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How important is social media marketing in the music streaming services industry?

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How important is social media marketing in the music streaming services industry?

 

The top five firms in the music streaming sector are:

  • YouTube
  • Spotify
  • ITunes
  • Amazon music
  • Soundcloud

 

The purpose of this blog is to audit how firms in the music streaming industry use ‘Social media marketing’ and advise how they can improve their current use of digital marketing.

Dave Chaffery’s 6 digital Marketing Channels.

 

‘Social Media Marketing’ is the use of social media websites and networks to market a company’s products and services they have to offer. Social media helps provide companies with a platform to reach and engage with new and existing customers. Social media websites allow marketers to use a wide range of strategies and tactics to promote their content. Multiple social media networks allow users to provide detailed geographical, demographic, and personal information, which allows marketers to adapt and tailor their message to what is most likely to resonate with the user. The main social media platforms which currently dominate the market are, Facebook, Twitter and Instagram, these are all key social media platforms used by all firms.

 

The music streaming industry now has 112 million users of paid streaming subscriptions, with total revenues for 2016 reaching $15.7 Billion. The digital income in 2016 accounted for half the global recorded music industry’s annual revenue for the first time (IFPI, 2017).

Which sites or services have you used in the past three months to stream/access, or share music tracks or albums through the internet?

 

Audience participation

 

  • Audience participation Is the interaction of customer you are targeting? On social media platforms, such as Facebook, Twitter and Instagram this can be through videos, posts, retweets, shares and comments.
  • It is key that you get your audience to interact in your social media, so it is important to have fresh ideas and also media which consumers can also interact with. Media should be posted regularly to keep customers informed and up to date. Media shoud also be varied in kind eg, Videos, photos, GIF’s, Competitions and statements.

 

Managing social media Presence

  • Firms should be heavily active on all social media platforms, such as Facebook, Twitter and Instagram.
  • Firms should have multiple accounts if they are operating in multiple countries as their strategy’s will differ from country to country. It will also increase their presence and make contacting the firm a lot easier.

 

Viral Campaigns

  • Viral marketing is a strategy or technique that uses pre-existing social network services to help increase brand awareness and to help achieve firm’s marketing objectives.
  • Viral campaigns lead to faster growth at a lower cost. Mainstream media exposure can be huge for firms, they can rapidly increase brand recognition.
  • For example coca cola have their Christmas campaign, where the big coca cola Christmas truck passes through the town, this campaign aims to link and tie in their product with Christmas.

 

Customer Feedback

  • Customer Feedback is the information communicated back from customers to the firms normally with either satisfaction or dissatisfaction of a product or service that a firm offers.
  • Feedback is very important to firms, it helps address current issues within the firm and issues customers are experiencing. It’s important to listen to customers and address these issues to keep the firm moving forward. Feedback can also be positive and firms should acknowledge this positive feedback from customers and use it to their advantage.
  • Asking for customer feedback makes the consumer opinion feel valued and helps to build relationships between the customer and firm. Customer feedback should be taken very seriously as this could help shape the business towards success.

 

Refrences

Chaffey, D. (2012.). Digital marketing.

. (2017). Global Music Report. Available: http://www.ifpi.org/news/IFPI-GLOBAL-MUSIC-REPORT-2017 . Last accessed st Dec 2017.

. (2017). leading online services used for music . Available: https://www.statista.com/statistics/291716/leading-online-services-used-for-music-streaming-downloading-and-sharing-in-the-uk/ . Last accessed 1st Dec 2017.

. (2017). Rise in Revenue from music streaming services. Available: http://uk.businessinsider.com/one-chart-shows-the-rise-in-revenue-from-music-streaming-charts-2017-9 . Last accessed 1st Dec 2017.

. (2017). Social Media Marketing . Available: Social Media Marketing (SMM) https://www.investopedia.com/terms/s/social-media-marketing-smm.asp#ixzz501dru2bV . Last accessed 1st Dec 2017.

. (2017). weekly music consumption. Available: https://www.statista.com/chart/11728/weekly-music-consumption/ . Last accessed 1st Dec 2017.