Thursday, May 26, 2005

Target Marketing To The Long Tail

How to Make More Money with Less Time and Effort
by David Krock, President, Krock Business Development
Copyright (C) 2005 All Rights Reserved.

Special Note: If you have not heard of The Long Tail, or simply haven't gotten around to figuring out what it means, here are the quick links:

1. The original Long Tail article in Wired magazine

2. The current Long Tail blog
- Awesome stuff!
3. The Wikipedia definition of the Long Tail

The basic gist has been summed up by Seth Godin this way:
"Give people 1,000 channels to watch, and they won't all watch the same thing. Give people 1,000,000 books to read, and they won't all want to read a bestseller."
The reality is, people have varying interests, most of which they'll support with their disposable incomes, and in many cases, their indisposable incomes.

Consider the music industry (which is near and dear to my heart):

It's been long known among the progressive minds in the music industry, that the current distribution and promotional models are dinosaurs, due to become extinct, not through a catastrophic meteor impact (like people stop wanting music or to pay money for it), but by simple attrition.

In fact, people are still spending money on music. In fact, the amounts are still
growing each year. Where they are spending the money has shifted. It's shifted down the Long Tail.

David RD Gratton shows in his blog post "What's Really Happening To The Music Industry" the following graphic explaining how the industry has typically operated:

With the leveling of the music production playing field, and the proliferation of the internet, musicians can now create, promote, and distribute their music to their target markets:

How is this meaningful?

Let's say you play the theremin in a psychedelic middle eastern band out of Lake Havasu City, Arizona. While your local fan base may not be very large, the global market for your music could be in the hundreds of thousands, or even millions. My Google search on the topic returned 202,000 results.

By leveraging the power of the internet, and with some sound internet marketing strategies, your group can reach its potential fan base like never before.

More on how to use target marketing to reach
your global marketplace in an upcoming post.