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Travel Industry Trends |
Thursday August 21st, 2008 |
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What Can Prince Teach Us About Marketing? |
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As marketers, we're trained to behave in certain ways, to measure certain outcomes, and to have a certain ecosystem in mind for our products and services. Most marketers can easily reference the four Ps: Product, Price, Place, and Promotion, when they discuss strategy as well as day-to-day tactics. |
If we sell widgets today, we're highly likely to sell widgets tomorrow. If a competitor enters the marketplace, they'll attempt to undercut us in price, find new channels to exploit, deliver a better product, or promote the product in new and interesting ways. In short, we have a tried and true model for how things are supposed to work.
An article about the musician Prince reveals some very interesting lessons that apply across multiple products and multiple product categories. The highlight is the fact Prince arranged to give 3 million copies of his new album away in the U.K. through a distribution deal with The Mail on Sunday newspaper. You read that right. Prince gave away three million copies of his CD. His UK record label subsequently refused to distribute the disc.
What would it mean for you if a partner, competitor, or supplier decided to completely change the economics of your business? Could you withstand the impact of a competitor figuring out how to give away their product for free and make the revenue somewhere else? The Internet was supposed to kill the music business, but it really just changed distribution methods. Prince may have found a way to actually kill the music labels.
External Source - For the complete article click here
Source - Clickz
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