Essay 3 – [strategies for music industry]

Putting together a network to build the set of capabilities is necessary to build a market offering that delivers high value to the customer. Gaining and sustaining competitive advantage depended up understand both firm’s value chain and how well the firm fit into the overall value system.
Niche campaigns are hard work, but it is a much more accurate way to attract audience and provide satisfaction experience as much as possible. Without a doubt, traditional advertising campaigns are still one of the best tools to promote product or service, but when we talk about the future music, new business model is so necessary.
Create new market space
Customers wish to access needed content anywhere, anytime, on any platform. They focus on personalization, interactivity and availability of something to watch you actually like and preference for free. The challenge for future music is to look cross the boundary between industries and create new market space.
Looking across the chain of customers
Customized and Interactive service should be suitable strategy. It is a positive way to attract the potential loss customers. Two main types of customers could be defined: influencers and buyers. The decision on which group to focus on can lead to the discovery of new market space. In music industry, the influencers could be the critics, reviewer from newspaper or magazine, and the committee of film festival or program award, even a normal fan. The efforts we made to persuade these influencers are critical for the whole market.
Looking across complementary product and service offerings
It is also significant to study what happen before, during and after the process in which people watching the program. For example, when a blockbuster declaim to come out, it is important to explore the attention of audience to make sure it will be popular, when the album is on, various in-door promotion such as games and gifting will gave the customer impressive experience. When the period is over, we should think about how to make use of the influence that has been built and how to reach more potential customers.
Looking across time
The development of music industry is sharp and the competition is fierce, it is decisive to identify the trend in the industry. As mentioned above, to mobilize the customers to create value is considerable, the SNS, Long Tail model we make use of are also the way we try to put together a network to build the set of capabilities and the market offering that delivers high value to the customer, which is also the way to prove our solution is suitable in business and the new market