In recent years Eminem has become a household word. From young to old, we all know who he is and what he does; in fact, most of us are familiar with at least some of his music. Imagine for a moment then the money that is being made from his music and other memorabilia. If your mind suddenly conjured up dollar signs with millions attached, you are in the ballpark – $11 million.
Business people reading this are now thinking of ways that they too can profit from the music industry. Well, here’s an inside scoop that might help.
EMI Encore has enjoyed tremendous profits from the sales of Eminem’s albums. But nowadays many people are spending less and less money on albums and CDs, and spending more money on live concerts. EMI Encore brainstormed for ways to take advantage of this trend. They wanted to continue making sales with the albums/CDs, but they also wanted to capitalize on the live concerts.
The first part of the equation was rather simple. EMI offered EasySaver discounts and great deals to their customers while maintaining the highest quality standards in the business. Few people can resist a bargain, especially when it pertains to wonderful music. The result was an increase in sales. The next step was a bit more complicated, but very savvy.
EMI began combining music offers with live concerts. This form of Encore Marketing includes selling instant production recordings of gigs that fans just attended, within minutes of the end of the concert. The recordings will be offered in a variety of ways, making the offer versatile and available to almost anyone in attendance.
These recordings will open up a whole new stream of revenue potential for the company. Any business owner can appreciate the concept and need for multiple streams of revenue. This idea can be improvised and adapted to fit the needs of almost any business if enough brainstorming is done.
Don’t waste the efforts of this multi-million dollar company, take this idea, adapt it to meet the needs of your own company, and run with it. This goes back to the basic idea of not putting all your eggs in one basket – diversification is the key to your success in whatever you do.
Rick Starr is in a rock and roll band that does its own promotional work. After reading about EMI Encore and how the company has married selling CDs with live concerts, Starr and his band began doing the same thing. The band and Starr have almost doubled their profits over the past three months through the use of this Encore Marketing method. They plan to continue using this marketing method in the future. The band also found a publishing company called EasySaver that gives discounts to local musicians. Since using their services the band has seen a continual increase in sales.
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