Last week, Forbes’ put out their latest annual list of highest paid DJs across the globe. The group pulled in a collective $298 million, up from $270.5 million in 2016. A chunk of that increase comes from the two newcomers, Marshmello and the Chainsmokers.
How did they do it? There are probably many answers to that question, but I can guarantee you most people would agree that it all comes down to amazing marketing, sales, and partnerships. I’m going to focus on the marketing aspect today. I think Andrew Davis summed it up best with this famous quote:
If you’ve been seriously considering how to increase your ROI from marketing efforts lately, then there are two main things you should be thinking about–revenue and costs. Increasing revenue + lowering costs = more profit/higher ROI. But there’s more to it.
According to the book “Predictable Prospecting: How to Radically Increase Your B2B Sales Pipeline” by Jeremey Donovan and Marylou Tyler, how much revenue you make depends on a combination of things (volume, win/close rates and income per transaction). Costs, on the other hand, can be controlled by reducing production costs or by increasing productivity. As a result, there is a series of questions to consider about your revenue and costs if you want to increase your marketing ROI sooner than later.
Questions to consider if you want to increase revenue from marketing:
1. How can I generate more high-quality content at a faster rate?
2. How can I increase my win/conversion/close rate?
3. How can I increase revenue per transaction?
In today’s world, it’s hard fighting for young peoples attention. If you’re a millennial like me, I know there’s a good chance that you have a short attention span and you’ve grown immune to all the content that comes your way. This is why it’s so important for our writing to be concise and impactful.
I know how hard it can be to get your point across with very few words when you’re pitching something. That’s why I want to share the Hemingway App with you. Continue reading
Do you ever find yourself spending a whole bunch of cash on Google retargeting ads only to receive a small number of clicks after thousands of views?
I know, it sucks, I’ve been there. But it’s important to be proactive and find solutions to such problems. So since “sharing is caring,” here’s a trick I learned from the Google Adwords blog that saves me a ton of time and money whenever I run a retargeting ad online now — USE PLACEMENTS.
There’s a lot of information out there about this. Some analysts argue that you can’t generalize this information because different users have different audiences, live in different time zones, blah blah blah. So I did some digging and explored a variety of posts on this topic to see if I could find some correlations. I checked out articles from credible sources like the Huffington Post, Buffer, and SproutSocial. However, out of all them, the information I stumbled upon from CoSchedule stood out to me the most. Why? Because they did all the dirty work for us! CoSchedule compiled research data they collected within the past year from the 20 most popular social media studies online (including some of the studies I had checked out):
Here’s some great insight from Chris Anderson, a British-American author and entrepreneur (He was with The Economist for seven years then joined the WIRED magazine team, where he served as the editor-in-chief from 2001 to 2012). For whatever it’s worth, I turned his quote into an image you can share on social media:
It’s no secret that the music industry is currently in a state of disarray. This is in most part due to the evolution of technology and the way that people consume music. But if you think this is the first time this has been the case, think again.
It’s no secret that one of the biggest challenges for major record labels, book publishers, and the film industry is getting more value out of their products (books, DVD’s, etc). With that said, one marketing tactic that has been used for years to allow entertainment companies to benefit financially from product releases is releasing different versions of the same product — a company can’t maximize profit if it sells a single product at a single price.
We all know how successful the popular original Netflix production House of Cards was when it was first released in 2013. The show has remained successful till this day. But what if I told you Mordecai Wiczyk and Asif Satchu (the co-founders of Media Rights Capital) had gotten mixed reactions from the TV networks while they were pitching the show back in 2011?
I recently read an amazing book for business owners by John Warrillow. The book is titled Built to Sell: Creating a Business That Can Thrive Without You, and it covers seventeen tips in total. However, I only want to share eight of these tips with you because I felt that they were better suited for entertainment business professionals. Here they are: