A few days ago I completed my marketing strategy which is included below, this will enable me to finish my graded unit portfolio on the new projected time. This was an assessment for this class which I have looked at it and thought it would be beneficial to my graded unit.
Current
Situation
Strengths
•Low
overheads
•Starting
genre (Rock) for target audience
•Enthusiastic
•Area
venue knowledge
Weaknesses
•Lack
of money
•Lack
of staff
•Inexperienced
•Band
roster to promote
Opportunities
•Networking
•Expand
genres
•Hiring
more staff
•Enter
into new territories
Threats
•Competition
•Recession
•Not
enough recognition
•Age
restrictions (14+ or 18+ gigs)
Marketing
Strategy: In relation to the 4 P’s
Product
A
music event (gig), which is to be arranged, promoted and presented by DottKomm
Promotions to help music fans watch great bands.
Place
A
music orientated venue. Where this is located depends on the projected ticket
sales, venue, capacity and the event genre.
Price
This
is calculated by heavily considering the costs (kind of genre, projected
estimate of ticket sales, size of venue and cost of venue). A major factor is calculating
the break-even point as it’s not worth running an event with a projected loss
to begin with and also what the consumer can afford.
Promotion
Online
– Facebook and Twitter (event pages, band and band member pages, promoter pages
and employees of promoter’s personal pages), Tickets Scotland and Venue
websites. Also any other sites which will give exposure to the gig.
Posters
– pubs/clubs, venues, shops and heavy populated areas around the territory (Glasgow).
Radio
– Student radio stations around Glasgow and progress up the radio hierarchy
with all bands giving interviews to raise gigs profile
Market Segmentation
What
is DottKomm Promotions target audience?
Well
DottKomm Promotions will cover all genres’ audiences as we are aiming to
attract music listeners ages start from 14 year olds. To utilise each event,
we will look at what is the most popular genres to put on each day. Also we
will cater for any unknown local band looking into creating a fan-base by
lining them up with same styled bands. All media coverage would be very welcome
as this increases our profile more.
Review Period
Within
the first year we hope to make a profit on most gigs and this profit should be slightly
increasing, with the possibility of planning 1 or 2 events which is bigger in
capacity than our average sized venues. Depending on how successful DottKomm
Promotions are we might expand to neighbouring towns to help us find new
up-and-coming talent e.g. Paisley to build up a reputation that will bring new crowds
and with the possibility of existing bands being promoted into the biggest
events that we organise in Glasgow. In regards to the artists whom perform at
our events, the company will continue to work with unsigned non-touring/touring
artists but with the possibility into looking at starting a recording company
off of the success of the promotions company which could enhance networking
opportunities and gain new clients (either artists wanting gigs to view to be
signed or just to play a great event). Also this would enhance our relationship
with existing bands that perform these events as we would sign them and they
would get same professionalism shown when we hired them to perform one of our
gigs. Shortly after the first year we intend to host a mini festival to enhance
reputation of the company, to showcase the labels talent, potential signings to
the label, new fresh bands/artists and foreign breakthrough artists.
Final Summary
To
summarise the strategy above, we are an adventurous promotions company called
DottKomm Promotions which aim to please all genres, but will start using the
rock genre as a tester to see if this company can compete with other promotion
companies. If so then we will expand quickly so that there are at least two
gigs per calendar month, which in theory should make some profit. After six to
eight months then we will consider expanding territories and start planning to
form a record label which will sign bands that have a good relationship
previously through promoting them via events. Hopefully this transaction period
can create more events using the income generated by record sales. To mark a
year’s worth of work we should be ready to become a major promotions company in
Glasgow and follow in DF Concerts by hosting a mini festival to showcase our
artists/bands signed to the label and potential artists/bands that need a
breakthrough into the Glasgow scene. In conclusion DottKomm Promotions company
will swiftly expand based on success of the events circuit and go into
recording, therefore helping artists/bands achieve success earned though
gigging with us.
