The music business is comprised of various players and various sub-segments that influence the industry’s overall financial standing. As an artist your success is dependent upon sales of concert tickets as well as sales of music – both physical and digital.
Given that this particular industry is so widespread, it serves a diverse array of market segments that can be categorised according to demographics as well as behavior-graphics and psychological factors; it is important for you to take notice when observing consumer behavior specific to the music market that some of these segments are more involved/responsive than others. (“The conundrum is familiar: Does the music industry ignore certain consumers because they don’t buy music, or do certain consumers not buy music because the industry doesn’t bother selling it to them?”)
When analysing the different market segments of music consumers it does provide a revealing look at comprehensive marketing possibilities and assist in explaining why the music industry is so unique.
Now we’ve laid the foundation of this editorial it is important to understand why, at times, i get frustrated with how “ARTISTS” market themselves on twitter, aka SPAMMING. So lets get back to the principals of market segmentation.
The purpose for segmenting a market is to allow you to focus on those who are “most likely” to purchase what your offering. If done properly this will help to insure the highest return for promotional activities. Not alienate them with annoyance.
Think about these points below
- How do consumers want their music packaged? Singles, albums, or a few songs at a time? With or without videos?
- How can you capitalise on blogs as a source for introducing new music?
- What is the best way to profit from digital downloads?
- What draws music consumers’ interest at the point of purchase?
- Which artists are fans watching most closely right now?
- What would attract more fans live concerts?
Lets revert back to market segmentation…in various parts of South London you will see a“Morleys”, usually its based on what the business thinks is the “Needs” of the people in that area (generalisation i know). But the point is there has been some form of market research and not just a random act, but a targeted/segmented of the Food market in this brief case. I’m sure people in Chelsea like Chicken and Chips but you wouldn’t see a Morleys there.
So lets think clearly for a minute..when your market is not a purchasing market you only have a consumer market and if you condition them with continued free downloads/freestyles, its like teaching a child that its okay to not brush your teeth and you will reward them with sweets. You will inevitably have problems.
Unfortunately i have to leave the post here as i have to rush off for a meeting but hopefully you got a little snapshot in what i am saying.