A Look Forward...

I began this blog over a year ago as an assignment for school. With this post, I will finish my last assignment, and will be completing my Master's Degree. Over the last year, I have covered a number of topics, largely centered around Social Media as a marketing tool, and now I feel it's time to take a look forward.  What is going to happen to the industry as we move forward and technology continues to improve? Will there still be CD's in five years?  Will artists continue to become more accessible? What role will Social Media play in all of this?  The answers to these last two questions will play a vital role in whether or not the industry will thrive or die. The technological progress of the industry has allowed fans to form a stronger connection with artists than ever before.  Celebrities make themselves available via Twitter and Facebook, and allow fans sneak peaks of new music, videos, and the latest news.  If artists continue to keep Social Media as a central part of their marketing tactics, I think we will continue to see the industry survive the downward slope of physical album sales.  Digital music is cheap to obtain, and can cheaply be promoted, especially with Facebook's new "Promote" feature, which allows users to pay to have their statuses featured and promoted. At the end of the day, the connection between the artist and the fan, whether in concert or via a Facebook "like", is what really drives the industry.

Mark Tremonti's Social Media Success.

By now, you are probably expecting me to talk about how much of a social media genius I think Dave Grohl is.  Well, I'm going to give you a short break this time. While there are a lot of new things happening with him and his Sound City Movie, I have someone else I want to talk about today.  Mark Tremonti, best known as guitarist for Mega-Rock band Creed, has become increasingly present in the social media world.  For a man with a net worth of $25 million, this is somewhat surprising.  It seems that a general rule has been that the more famous you become, the less accessible you are. Mark has somewhat managed to fly below the radar of celebrity outside of the music industry, and this may play to the advantage of his fans. Mark has a history of taking time to visit with fans before and after shows, and from personal experience I have never seen him rush off to the bus like so many others.  He is always willing to stay and chat, regardless of time.  This is a quality that he has taken over to the social media world as he is constantly updating fans via his Facebook.  He kept fans updated throughout the recording of his solo album, and has been quick to provide photos of himself and his Alter Bridge bandmates. He also frequently provides guitar tutorial videos to the Fret 12 website to teach his technique and show fans how to play songs he has written.  Mark's utilization of Social Media helped to launch the debut single off his solo album to win many radio station "Cage Matches" vs other artists who are more popular on mainstream radio. I think that Mark's willingness to seek out a connection to his fans has proved to help him achieve a great deal of success, and with a new Alter Bridge album in the works, and a Tremonti Project tour scheduled, I see no signs that Mark plans to slow down any time soon.

Tremonti "You Waste Your Time" Video

Alter Bridge "Blackbird" (voted in a fan poll as best guitar solo against greats such as Slash and Jimmy Page, further proof that social media promotion gets results!)

Creed "Higher"

Is Facebook the Best Way to Connect with Your Audience?

How many times a day do you check your Facebook?  For many people, this answer is several times a day.  Some people do it from their phone without even realizing it.  It seems as though we all flock to Facebook to keep up with the lives of our family and friends, and now more than ever, we are using it to form a connection with celebrities.  By simply clicking that little "Like" button, fans can feel as though they are in the inner circle of their favorite artists' lives. So it stands to reason that if you want to get information out to your fans, post it on your Facebook page.  Does this same ring true for a company launching a new campaign?  Absolutely.  The world seemingly revolves around Facebook and other social media giants like Twitter, so it is wise to utilize a channel that reaches around the world and touches millions and millions of consumers.

Not so long ago, it seemed as though you never knew what was happing with an artist or band that you liked, then out of nowhere, they had a new album coming out and tour dates posted.  Now, you know months in advance that they are writing, what studio they will record in, and who their producer will be, all thanks to social media.  Hard rockers Sevendust provided all of this information prior to heading in to the studio to record their next release.  They followed it up by posting videos of the happenings in the studio and to give little glimpses into the new tunes as they were being recorded. They posted the album cover along with the release date to their Facebook page, and will often post the day of a concert to let fans know where they can find a VIP ticket waiting for them. They have long held a reputation for being highly fan oriented, but Social Media have allowed them to expand on this reputation, and they are taking full advantage.

Another band making the most of the Social media world are up and comers Like A Storm. The trio of brothers from New Zealand have found a great deal of success opening for bands such as Creed and Alter Bridge, but have gained a loyal fan base by constantly staying in touch with their fans via social media, and giving the fans opportunities to vote for where they would like to see the band play, and help to plan the tour in some way with these votes.  This approach to Facebook has help to develop and maintain a deep connection with fans who in turn share news of Like a storm with their friends and have helped the band to gain momentum as they make their push for their big break.

The New "Live" Event

A few weeks ago, I touched base on the changing face of the music industry. Today, I'm going to discuss a little more about how concerts are changing. Fans no longer have to buy tickets to see their favorite band live.  More and more, it is becoming common to see live broadcasts of concert events being streamed online for fans world-wide to view. I'm once again going to use my go-to guys, the Foo Fighters, as my example. Dave and the crew have been known to frequent the European music festival scene, and a few years ago, it was just tough luck for the U.S. based fans who had to miss these epic performances.  On their last touring cycle, many of their performances were streamed live online, and suddenly, those of us in the U.S. had the best seat in the house. Their full performance at Reading Festival 2012 served as a major treat for fans who missed their short U.S. run in 2011. My blog is seriously going to suffer for examples now that these guys are going on hiatus.

Now, what does this approach mean for traditional concert promoters?  Is this going to hurt us? Absolutely not.  I feel that this new channel is going to become an invaluable tool for marketing future performances.  By streaming shows live online, you give fans who couldn't afford a ticket, or didn't get to the ticket booth fast enough a second chance to see their favorite band.  When they know that you are there to help them out, they will be more loyal to you in the future. You also give fans who are skeptic about an artist a chance to check things out before they go pay their hard earned money for a ticket to see them live.  You're providing families with children a chance to watch a show that may not be suitable for smaller fans up close and personal, so that the kids can enjoy the performance without being trampled in a mosh pit.  Live streams also provide a preview of the venue for someone who has never attended an event there before.  The Rave in Milwaukee, WI live streams many of their shows, helping to promote both themselves, and the artists the book.  They keep these shows posted to their Youtube Account which provides a chance for those in attendance to relive the events of the night.
Their live stream of rock veterans Sevendust provided a chance for many fans to catch their performance on a very short tour they did just before going back into the recording studio.

One final perk to the ever-prevailing digital method of concert promotion is the fact that you can get any information you want out to your target market for FREE.  With a simple Youtube account, you can record any message and post it online, where it can be viral with a few days, spreading your news world wide.  Of course, you want that message to be interesting, in order for it to have maximum impact.  This tour announcement from the Foo Fighters may leave you with a few ideas on how to accomplish this.

Business Plan Experts Part 2

After my first posting on Business Plan experts, I took some time to stop and examine my own business plan.  I looked at the qualities of a entrepreneur as presented by Carl Schramm to see how many of those qualities I currently possess.  I've worked in numerous industries, held positions that I didn't enjoy for bosses who were less than stellar, and have been considered an outsider at my place of work on more than one occasion.  I have learned that the hard questions are the ones that must be asked first, and answers must be given.  I have taken those qualities, and applied them to the position that I currently hold in a quest to make myself the best leader possible, and have been rewarded with respect from the employees that I supervise, and praise from my superiors.  In regards to Schramm's philosophy that a business plan quickly becomes outdated, I have taken a closer look at my own business plan, and have discovered ways to make it more timeless and easily adaptable. I have given it specific detail in some areas, and left others vague in order to allow for necessary change should I discover that getting my business plan into the right hands takes longer than I had originally anticipated.

I have also taken steps to heed the advice of Dr. Steven Gedeon, who believes that the Executive summary and qualifications are the most important parts of a business plan. To me this made sense, as they tell the majority of the story about the business and who will be running it. When composing these sections I will make every effort to ensure that I have perfected them both. I have developed a clear vision of the business, and know the best way to overcome my competition.

http://bpexpertviews.blogspot.com

Business Plan Experts

PhD Economist Carl Schramm is the past President and CEO of Ewing Marion Kauffman Foundation.  He has several interesting views on the Entrepreneur and business plans.  In regards to the entrepreneur, he feels that the main characteristics are that of someone who has worked in many industries, in jobs that they have not enjoyed, and in multiple places in the world.  He also notes that many entrepreneurs will have worked in startups, will not be afraid to ask hard questions, and will be considered somewhat of an outsider.  I think that many of these characteristics make sense, and would prove to be true of many Entrepreneurs, as these traits and experiences will have allowed them to form a very clear picture of what they want out of their business.  In regards to the business plan, Schramm believes that it is an item that becomes quickly out of date, and that one should not stick solely to it.  This I absolutely agree with, as I feel that it is impossible to predict the future, and therefore impossible to know if your business plan will be 100% correct and appropriate indefinitely.

Dr. Steven Gedeon is an award-winning expert in business plan writing and professor of Entrepreneurship at Ted Rogers School of Management.  He has founded many organizations and has several excellent view on business plans, the critical questions you must ask yourself, and what the most important part of the business plan is.  Gedeon knows that you must ask yourself what your business is and who you are selling to.  He also knows that you must have a clear vision of your price point and who your competitors are when developing your business plan. He believes that the Executive Summary is and qualifications of the management team are the most important parts of the business plan, and that the key component of the plan is its credibility.  

http://bpexpertviews.blogspot.com

Today's Digital Landscape

I'm sure by now, most of you have realized that the landscape of the music industry has drastically changed.  This is no longer an industry that is firmly based in brick and mortar, mom and pop, stores where everyone runs on Tuesday to pick up the latest albums from their favorite artists. These days, people simply hop on their computer at midnight, open their iTunes, and click but now, and they have those same albums within a matter of minutes.  In other cases, they log onto a torrent site, and get the album for free weeks, or even months before its scheduled release. This is a digital world that we live in, and the landscape is changing at a rapid pace.  People have gone from buying music in stores, to ordering CDs online, to purchasing digital albums, and never touching a physical copy of the release.  The concert promotion world is making this digital transition as well.   Artists and venues are partnering with online sites to stream live performances that give fans who can't attend a chance to feel like they are there.  Is this going to become the new norm?  Will promoters in the future have to partner with streaming sites to broadcast their shows?  I for one actually hope to see this trend become more popular and affordable enough for all concert venues to be able to provide this to fans, especially since the economy prevents some from being able to afford the joy of a live music event.  Nothing would make me happier than to promote live events that include a webcast so that all of my potential customers can feel included in the event, and may be more likely to attend an event that I promote in the future.