Polyphonic, which target market unsigned artists, producers, or record companies would you pursue? How would you serve this target market? We will start with the three steps of “Segmentation, Targeting, and Positioning. ” The market has been categorized into three subsets, and in deciding market coverage, we have been limited to only one market due to the company’s resources according to the case.
In view of Product Life Cycle, because Polyphonic is n its early stage where the company would need to find some pioneers who are willing to give the product a shot before being adopted in a major market. Few would accept it with the relatively high expense Polyphonic charges to Justify the R cost, so the market size and the ability to pay should be taken into consideration: Five major record companies in the US can be broken down into several labels.
Their main revenues come from the hit songs and albums sold; Several hundred of artists can be named, who are more likely to need the service than unsigned ones, and they would end to seek help from producers instead of an expensive software; Producers, with tens of thousands of them around the States, are more often to be highly trained in the field of music and thus be more likely to rely on their own Judgments. Therefore, we think that “Record Company’ would be the most ideal target market we serve.
Another benefit is that once they adopted the technique, more accuracy in determining the hit and less effort be wrongly put inexpensive promoting which would significantly reduce the marketing cost. We suggest the ecosystem between these three roles could be like this: Artists sharpen their skill and provide their best composition to producers; he Judges it with his experience and talent ears before sending it to record companies, who then use Polyphonic to decide if the album has any potential song.
If not, they send it back, and if the producer still insists in the song, he can argue with the company in more detail and specific consideration. If there is potentially indicated by the point over 7, the company can use this technique to decide the trial song to be distributed in the air. In terms of positioning, Polyphonic POD is distinctive, relevant with the customer. The main pitfall is “believability’.
Customers show a skeptical attitude in the new product which people are afraid that it blurs the line between art and science. Polyphonic need to demonstrate the reliability in this product- might it be a monthly report of the existing hit songs on its website, and lasts half a year in total (sustainability) which gives a clear statistics, eely-updated info to the customers without giving the trail version one customer after another.
Other ways include creating an interface that allows record companies to gain free access to old hits’ data, or they can also provide limited function program to companies. The key point is that in marketing this new product, Polyphonic must provide strong rationale to convince the reliability of it’s product as well as gain more customer involvement, let them get the numbers on their own instead of being told how good the product is, which is based on the idea of “Seeing is believing. In addition to continuous communicating with record companies in the By Aileen advise to charge at report unit with every song analyzed under the program. It enables record companies to give small sample tries. Nevertheless, it can also provide an allowance for underperformed, less accurate companies, or a discount for companies who pay to buy multiple songs’ report at one time. These steps would reduce the barriers and risks to adopting the new product.