BTS experienced a meteoric rise to success after winning their first BBMAs in 2017. They’ve toured most continents in the world. They’ve been on the cover of Time Magazine, Rolling Stone, and Billboard. In between all of that, they managed to speak at the United Nations and advocate UNICEF’s #ENDviolence campaign. But there’s more to these global artists than singing, dancing, and being fashion icons.
The South Korean ensemble is bringing in $4.9 billion a year to their country’s economy. This is mainly because of their charm and how they use their platform to connect with fans. Their economic contribution is also greatly influenced by their label Big Hit Entertainment’s brilliant marketing.
Take a look at their strategy using the 4Ps of marketing: product, price, place, and promotion.
The Secret to a Substantial Bump to a Country’s Economy
The formula for BTS’s success includes telling their own story through music and connecting with fans through social media. As the group focuses on artistry, their label takes care of marketing.
Big Hit Entertainment certainly knows how to maximize advanced market research tools, like social media analytics and online survey solutions. The data gathered from these tools are applied in the marketing mix, or the 4Ps of marketing:
- Product: Creating Value
BTS themselves are products with carefully crafted personas. But they often let fans see through the cracks. They established a brand with a distinct sound and relatable stories.
- Price: Capturing Value
BTS and Big Hit used research data to determine how much fans are willing to pay for their products and how much time they are willing to invest in the BTS brand.
- Place: Delivering Value
Big Hit developed an app where fans can directly order BTS merchandise. It also invested in translators for Korean content like music videos and online shows.
- Promotion: Communicating Value
BTS maintains visibility through advertisements like the Hyundai Palisade SUV, partnerships like the UNICEF campaign, and collaborations with other artists like Halsey and Steve Aoki.
Don’t be afraid to redefine marketing for your brand. Big Hit and BTS take advantage of the universality of music. They define marketing as creating relatable content that provides value to fans worldwide. You, too, can create a solid 4P strategy if you understand what is valuable to your target audience.
The Organic Results of Advanced Marketing
Big Hit Entertainment uses a CRM software to determine the time and locations that interact with their tweets the most. A couple of years ago, it conducted a survey of BTS fans to find out their interests, from songs and merchandise to more personal factors, like mental health. These tools helped the label understand the needs of its target audience and provided insights on how to empathize with them.
Big Hit used the results to create products and experiences that align with the audience’s needs. In addition to music and concerts, it released other BTS merchandise and partnered up with different brands. Korea also experienced a boost in local tourism because of the group’s Visit Seoul campaign.
This is an example of how the results of marketing aren’t always immediate. Still, laying down a solid marketing foundation is bound to bring in high revenue in the long run.
Tap Into the Needs of Your Target Market
You, too, can tap into your target audience’s interests by using the right marketing tools and tactics. Invest in marketing software, figure out what is valuable to your target audience, and apply the 4Ps in your overall strategy. It may sound impossible to match BTS’s economic impact but, through these factors, your brand will still surely experience high returns on investment.
