Posts

The BET Award Show was LIT!

From the moment the 2016 BET Awards show opened with Beyonce to the after party where DJ Khaled released his new video, this awards show will be remembered as one of the best productions that BET has produced in many years. Even with all of the fun that was being had during the entire awards show experience, the bottom line is that this show was about business and each of the artists and actors that were on the show used the global platform to promote the projects that they had coming next.

We will explore The BET Award show from the business aspect.

The PreShow

Typically, you see newer acts perform during the preshow.  Acts that perform here are trying to break from being considered a newbie. So, although you have an act signed by Puff Daddy, they still have to work their way on to the main show. Diddy understands promotion and marketing on a level that many have been educated in marketing still do not get to this day. His act performed, he made an appearance in the audience, and he shared it out in social media.

The lesson for entrepreneurs here is not to be afraid to use a testing ground before you hit a ‘MAIN’ stage.  This will allow you to do some preliminary research before you release to the masses. But, when you do testing like this, its best to bring your A Game.  Testing out your B Game is a complete waste of time.

The Opening

 

Beyonce has not graced a BET Awards Show stage in many years, but this year she used her presence to the fullest. Sisters Chole and Halle Bailey, one of the first signees to Beyonce’s Parkwood Entertainment, were able to have a prime time for performing during the show.

The lesson here for your business is to always think about how you can negotiate to the benefit of your business. BET is going to benefit heavily for at least the rest of the year from Beyonce’s performance. So, in return, she has the right to also gain a little extra for her time to prepare and perform on the show. The searches that their website will get, the buzz that is created because of her performance, the boost to the BET brand is all things that Beyonce can bring to the table and deliver on.

What you have to do is to understand what you are bringing to the table to use as leverage as you negotiate for your business?

The After Show

DJ Khaled, who has a highly engaged Snapchat following, was allowed to perform at the PreShow and also promote the fact that he was releasing his new video that features JayZ and Future. What you have to remember is that DJ Khaled is a DJ, not a rapper, but he has a HUGE rap album with a mega collaboration being released.

There is a lot of business behind this act from numerous directions. The first element is that DJ Khaled can now be considered an influencer on Snapchat. The idea that he will be promoting the BET Awards show and the release of his new album on his Snapchat channel is a WIN for BET.

Secondly, DJ Khaled is touring with Beyonce on the Formation World Tour. JayZ looked at this as an AWESOME way to THANK DJ Khaled for stopping what he was doing to tour with his wife.  But, it really was a WIN-WIN-WIN for all involved.

Think about ways that you can collaborate with other business owners that can make for a mutually beneficial situation where everyone wins.  These collaborations have benefits that go beyond that of the actual act.

 

The Business of Beyoncé

It seems as though Beyoncé is on top of the world at the moment. She has managed to take a very private situation between her and her husband all the way to the bank. As the saying goes…she has turned lemons into lemonade.

Let me start by stating that I am a HUGE Beyoncé fan. My bias tends to swing in her favor (admittedly).

What I do want to share in this post is the business take-a-ways that we can all learn from and apply to our businesses immediately.

TOP QUALITY PRODUCT 

Before you take anything to market, you have to make sure your ducks are in order. Meaning, you have researched, tested, and reviewed each and every aspect about what you are about to share with the world. You may notice that Beyoncé releases her albums when and how she wants to. This creative control makes it easier for her to live with the success or failure of what she puts out.

Now, I want to relate this to our organizations.

There are times that I have seen entrepreneurs put out their product or service still needing work on the back end. For example, you have your product images, but you do not have a way for people to place their order. Or, you do not have any good images at all and you are simply hoping for someone to support you. It’s not about perfection, but it should be as close to perfect as you can get it.

UNDERSTAND YOUR AUDIENCE

One thing that Beyoncé knows is her audience. She understands what her audience will and will not withstand from her brand. This is the reason that she can now release a song or an album in the middle of the night and it still break records. This is also why she can put her work exclusively on Tidal for a period of time and still eventually break records. Lemonade was released on February 6, 2016 with a limited release strategy. In true genius fashion, Beyoncé used her Super Bowl time to not only make a statement, but she also announced her tour dates.

The BeyHive (as Beyoncé’s community is affectionately called) has become true brand ambassadors for Beyoncé and anything that she puts out. This is the true benefit of developing a community. Now, we are not all Beyoncé. We can not sparsely attend to our communities and think that they are going to gain any sense of loyalty to us.

Pay attention to what your community wants from you and what you want from your community. Add value to your community and it will add value right back to you.

EXECUTION

Many of us have a variety of ideas for how we would like to follow our passion and make a living. The problem is that we do not take the time necessary to bring thes ideas to life. The difference between success and remaining average is in the details of the execution.

Set goals and build a strategy of execution towards those goals. When you set measurable goals, it is much easier to line up what you need to do to get to your desired outcome.

If Beyoncé has time in her day to execute a new album, the videos, a clothing line, and a global tour, we should also be willing to put in the work necessary to bring our ideas to fruition. Beyoncé does have a team that many of us are not fortunate enough to have at the moment. But, from her interviews over the years, it’s easy to see that she has a specific routine for buckling down when it’s time to focus. The lesson here is to have laser focus when it comes to executing your ideas.

The best results come from when you are able to tune out the clutter. If you are spending hours on Facebook when you need to be focusing on your business, then it may be time to make some changes in your daily schedule. This all depends on the level of growth you desire. Focus in on what it will take to reach your goals, develop a strategy, and implement flawlessly.

THE NUMBERS 

Ivy Park – Launched on April 14, 2016 and will be sold in North America in Top Shop, Nordstrom, and Hudson Bay. With items ranging from $50.00 to $265.00, Mashable reports that this is the most popular fashion brand on Instagram in terms of engagement before it even launched. The video used to launch the brand ask the question, ‘Where is your park?’

Lemonade – Beyoncé’s latest work sold approximately 200K on the first day. When it is all said and done, the album priced higher then most at 17.99, is expected to sale upwards of 600K albums. 

The Formation World Tour – The tour kicked off on April 27, 2016 in Miami. Originally slated for 41 shows, Beyoncé was set to make close to 50 million dollars. Now, with the add on of the additional shows the estimated amount that Beyoncé will bring home from the concert alone could reach 75 million.


MIAMI, FLORIDA – APRIL 27: In this handout photo provided by Parkwood Entertainment, Beyonce performs during the opening night of the Formation World Tour at Marlins Park on April 27, 2016 in Miami, Florida. (Photo by Frank Micelotta/Parkwood Entertainment via Getty Images)

WTRMLN WTR – 10 days after Lemonade, Beyoncé announced that she was an equity partner in a 3 year old startup that makes cold-pressed watermelon water. The water was featured in the Ivy Park launch video and is also sold at the venues that Formation performances are taking place in. So, Beyoncé is not only making money from the concert, she is making money from product sales. Can you say “cha-ching?”

In 2015, Bey brought home 54.5 million and in 2014 she sat on Forbes Celebrity Top 100 at 115 million.
 

 

 

 

The Business of Being ‘On The Run’

20140719-102359-37439394.jpg
For those that are Beyonce and JayZ fans, the ‘On the Run’ tour has been epic. The marketing, the build up, and the actual show could not have been planned any better.

Let’s start with the trailer that introduced the concert.

Originally, this was never intended to be turned in to a real movie. But, it was done so well that fans have actually ‘demanded’ that the duo create a full movie out of the idea that was created in the trailer. Don’t you wish your random ideas would turn into something profitable where you never intended to earn a profit. Currently, this video has received almost 8.9 million views on YouTube.

Next, the apparel….

Photo Credit CNN  The ski mask worn in the trailer are now carried out as a theme throughout the show. As a marketer, the consistency of the look that they have developed throughout the entire show is the key to branding.  People have a tendency to want to veer from the brand look and feel, but when you stick to that which you have created the results can be epic.

The dollars and cents…

Mr. & Mrs. Carter have not only generated a lot of money for themselves, but they have also created a lot of cash flow for the cities that they have paid a visit too. In Atlanta, there were 50K+ people in attendance.  That means many of the people went out to dinner, purchased new outfits, and bought other items that they may not have normally purchased if a concert of this size was not coming to town.  Also, because the concert was not going to all major cities, you had a lot of people in hotels.  There was money spent by concert goers inside and outside of the city limits.

The rumors….

Many say that the Cater’s marriage is one the rocks.  Who knows if this is true or not, but it sales a lot of magazines and causes people to tune in to news segments that theymay not normally tune in to.  I have to admit that I am guilty of paying attention to what is being said about the Carter’s. All in all, they had some flirty moments during the concert and I am hoping that it means that none of the rumors are true.  But, Beyonce did have a lot of passion when she was singing the song below.

The marketing nuggets…

There are always some take a ways that you can apply to business.  From this, I would suggest the following:

1. Market your own way – The trailer to the concert was such a huge hit that it is now set to become a movie.  How cool is that!?!?

2. Consistency in your brand – From beginning to end, you know when you are seeing something from the OTR tour.  Mimic that approach in your own business.

3. Strive for reaching new levels – It was decided early on (against the suggestions of many naysayers) that this tour would be a stadium tour only.  They stepped their game up from arenas and moved in to stadiums.  Take your business to stadium status this year! Don’t waist anymore time being mediocre.