Constructing a Business Model Part 3. Strengths, Weaknesses, Opportunities, Threats & Marketing
Updated: Jul 18, 2019
Toby Ellis Music – Immersive Audio for Film, TV & Games. Aiming to provide you with unique music for your projects.
This blog post addresses the third and final part of my business plan for ‘Toby Ellis Music’ which covers the companies key strengths, weaknesses, key opportunities and threats, and a sales and promotion plan identifying channels, customer relationships and revenue streams.
Customer Satisfaction – Have had many return customers from work on Student Film Projects. Customers have said that they like the service and have given positive word of mouth recommending my music composition services.
Have had some ‘walk-in’ business. Have been approached for projects on recommendation.
Social Media has eye-catching logo and gives some exposure when performing on-site services.
Can specialise as an Audio Lead, which means I can produce not just the music but sound design and overall audio mix for a project.Cheaper than hiring three different people on a smaller project to individually write the music, create the sound design and mix and master the audio of a project.
Can implement audio in a range of industry standardDAWs and middleware software.
Orchestration and Performance Skills (Drums) are of a high standard.
The current state of my network is small.
Lower Productivity Rate for Soundcloud and Youtube content than I would like at this stage.
Knowledge of most middleware is mostly limited.
Knowledge of composing in all production styles is something I am still working towards.
Not having a clear and consistent original type of sound that I am well known in the industry for.
Mastering techniques always need improving upon working with the limited Audio/MIDI station I have available to me.
Industry networking opportunities I could attend to develop more clientele.
Entering Film Composing Competitions and Industry GameJams to improve skills as a composer, improve my communication skills and develop my network further, getting recognition for my work and my name out there in the process.
Jobs in Live Sound. Earn experience and gain contacts in radio and concert hall environments for future prospects of having my music played on the radio/recorded live by potential top instrumentalists.
Jobs in Sound Design. Working in house for teams of videogame developers.
Obstacles include the current Brexit affairs and the government cutting funding to the arts budgets.
Competitors with better deals than me for a similar service.Some even hobbyists offering their services for free so making sure the business stands out for its quality at an affordable price is key.
Keeping up with the rapid changes in industry technology software’s.
Debt or Cash Flow Problems could present themselves if workflow on projects is low or my backup production library music is not selling as prominently as it once was.
5. Marketing Strategy
5.1 Sales and Promotion Plan
• My product reaches customers through Virtual Channels: Production Libraries, Adverts andPromotions on Facebook + Instagram, YouTube Channels (Epic MusicChannel etc.),Twitter, Soundcloud, Bandcamp, (Eventually Itunes/Spotify/Deezer), Linked In, People Per Hour.
• My Product Reaches customers through Physical Channels: University Film/2D + 3D AnimationStudents, industry networking events, Game Jams, Film Composing competitions, making close relationships in the industry, work experience in the industry.
• Selling and Distribution: Production Libraries, Bandcamp, Itunes, Spotify, Deezer.
• Offer Holiday Promotions to improve relationships to customers.
• Get customers to my website by way of promotions (as mentioned).
• I activate customers by: People who buy content on music libraries, people who like and buy the exclusive credited music on films + games, people who like/read my blog reviews and posts and have clicked on the link.
• I keep customers by: Offering free newsletters on industry subjects, new projects I’m working on, libraries to find my music etc.
• I Grow customers by: Engaging with them online (in person where possible), offer extra value, over deliver/go the extra mile, ask for referrals and testimonials to understand my customer’s satisfaction and key frustrations, improve customer service skills, create a community for them to share information and ideas.
• To make money I will: Seek out indie Film + Game developers and offer original music for their projects, submit to production libraries and earn off music licencing, PRS based royalties, concept albums on Itunes, Bandcamp, Spotify etc, (work in a studio to earn on the side).
• Value the customer is paying for breakdown: (Pound/Dollar/Euro amount I’m Charging)
Per Licenced Minute of Music Purchase Direct (For Original Content) – £35
Audio Network Production Library Network Licence Charges – Per Track: £6.99 Creator Licence, £69.99 Professional Licence.
Unity AssetLicence Charges – Videogame Packs (4-5 Tracks with Alternate Versions, Stings and Loops) $60.
ITunes – AlbumRelated content (Not licenced) £0.99 per track. Concept album cost £7.99 (may vary).
Spotify Membership – £9.99 (£4.99 Student) Monthly.
Deezer Membership- £9.99 (£4.99 Student) Monthly.
Bandcamp Rates -Album Related content (Not licenced) £0.99 per track. Concept album cost £7.99 (may vary).
Professional Website: http://www.tobyellismusic.co.uk