Monday, March 30, 2009

The 4Ps of Music Marketing

The 4Ps is 1950s marketing theory, so it's really out of date if you don't see it in the context of contemporary marketing, but it still provides the basic framework for a good marketing plan and it's still widely used today.

The 4Ps are product, price, place, promotion.

Product: as an artist you have to view yourself and your CD as products. Tom Peters will tell you everyone is a brand - so are you. Think of your CD as a brand extension or marketing collateral (like merchandise is - T-shirts, badges, buttons, caps).

Price: not too high or too low. Too high = you won't make the sale (people must sense there is value in what you're offering - as your perceived value increases you can push up your price). Too low = people will also not buy (they will question why it's so cheap).

Place: this is distribution. If you create demand for your product (CD) and it's not available in stores/online, you lose the sale. Try to create demand so that you have clout in the channel (i.e. nobody is gonna turn down stocking a Madonna CD because she's Madonna).

Promotion: also known as marketing communications. How do you TELL people that you exist? Traditionally included advertising, public relations/publicity, personal sales and sales promotion. Don't forget digital media, which today are more important for entry-level artists.

Wanna know more? Check out www.mbac.co.za.

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