The Happiness Business
Today I attended TEDxMelbourne and out of all the wonderful speakers there was one thought that stuck out about the rest. Something that should be the number one priority when it comes to entertainment marketing!
Australian guitar virtuoso Tommy Emmanuel rounded off the presentations at today’s TEDxMelbourne conference with a demonstration of his unique approach to guitar playing. But, as with all TED talks, there was one insightful thing that stuck with me the whole way home.
I am often asked if I am in the music business.
I say “No. I am in the happiness business. I play music to make you happy”
When it comes to defining the entertainment industry, organisations generally compare themselves with a much smaller group of competitors than they actually compete with. And this new approach to defining the industry clearly shows the wide range of competitors that are competing with any entertainment company.
Rather than maintaining a narrow view of the ‘classical music’ market or the ‘musical theatre’ market or even the ‘football’ market, all these companies are actually dealing in the happiness market. The average consumer could get as much happiness from seeing a live band as they could attending a footy match – and this is how you need to think of your industry because you are all competing for the consumers’ “happiness” money.
What does my product provide to make consumers happy?
And to answer this question there is only one place to start . . . the consumer. Understand the consumer and find out what makes them tick. Then consider this during the design stage of your service – because the aim of all entertainment offerings is to give their audience an experience to remember.
That way you will truly be competing in the happiness business against all those other competitors. And when your customers go home happy, chances are they will come back again to get another go at that same happy buzz!
P.S. After the performance that Tommy Emmanuel gave today I know that I went home happy. Keep any eye on TED.com for the videos from today’s presentations.