Live Music’s Metaphors for Modern Marketing
By all accounts, the live music industry is booming.
A Pricewaterhouse Coopers (PwC) report, Global Entertainment and Media Outlook 2018-2022, for example, suggests that annual revenue from live music will reach $31 billion in four years.
So, what can modern marketers glean from this growth in popularity? Here are some not-too-soft, no-too loud observations:
Experience – It’s the obvious place to start: consumers are prioritizing experiences over stuff (living vs. having). A study by Harris Group, for instance, found that 72% of millennials prefer to spend their money on experiences instead of things. When something is live it’s inherently more exciting. But what makes it so? Here’s today’s setlist:
Vulnerability – One of the thrills of live music (or any live act), is the notion that they could get it wrong. Hit a bad note. Forget a lyric. Miss a transition. That they rarely – if ever – do makes their professionalism more impressive. So, the lesson is: practice, prepare, and exploit the platform.
This is something data/tech marketers, for instance, would be well advised to consider. I’ve observed a dozen or more live demos – for software giants and startups alike – in the past six months and virtually all of them suffered from the same thing: no drama/theater, no “holly crap, how’d it do that?” moment, no peaks under the hood -- moments that exploit the vulnerability of a live demo to demonstrate that the product/service can really do what it purports to, but also do it in a way that leaves you marveling at its quality.
Yes, most demos are perfectly capable. They just aren’t necessarily memorable. And because they lack the aforementioned elements, the people giving them come off as going through the motions instead of impassioned stakeholders. So, the lesson here is: think like a live act. Practice. Rehearse. Get the presentation super tight. Elevate the content to an art form.
Improvisation – Whereas improvisation also bespeaks vulnerability, it can also be thrilling. Having long been a fan of jam and devotee of jazz in all its forms, it is the excitement of hearing a magical moment that makes it all worthwhile – even if it includes an occasional clunker. This covenant – that I’ll accept some imperfection for moments of greatness – is such a powerful driver of loyalty.
The metaphor for marketers is that, in this day and age, you need to try a lot of things. Accept the fact that not all of them are going to work. Some may be downright duds. But when you hit something that works on a higher plane and drives engagement, and even conversion, in ways that blast through benchmarks, it’s all worth it.
Think in terms of sprints. Use data and agility to your advantage. Leverage technologies that let you test hundreds if not thousands of combinations of messages, images and offers at once, in real time. A good overview on this can be found here.
Spontaneity – A hallmark of the live music experience is that, in perception at least, anything can happen. A guest appearance. Playing a beloved song for the first time in a long time, or ever. Bringing a young fan on stage to perform a song (as Bruce Springsteen famously did in 2017).
In marketing, whereas a surprise and delight moment is typically well planned, true spontaneity is just that. Unfortunately, fear of reprimand or dismissal, or the wrath of lawyers keep most corporate marketers from anything approaching spontaneity. Yet, with the proper processes in place (some call it “controlled spontaneity”), social media gives brands a true channel for quick action.
Some examples: the Oreo “dunk in the dark” tweet during 2013 Super Bowl, Popeye’s recent stoking of the Twitter wars around its new chicken sandwich, and KLM’s commitment to responding to every question it receives within an hour.
Engagement – For most acts, there is a tried and true concert formula: start with a hit or two, introduce the new stuff, then close with the hits to send the crowd home feeling good (known as the peak-end theory in behavioral economics).
Are you using your “hero products” to full advantage? Hey, we know you love [product x], and are so happy that you do. Today, we’ve got something new up our sleeves, and would love to hear what you think about it. A nice example of this is the Hertz Hub – a customer community the rental car company created that now lives on Facebook.
Community – So much has been written of late on how toxic tribalism can be in the context of our divided politics. When it comes to live music, however, it’s all about participating in a community of shared passion and self-identity.
Brands that create experiences that bring its loyal fans together certainly understand this. Check out a Fujifilm Wonder Photo Shop. Or what two brands (Eight O’Clock Coffee and the TV show Friends) with raving fans can do together.
The Encore – One last thought: It wasn’t that long ago that acts went on tour to sell their records; today, they put out “records” to sell their tours.
In another twist, today, experiences make brands. Marketing is the product. Or perhaps more succinctly: “A brand is no longer what we tell the consumer it is – it is what consumers tell each other it is,” says Scott Cook, co-founder of Intuit.
So, marketers: be authentic, be daring, help your customers make memories, and rock on.