Online Marketing Strategy
Like traditional marketing, online marketing needs some strategic thoughts. In order to be successful when it comes to selling your music online, you must develop and implement a strategic plan that includes:
- Great productions
- One or more websites/shops which are specifically designed to sell (working with more shops increases your chances to be successful)
- Pricing strategy (most shops will allow you to choose between different price ranges)
- Promotion (online & offline activities)
Developing Your Product
Your first step will be to develop great music productions. Apparently, around 60% of the music you may find on online shops does not generate any sales at all. Easier said than done...
Use your knowledge and skills: the key to developing a great product is exclusiveness. Your product should be unique and not be in competition with hundreds of other similar products. You must give your potential customers exactly what they want.
Another consideration of great importance is your target market. Keep in mind, the Internet is a global marketplace. Develop a product with a large geographic target and a wide appeal.
Web site(s) / shop(s)
Once your product is ready, you need to place on your own site and/or sell it through existing shops.
Some shops will provide you with the opportunity to sell your products at special prices. In some cases, this could be a good opportunity to offer specials packages at extremely advantageous prices.
Placing your music in a given shop will not make you sell a single MP3 unless you plan some marketing activities. Marketing theory distinguishes between two main kinds of promotional strategy: push and pull.
A push strategy makes use of a company's sales force and trade promotion activities to create consumer demand for a product. The producer promotes the product to aggregators (online distributors), the aggregators promote it to online shops, and the online shops promote it to consumers.
A pull strategy is one that requires high spending on advertising and consumer promotion to build up consumer demand for a product. If the strategy is successful, consumers will ask their online shops for the product, the online shops will ask the aggregators, and the aggregators will ask the producers.
Your marketing plan must include both short-term and long-term strategies in order to succeed. Short-term marketing strategies are those that bring you a temporary boost in traffic and sales. Short-term marketing strategies include:
- Online advertising (e.g. banners)
- Participating in forums (mentioning your latest music and by letting the other participants know where it can be purchased)
Long-term marketing will continue to produce results even years down the road. Long-term marketing strategies include:
- Opt-in lists
- Social networking sites
- Giving away freebies (e.g. to DJ's, radio stations, etc.)
Here are some interesting publications that might help you in your online marketing activities.
- Damian Ryan - Understanding Digital Marketing
- Ryan Deiss & Russ Henneberry - Digital Marketing For Dummies
- Philip Kotler, Hermawan Kartajaya, Iwan Setiawan - Marketing 4.0: Moving from Traditional to Digital