that have forms to gather information. All landing pages are linked to by call to actions and should have a thank you page or a thank you message. Your landing page is your digital sales representative.
1 Loss aversion-
the idea that people hate to lose things more than they like to gain them. There are very few relationships that psychology is able to quantify, but this is one of them. People respond twice as strongly to potential loss as they do the opportunity of an equivalent gain. Explains why threats take precedence over opportunities when it comes to motiviation and why uncertainty appears risky.
6 Loss leader pricing-
a strategy wherein a product is sold at a lower price as a way to draw customers in, with the intention that they'll also buy higher-priced products that can make up for any losses.
6 Marketing information system code (MISC)-
an identifier unique to each marketing communication that makes tracking that communication easy (i.e. a promo code).
4 Marketing and sales funnel-
ties the marketing pipeline to sales quotas. 6 stages: Prospect/Visitor, Lead, Marketing Qualified Lead (MQL), Sales Qualified Lead (SQL), Opportunity, and Customer.
6 Market penetration-
a company's sales goals represented as a percentage of its industry's projected total sales for that year.
7 Market performance-
the customer mind-set affects how customers react in the marketplace in six main ways.
The first two relate to price premiums and price elasticities.
A third outcome is market share, which measures the success of the marketing program in driving brand sales.
Taken together, the first three outcomes determine the direct revenue stream attributable to the brand over time. Brand value is created with higher market shares, greater price premiums, and more elastic responses to price decreases and inelastic responses to price increases.
The fourth outcome is brand expansion, the success of the brand in supporting line and category extensions and new-product launches into related categories. This dimension captures the brand’s ability to add enhancements to the revenue stream.
The fifth outcome is cost structure or, more specifically, reduced marketing program expenditures thanks to the prevailing customer mind-set. When customers already have favorable opinions and knowledge about a brand, any aspect of the marketing program is likely to be more effective for the same expenditure level; alternatively, the same level of effectiveness can be achieved at a lower cost because ads are more memorable, sales calls more productive, and so on.
When combined, these five outcomes lead to brand profitability, the sixth outcome. The ability of the brand value created at this stage to reach the final stage in terms of stock market valuation again depends on external factors, this time according to the investor sentiment multiplier.
7 Marketplace conditions multiplier-
The extent to which value created in the minds of customers affects market performance depends on factors beyond the individual customer. Three such factors are: competitive superiority, channel and intermediary support, and customer size and profile. The value created in the minds of customers will translate to favorable market performance when competitors fail to provide a significant threat, when channel members and other intermediaries provide strong support, and when a sizable number of profitable customers are attracted to the brand.
7 Marketing program investment-
A big investment of course does not guarantee success. The ability of a marketing program investment to transfer or multiply farther down the chain depends on qualitative aspects of the marketing program and the program quality multiplier.
7 Market segmentation-
divides the market into distinct groups of homogeneous consumers who have similar needs and consumer behavior, and who thus require similar marketing mixes.
6 Market share-
an actual measure of a company's performance compared to its competitiors in a specific industry.
the amount (or percentage) that is added to the cost of a product to derive its selling price (cost + markup = price).
the 160 character description about a page found on search engines. Metadata should be optimized to include the keywords for each page.
2,3,4 Mobile optimization-
make sure your webpage is easily viewable, looks good, and runs efficiently across any device.
an emotional state that links the parts of our brain that feel with the parts that are responsible for action. You can break down the experience of motivation into two basic desires: moving toward things that are desireable and moving away from things that aren't. In general "moving away" takes priority over "moving toward." Reasons go back to caveman syndrome. Motivation is an emotion- not a logical, rational activity. Very often, mental simulation, patterns, conflicts, and interpretations hidden in the mind can get in the way of making progress toward what we really want to accomplish. Eliminate the inner conflicts that compel you to move away from potential threats, and you'll find yourself experiencing a feeling of motivation to move toward what you really want.
6 Multiple or differentiated approach-
a method where two or more target market segments are chosen - such as a primary market built around your most likely fan and a secondary market built around your next likely fan - and separate marketing strategies are specifically tailored to cater to the needs of each of these segments.
6 Music library-
a business that makes a wide variety of music available to song users (directors, producers, music supervisors, ad agencies, etc.) who are looking for music.
6 Music publisher-
a company that is in the business of songs, including plugging your songs, offering advances, handling administrative duties, and collecting generated incomes.
6 Music supervisor-
a business that makes a wide variety of music available to song users (directors, producers, music supervisors, ad agencies, etc.) who are looking for music.
6 Nielsen SoundScan-
an organization that collects data racorded from bar codes that are scanned at retail and makes it available to record comapnies and others for a fee.
1 Next action-
the next specific, concrete thing you can do right away to move a project forward.
1 Next best alternative-
what you do in the event you can't find common ground with the party you're negotating with. The other party always has a next best alternative as well- that's what you're negotiating against. Understanding the other party's next best alternative gives you a major sales advantage: you can structure your argument so it's more attractive than their next best option. Having a strong next best alternative keeps negotations moving quickly. In every negotation, the power lies with the party that is able and willing to walk away from a bad deal. The more attractive your alternatives, the more willing you'll be to walk away from a deal that doesn't serve you, resulting in better deals.
6 NPR (national public radio)-
a publicly funded radio entity that plays alternative or eclectic music, interesting news programs, human-interest stories, and more. It is a great medium for up-and-coming indie artists to receive airplay and get noticed.
information about your career (accomplishments, short bio, contact, picture) that fits on one page and can be absorbed with one quick reading.
6 One-stop shop-
a term used in the music publishing world to mean an owner of both the master recording and composition.
6 Outreach strategy-
a strategy that focuses on contacting media folk to build strong relationships long before asking them to review your press kits.
the process of using "outside" companies to finalize your products/services for the marketplace or to complete a certain ojective or marketing activity.
1 Parkinson's Law-
work expands so as to fill the time available for its completion. Founder of IKEA Ingvar Kamprad's rule: assume each task will take no more than 10 minutes to complete, then begin.
6 Participant observation-
a method of primary research that involves watching target customers interact with a product/service so as to better understand how to fulfill their needs.
1,5 Perceived value-
determines how much your customers will be willing to pay for what you're offering. The most valuable offers do one of the following: satisfy one or more of the prospect's core human drives, offer an attractive and easy to visualize end result, command the highest hassle premium by reducing end user involvement as much as possible, and satisfy the prospect's status seeking tendency by providing desirable social signals that help them look good in the eyes of other people.
6 Percent occupancy method-
a pricing strategy that establishes an early lower price for customers when the available occupancy in a venue is high, and subsequently higher price for customers as the venue fills up and the available occupancy space is low.
selling to people who want to hear from you is more effective than interrupting strangers that don't. Ask for permission to follow up after providing free value. Permission is a real asset. If you honor your commitments by continually providing value and refraining from spamming your prospects with irrelevant information, you'll have a powerful asset that can help you build a deeper relationship with the people who are interested in what you're offering.
1,5 Permission marketing-
the privilege of delivering anticipated, personal, and relevant messages to people who actually want to get them.
1 Persuasion resistance-
the feeling people get around salespeople that they're going to be sold to or tricked into agreeing to something that's not in their best interest. Reinterpret your role as not trying to sell them something, but as helping them invest their resources wisely. Eliminates pressure by guiding prospect to their best interests. If a prospect feels you are desperate to make a sale, it diminishes their interest becasue it is a signal that other people don't want your offer. If a prospect senses that you're chasing them, their first instict will be to move away. Think caveman sydrome. Frame the situation to make cusomers feel like they are chasing you. By understanding how your prospects evaluate offers, you can plan your pitch in a way that minimizes persuasion resistance and encourage the prospect to desire your offer.
6 Placement service-
a company that helps you place your music in film, television, and video games.
6 Pledge pricing-
a creative method of raising money for a project whereby you present a variety of package deals to consumers, such as prebuying your record plus an autograph for $8 and lunch date for $75.
2 Positioning statement-
an expression of how a given product, service, or brand fills a particular consumer need in a way that its competitors don't. Requires defining desired or ideal brand knowledge structures and establishing points-of-parity and points-of-difference to establish brand identity and brand image. Points-of-difference (PODs) provide a competitive advantage and the "reason why" consumers should buy the brand. Points-of-parity (POPs) negate potential PODs for competitors and are designed to provide "no reason why not" for consumers to choose the brand.
a specific story or concept that supports and flows from the brand positioning. Premises have elements in common: unpredictable, simple, real, and credible.
7 Price bands-
a range of acceptable prices within any price tier.
1 Probable purchaser-
the type of person who is perfectly suited to what you're offering. Most people don't care about what you are offering, and assuming they do is a huge marketing mistake. You only need to attract enough attention to close enough sales to produce enough profits to keep going. Focus on getting the attention of the right people at the right time. Prime your marketing efforts for your probable purchaser to maximize effectiveness of attention grabbing activities by spending resources on people actively interested in similar things.
6 Product life cycle-
the stages a product goes through in the marketplace (introduction, growth, maturity, and decline).
7 Program quality multiplier-
the ability of the marketing program to affect the customer mind-set will depend on its quality. 5 concepts: distinctiveness, relevance, integrated, value, and excellence.
# Promotional material-
any material (physical or digital) used to represent a company and/or advertise products and services. Includes but not limited to handbills, posters, and stickers.
6 Publicity (earned media)-
the exposure you get when journalists and others publish stories, reviews, and interviews about you.
6 Public relations (PR)-
the various activities performed by a company to promote and protect its brand image in the eyes of the public.
2 Purchase conversion rate (online)-
Using your site's analytics, locate the number of unique visitors during a given time period and divide that by the number of sales transactions during the same period.
6 Quick response (QR) code-
a type of bar code placed on posters, adverts, and products that, when scanned by a phone with a speicial app, directs consumers to further information and even an e-commerce system.
7 Relationship marketing-
the broader set of activities within a marketing strategy that transcend the actual product or service to create stronger bonds with consumers and maximize brand resonance.
the number of customers retained over a period of time divided by the number of customers lost.
6 Return on investment (ROI)-
the percent of your initial investment that should or did grow ([price-cost]/cost).
1,2,3,4,6 Search Engine Optimization (SEO)-
improving your site so that it attracts more visitors from search engines. The process of ensuring that people who are looking for you, or are looking for a product/service similar to yours, will find you. Optimization is also the process of ensuring that your website has a consistent look on various web browsers.
radio talk that refers to the process of getting your music into the hands of radio station personnel.
7 Shareholder value-
Based on all available current and forecasted information about a brand, as well as many other considerations, the financial marketplace formulates opinions and assessments that have very direct financial implications for the brand value. Three particularly important indicators are the stock price, the price/earnings multiple, and overall market capitalization for the firm. Research has shown that not only can strong brands deliver greater returns to stockholders, they can do so with less risk.
6 Single or concentrated approach-
a method where only one target market segment is chosen (such as the one built around your most likely fans) and a marketing plan is tailored specifically to meet the needs of this select group.
the process of aligning the sales and marketing teams around common goals within a business or organization, focused on improving revenue. A sales-marketing service level agreement (SLA) defines what each team commits to accomplishing in order to support the other in reaching the shared revenue goal(s). Closed loop reporting completes the feedback loop between marketing and sales.
1,2 Smart goals-
Specific Measurable Attainable Relevant Time... Set realistic goals, give yourself a deadline, and meet it..
4 Social media content plan-
outlines the pieces of content you will promote and the social media channels you will promote them on. A remarkable social media content plan: clearly communicates company's brand and values, delivers helpful content that adds value, and provides relevant content for each platform.
# Social media team-
(re)generates content for planned marketing campaigns online.
1 Social signals-
tangible indicators of some intangible quality that increases a person's social status or group affiliation. Signals sometimes have little or nothing to do with the reality of what the signal is supposed to communicate. The best way to build wealth is to earn a lot of money without spending it. But people who want to signal they're well off spend their money on items that communicate wealth and status- large houses, luxury cars, designer clothing, expensive vacations. Social signals have economic value. Signals go back to the core human drives: acquisition, bonding, learning, defending, and feeling. People want to signal they are wealthy, attractive, intelligent, high status, interesting, and confident.
a PRO to collect and distribute digital performance royalties for sound recordings.
Performance rights organizations (PROs), such as BMI or ASCAP, offer administrative services, particularly in royalty collection, between copyright owners and people who use copyrighted works publicly.
6 Spot buy-
an ad that is bought on local television and radio stations in select regions.
7 Strategic brand management-
4 step process: 1. Identifying and developing brand plans, 2. Designing and implementing brand marketing programs, 3. Measuring and interpreting brand performance, and 4. Growing and sustaining brand equity.
# Street team-
gets on the street to deliver handbills to people at events and businesses where permission is given.
a philosophical, emotional, or clever short statement that usually represents the philosophy of a particular ad campaign. Note that tagline is often used interchangeably with slogan. However, a slogan is usualy a statement about a company or product brand and is often used together with the company logo.
6,7 Target driven approach-
a positioning technique that involves targeting specific markets with the intention of creating a strong image of your products in their minds. Target market criteria: 1. Identifiability, 2. Size, 3. Accessibility, and 4. Responsiveness.
1,4 Thank yous-
end the conversion process. Always follow landing pages and contact forms with thank you pages or messages. Golden Trifecta: Appreciation, Courtesy, Respect. Express gratitude for what others are doing for you even if it's not perfect. Be polite, pure and simple. Honor everybody's status.
6 Top-level domain (TLD)-
the last part of a web address (such as .com, .net, .org, etc.).
a decision that places a higher value on one of several competing options. Time, energy, and resources are finite. You can't have everything you want all of the time. Every minute of every day, you and the people around you are making trade-offs. Predicting how people will make certain trade-offs is tricky- values change quickly given the environment and context. By paying attention to the patterns behind what your best customers value, you'll be able to focus on improving your offering for most of your best potential customers most of the time.
6 Traditional independent distributor-
a distributor that serves independent labels and artists. It warehouses recordings, fulfills orders, handles accounting functions, and sets up retail promotions with stores.
2 Unique Selling Proposition (USP)-
3 components: 1. Each advertisement must make a proposition to the propspect. Each must say, "Buy this product and you will get this specific benefit." 2. The proposition must be one that the compeitition either cannot or does not offer. 3. The proposition must be so strong that it can pull over new customers to your offer.
7 Value-based pricing-
attempting to sell the right product at the right price to better meet consumer wishes. The objective is to uncover the right blend of product quality, product costs, and product prices that fully satisfies the needs and wants of consumers and the profit targets of the firm.
1,5 Value-based selling-
the process of understanding and reinforcing the reasons why your offer is valuable to the purchaser.
Value comparison is often the best method to support a high price on that offer. You increase the liklihood of a transaction with a price the buyer will be willing to pay. Value-based selling is not about talking, it's about listening. Listen for what the customer really wants by asking good questions.
Four phases of successful selling: 1. understanding the situation, 2. defining the problem, 3. clarifying the short-term and long-term implications of that problem, and 4. quantifying the need-payoff or the financial and emotional benefits the customer would experience after the resolution of their problems.
You increase the prospect's confidence in your understanding of the situation, increasing their confidence in your ability to deliver a solution. You'll also discover information that will help you emphasize just how valuable your offer is, which helps you in framing the price of your offer versus the value it will provide.
generally do not tolerate or appreciate promotional efforts for other venues at their venue with a couple of exceptions: some venues manage artists and promote for those artists' other shows at their venues, and if you are fliering for an artist that is playing at the time you are promoting, then venues usually don't mind if that show is for another venue.
the most effective way to get people to want something is to encourage them to visualize what their life would be like once they've accepted your offer. Our minds are designed to automatically imagine the consequences of our actions. Help your prospects imagine the positive experience they will have as a result of your offering.
6 Web developer-
a web devbeloper is a person experienced in computer science whose role is to polish up your website design, generate web pages, observe traffic, and other statistical data, and make sure that people can find you on the web.
your contacts are your guests. You are their host/hostess. Friendliness and hospitality will go a long way, it is not about competition but collaboration.
7 Yield management principles-
also known as dynamic pricing. Vary prices for different market segments according to customers' different demand and value perceptions. Alternative to every day low pricing (EDLP), another pricing strategy which limits price to bare minimum profit margin needed to be sustainable for company. EDLP can work for CBBE in terms of loyalty from a target market with lower income, but does not allow much room for discounts or special offers and risks substituting quality for cost effectiveness.
6 Zone pricing-
a pricing strategy that focuses on setting shipping and handling charges by geographical territory.
formula for persuasive copy: 1. What I've got for you, 2. What's it going to do for you, 3. Who am I, and 4. What you need to do next.
7 4 Types of Brand Equity Messages-
Evaluate options in terms of ability to effect brand equity. Four main types of communications are crucial: 1. advertising and promotion, 2. interactive marketing, 3. events and experiences, and 4. mobile marketing.
3 4 Values of an Effective Keyword-
Traffic, Brand, Conversion, and Persona.
2 4 U's Approach to Writing Headlines-
1. Be useful to the reader, 2. Provide reader with a sense of urgency, 3. Convey the idea that the main benefit is somehow unique, 4. and do all of the above in an ultra-specific way.
2 5 Cs of Effective Content Marketing-
1.Context, 2. Cornerstone, 3. Connection, 4. Conversion and, 5. Copy. Are you telling a story? And more importantly, does that story resonate with the story your prospective customers and clients are telling themselves?
2 5 P Approach to Concepting a Premise-
substitutes Attention, Interest, Desire, Action with Promise, Picture, Proof, Push, and adds a fifth overarching idea: the Premise. The prospect has to tell themselves their own story based on the picture you create in their head with the elements of your content.
7 6 Criteria for Integrated Marketing Communications-
1. Coverage (proportion of audience reached by each communication option), 2. Contribution (describes effects of communication as processed by consumer), 3. Commonality (extent to which common information conveyed by different communications shares meaning across options), 4. Complementarity (describes extent to which different information is conveyed by various options), 5. Conformability (effectiveness of communication for different customers), and 6. Cost (evaluations of communication must be weighed against cost to arrive at most efficient and effective program).
2 6 Questions to Ask Yourself Before You Start Writing Headlines-
1. Does your headline offer the reader a reward for reading?
2. What specifics could you add to make your headline more intriguing and believable?
3. Does your headline trigger a strong, actionable emotion the reader already has about the subject at hand?
4. Does your headline present a propositon that will instantly get your propspect nodding his or her head?
5. Could your headline benefit from the inclusion of a proposed transaction.
6. Could you add an element of intrigue to drive the prospect into your opening copy?
3. Neil Patel
Last updated 7/12/20.