Like every other business, the movie business is being reshaped by a new economy and new marketing.In the not too distant past, studio executives would spend big advertising bucks to generate “boffo” box office. Now, with the reactions and reviews of other movie-goers at their fingertips, prospective audiences can’t be swayed by big ad budgets.
As John Horm of the Los Angeles Times writes:
Marketability (can you sell it?) no longer trumps playability (will audiences like it?)
The declining power of advertising isn’t unique to the movie business, nor is it news that “hot” products and services can get a big bang from social media. If you don’t have a product or service people really want, you might as well close up shop.
But there is good news: now you can use social media to get the information you need to make your product or service so great it’s worthy not just of purchase – but of conversation.
Your company moves forward on great ideas. Leverage the conversations you find in social media to come up with a product or service so great you’ll be the buzz of the blogosphere, the toast of twitter, and the prince of Plaxo!
And that’s practical marketing.
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