Learn the truth about the business world from Patrick DePuydt himself. |
SoundsMoreEpic
Creative Thinker, Planner, Problem Solver, Vocalist/Coach and Entertainment Professional who gets things done.
Wednesday, June 20, 2012
How to Network Effectively
Hopefully Patrick's strong opinions gets you thinking about how YOU network and if you are really doing everything you can to build connections and maintain relationships, OR if you are just excited to hand out a paper rectangle with your name on it.
Tuesday, May 29, 2012
The War Between Digital and Physical ~ Who will win?
The option to receive media digitally, rather than just
physical material, in some aspects, has altered the public’s consumption habits
considerably. Strangely enough, with regards to books, the advent of eBooks and
reader devices such as the Nook, Kindle and apps such as Audible, has pushed me,
personally, more toward the old-fashioned physical book. Although many use
computers when writing for business and school, as well as receive bills, and
personal correspondence digitally or via the Internet, I find that I shy away
from that sort of behavior with regards to reading. I prefer to sit town with a
physical book and turn pages, take notes on paper, fold down the corners of
paperbacks to mark my page, and cut out pictures, articles and perfume samples
from my favorite magazines. In contrast,
when it comes to current events, like many consumers ages 18-35, if it didn’t
come to me directly through my RSS feed , Facebook, or CNN.com, I doubt I would
ever take the time to sit down and read a newspaper.
With regards to music and movies, as Brandon Hoover
discusses in his blog: Digital downloads vs physical media: How will developing countries keep up?, “The rise of
internet capable TVs, mobile internet access, media centers (Apple TV, etc),
and services like Netflix have allowed us to watch what we want, when we want,
and often where we want .” Music streaming online via sites like Pandora and
Spotify has allowed listeners to be exposed to a variety of music that they
would never have heard should they be forced to take a chance on a CD, cassette
tape or record who’s album art caught their eye in a music store. In the past I
bought less and relied on the radio to reveal the newest trends in music. Now individuals are more active participants
in their acquisition of music, enjoying the fact that they can select individual
tracks after hearing a sample of them via iTunes or getting a taste of the
artist via Pandora. Consumers in their 20’s now seek out more and purchase more
music than in the past especially since whatever they purchase can travel with
them on a phone, laptop, or iPad. The
same can be said of movie consumption. The easy accessibility of films using
Netflix, for example, has made it less of a hassle to see a movie. Since it is
streaming there is no thought as to where to store that DVD case at the
conclusion of viewing or where to see a film if you missed it in the theater.
Our world is moving at such a pace that consumers now rely
on the instant access to all of their favorite media, however they still enjoy
dome of the physical aspects as well. For business’ sake, moving to a
predominately digital distribution will afford companies the most profit
without the upfront costs of printing/manufacturing material. This hybrid of
Print of Demand or aggregators give the consumer the option of both physical and
digital without all of the commitment. It is my opinion that at least within
the United States, Netflix and Blockbuster will move to digital distribution
only, but that bookstores will still exist because of the social (library-like)
nature of their locations. They market themselves as a comfortable place to
hang out and learn rather as just a place to get information. Bookstores will
have fewer physical locations but I don’t believe that they will move to
digital distribution exclusively. Physical media is not in danger of becoming
extinct until more of the world has access to the technology (speed, devices, accessibility) available to
us here.
Sunday, May 13, 2012
Customer Retention & Brand Loyalty – Why should they play with you? Why should they STAY with you?
So you have this great idea. You’ve gotten funding, you
filled out all the necessary paperwork and you are officially a business. You
even have a few people who want to buy what you are selling! Great! Now what?
Some business owners are so focused on growing their
customer base that they forget to do all they can to keep the ones they have.
Customer loyalty is one of the key ways to keep your business thriving. Yes,
you want to add to the pot incrementally, but first you need to decide how
quickly you would like to grow, and how to retain the people you’ve got. Here
are 3 ways to cement customer loyalty and help your business to grow at a rate
that you can actually keep up with.
From the moment a person steps foot into your establishment
or calls you number, she should feel like she is part of something. Your brand
is who you are, the message you deliver to the world, the “ word you want to own in the mind of your customer”.
Don’t mess it up hoping that a new exciting product or service vaguely related
to your original company goals will grab new people. Ultimately it may turn off
your current customers and confuse new ones as to who you are. There is no need
to follow trends. Set the trend. If you do see something out there that you
would like to incorporate into your company, make sure it truly speaks to who
you are. If not, there are ways to acknowledge a trend without allowing it to
take over. Remember you should be in the job of creating experiences,
not “Hey, lets see how many people we can catch by distracting them with shiny
things!”
Social media is a great way to keep your customers involved
in your development. People love to support companies who they feel listens to
them. Send out surveys via email, get customer opinions via Facebook, have
contests for the best picture of a customer using your product or service via
Instagram -to keep customers fully committed to your brand. Use Twitter as way
to keep customers updated on new products or services- offer a prize to the
first 20 people to retweet. Give them a
reason to keep coming back for more.
Fenix Social Media is a
great resource for musicians and other entertainment companies to keep their
fans feeling “like one of the family”. Of course you may not have the time or
resources to keep someone on staff full time to handle it on your own, but they
can maintain customer involvement on your behalf at a rate you can handle.
‘[Their] ultimate goal [is] building loyal, committed and engaged communities”
A reward doesn’t have to be a discount. “What?” Yep. Try something different like “gamification” instead.
Rewards are positive responses to a particular action. In games you usually receive
points or status levels, or physical prizes. The feeling associated with having
“earned” these rewards keeps people coming back for more, and guess what? Most
of the time, it doesn’t cost you much nor does it devalue your product or
service by lowering the price. When you discount you tell your customer “ I’ve
been marking up prices, just to make a profit” or “ This product wasn’t worth
that much anyway, ha-ha joke’s on you!” which just confuses and frustrates the
consumer.
If you are diligent with these tips, your customer base will
remain strong. Because of your consistency, your loyal customers will see you
as the ONLY option when looking for a particular product or service and the
next time someone asks their friend or coworker “ You know, I am thinking about
taking a dance class that’s fun, and effective. You told me you danced as a
form of fitness. Where do you go?” The name of your dance school will fall
effortlessly from their lips.
Sunday, April 1, 2012
Business Plans - “Write deliberate, act emergent” *: How to excite investors
Originally from Hawaii, Guy Kawaski, best-selling author of The Art of the Start and successful entrepreneur, is
well known for his connection to Apple
as “chief evangelist” and later as an
Apple fellow( guykawasaki.com). He has also led many a software company as a
result such as ACIUS, Fog City Software , and later really got involved with
investing and other venture capitalists with his creation of Garage Technology Ventures and Alltop. ( guykawaski.com)
In his blog, How to Change the World: a practical blog for impractical people , he clearly explains his stance on the “Art” of the business plan. According
to Kawasaki, The business plan is a necessary step in the formation of a solid
business, but not for the reasons you may think. Perhaps you have been taught
that the purpose of the plan is to convince investors to support your venture. Although
that may be part of the purpose, Kawasaki says that for many investors the
decision whether or not to invest is made during the sales pitch where the plan
is presented, rather than from reading the plan itself. The purpose of the
plan, in his mind, is to help the creators of this start up to solidify all of
the details, to help have a firm grasp of the “who, what, when , where, why,
and HOW” a business should be created, run, and become profitable before it
ever comes into existence.
What are investors looking for?
Investors, while reviewing a plan, are looking for well-written
copy with a consistent flow that has clearly been written by a single author.
Kawasaki believes that the most effective business plan is a n elaboration of a
powerful sales pitch. It is only effective if it addresses these key areas:
“Executive Summary, Problem, Solution, Business Model, Underlying Magic,
Marketing and Sales, Competition, Team, Projections, Status and Timeline, and
Conclusion”.( blog.kawasaki.com) with the Executive Summary as the most crucial
portion. The Executive summary is your “hook”. It is the first thing that your
investor reads and should get them to want to buy whatever it is you are selling,
immediately. Without that initial buzz, why keep reading? Get them to want to
know more. Kawaski’s “ no-bull’ approach to business helps people to get to the
point. and fast.
Mr. Moritz has a slightly different stance. He believes that
business plans are unnecessary in the creation of a new business. "You
don't need fancy business plans. An email works fine. If it's a startup
company, no one is going to believe the financial projections (anyway)." (Shinal,
2010)
Michael Moritz is a venture capitalist with Sequoia Capital.
As a former employee of Time Warner and co-founder of Technologic Partners with
an M.BA. from Wharton, Mr. Moritz has served as director and former director of
: Yahoo.Inc, Zappos Inc, Atom Entertainemnt Inc., Weatherbug Inc., Sugar Inc.,
Google Inc, Kayak.com, and currently LinkedIn Corporation. (Bloomberg
BusinessWeek)
He is more concerned with the quality of the entrepreneur
himself than the prose of the business plan. He key things he looks for when evaluating
a venture is the entrepreneur’s desire, the hunger has for problem solving, and
the “mastery of subject” (Shinal, 2010). He needs to know that the entrepreneur
is going to do everything in his power to make a venture succeed, knows his
business well and can identify a problem to be solved knowing that his future
business is the solution.
References:
Shinal, J. ( 2010). What Moritz of Sequoia wants in an Entrepreneur. FINSTechnology. Retrieved March 31 2012 from http://it-jobs.fins.com/Articles/SB129226990799066177/What-Moritz-of-Sequoia-Wants-in-an-Entrepreneur
*quote by Clayton Christensen as told by Guy Kawasaki
Sunday, March 18, 2012
“ Girls, we run the world!”* ~Women Entrepreneurs in Business and the Entertainment Industry
When one thinks of the entertainment industry and the
powerhouses that control it, you realize that historically it's been a man’s
world. Tom Corson - President of RCA Records Group, Evan Lamberg - President of Universal Music
Group , Doug Morris - CEO of Sony Music Entertainment
Jeff Robinov - President Warner Bros Pictures… and the list
goes on and on. Well, watch out boys, women are slowly but surely making their
way into power seats within the industry. We women do things a little
differently though, for us its all about taking something small and nurturing
it, protecting it, and fostering relationships until it grows into something
huge.
“An American Express OPEN State of Women-Owned Businesses
report found that between 1997 and 2011, the number of businesses in the U.S.
increased by 34%, but the number of women-owned firms increased by 50%.” says
Nellie Akalp in her article on mashable.com entitled, “Why Women Make Excellent Entrepreneurs in the Digital Age” With our advanced interpersonal skills,
natural inclination to collaborate, and a penchant for thinking through a
myriad of possibilities before heading down a particular course, women make
ideal entrepreneurs.
Oftentimes within the industry women are seen as talent only
- models, actresses, dancers, singers… but what happens behind the scenes? We do it all
now as producers, writers, directors, songwriters, A&R reps , Marketing and Brand strategists, artistic directors, and we love to
watch something grow from the ground up as big do-it-yourselfers.
Ali Brown, a
mentor for female entrepreneurs is a
strong beliver in the power of women and their potential for success. She
started as an ad girl in New York City who saw problems that needed to be
solved within her company but had no one to listen to her concerns. After a tough
decision to quit her job she took all the marketing skills she had gained and
turned into the “Ezinequeen”. No longer broke and unemployed , she is now a millionaire.
Women are ultimately problem solvers; we see a situation or an item for more
than what it is. We see it’s hidden potential.
So for all of you asking, what do I do? How do I get started?
* Take a leap of faith.
*Learn all you can about subjects that you are passionate
about, and start making things happen.
*Don’t take no for an answer, because there are a lot of
people who will say that you can’t do something.
Realize that one of the best parts of being a woman is that
we don’t need the recognition of being big on our own. We work together as a
group to change the world.
Sunday, March 4, 2012
SHOUT IT FROM THE ROOFTOPS! -3 ways small businesses, independent musicians, & entertainers can create a fan base through digital marketing, social media, & word-of-mouth
Regardless of your specialty within the Entertainment
Industry, the only way to be successful is if someone knows who you are and
what you do. From small business owners , to party promoters , to musicians …. you may create great products or services, but if no one knows about it,
they will wind up gathering dust on a shelf somewhere. You may be the only one
who RSVPs to your party, or sadly, the only person who will be listening to
your music is your mother. So now what? How do we get things moving?
#1 Identify your target audience and broaden it with niche marketing
You have got to get the word out. People love to support
businesses, independent music and people that they believe in. Having a loyal and broad fan base is essential.
No matter what your business, it is necessary to aim your marketing to a
specific group of people who would have a natural interest in you work. This is
your target audience.
A prime example is
with the group Turquoise Jeep.They gear their marketing, merchandise,
and music to males ages 15-35 based on a void that they saw in the industry.
They showcase their work on Youtube (a site most frequented by males in this
age range), and they perform at music festivals such as FunFunFun Fest and
South by Southwest . Their merchandise is the college
guys basic uniform — a t-shirt, and they sing and rap about subjects that are
most important to that group in a comedic manner. They are also a bit
controversial, which keeps fans talking. Although their music can appeal to a
wide range of audiences, they have chosen this group as their main focus.
#2 Create a fan base by exposing your product to a
receptive crowd online
Facebook,
Twitter and your
website are great ways to keep your current customers
informed about your brand, but make sure you keep all of these platforms
updated and interactive. If people tweet about your product, share links on
Facebook, and traffic is sent to your updated website as it appears higher in
Google rankings, you are
sure to gain more support.
However, there is more to sharing music on the web than
Facebook. Although a very valuable resource, this will only put your music in
front of people you know, or who are already familiar with your music. To
attract a new audience, give people a free sample of your music on great
streaming websites like Spotify. Have your music included
in the line up on Pandora. Pandora is such a great resource since
it selects music for the listener’s station based on similarities in musical characteristics and will place your music in front of someone who is open to something new.
And certainly don’t forget about Reverbnation, which provides you with all the tools needed
to promote , sell and share your music, tour dates, and merchandise alone – or
in conjunction with social media sites like Facebook.
#3 Get personal
“ People already know about themselves, they want to know
about you…. Just being a human, I think that is what is missing in music today,
a lot of artists are… they are trying so hard to be something they’re not… and
that’s what I am bringing back [humanity]”~Christian Monroe
People want to know your story, they want to know how you
got to where you are today. Whether you sold t-shirts out of the trunk of your
car and turned that into a million dollar business like Johnny Cupcakes , or had the good fortune to be born into a musical family and then discovered
by Clive Davis like Whitney Houston, to a pharmacist taking syrup, 125 years ago, and turning it into a drink with
household name like Coca-Cola. People want to connect with you, your past, your product, and thus will support
your future.
Sunday, February 19, 2012
Keeping Up with the Information Age
For years new artists have been told that if they work on their
craft they will get discovered, get an amazing record deal, and that then the
money will come pouring in. They are taught that success is not possible
without having your hand held by the woolly mammoth that is the traditional
record label and distribution channels. Do you know you can do it yourself and
make just as much (if not more) money than with their help? Its not enough to create great music, someone
has to hear it, and someone has to buy it. In the Information Age that we are
in, the best way for you to do it on your own is through the Internet.
In his free eBook The 20 Things You Must Know About Music Online, Andrew Dubber explains how to get your music into the hands of
consumers. He believes that if you can understand and embrace these twenty
ideas, you will be able to control the revenue your music creates. It’s all
about marketing and promotion- but not in the ways that you are used to. Some
of his tips include: not believing in the fantasy that industry uses to lure
new artists, the power of giving away things for free in order to entice a
customer into buying your music, getting people to like (and talk) about your
product with authority, as well as being accessible, professional and ever
present.
One really good point
he brings up is in the chapter about using your website as an environment where
people connect with one another, rather than just a destination where people
stop, look, and never return. (Chapter 6: Web 2.0). Another great section is
Chapter 8 where Dubber talks about cross promoting and setting up your websites
so that all roads lead back to your product. “Your online stuff is not a
replacement for your offline stuff, and nor does it exist independently of it.
Figure out how to make the two genuinely intersect.”
This book is so informative and he shares his information in
a way that is simple, easy to understand, and relatable. Download a copy and keep up with his blog and
other strategies to stay relevant in the Information Age at his website www.newmusicstrategies.com
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