Dear Reader,
Hollywood glammed up for the Oscars®.
They’re literally a star-studded contest complete with the red carpet.
The idea of rolling out the red carpet has a long history. In 1902, the New York City Railroad introduced upper class red carpet service to Chicago.
Even better, the red carpet provides marketing opportunities:
Top fashion and jewelry designers vie to be part of the glittering pagentry.
I love that Mindy Kahling promoted her posee via Twitter.
And, don’t forget that there’s another marketing opportunity for goodie bags and after parties!
All of the Oscar nominees got a goodie bag (delivered in 3 suitcases) worth a whooping $225,000 each, according to Forbes. Distinctive Assets, the firm beyond this promotional marketing channel, charges between $4,000 and $50,000 per placement.
Why do marketers get?
The chance that an actor will decide to use their product and get a PR spot in a major outlet.
There’s a downside for actors:
They must pay taxes on the bags’ total value!
So pay attention and learn how to apply red carpet marketing to your business.
The Academy Awards laser-focus attention within “The Business” as it’s called in Los Angeles. And the marketing starts with qualifying.
Like any good content distribution plan, the key to Oscar success is release timing. In my opinion, content distribution timing is the most important fact. And, it’s FREE!
To qualify for an Academy Award, a film must:
- Play for at least 1 week in a commercial theater Los Angeles.
- Not be available in a non-theatrical format such as television, DVD, streaming or download before its commercial Los Angeles viewing.
Especially since a nomination gives a film an Oscar bounce.
Translation:
Increased box office revenues, especially for less visible films.
To help their best films get seen by the judges, movie studios pony up for mass marketing to Academy members.
And this investment can pay off just like your targeted advertising campaigns. For example, after getting the nod from other awards, 1917 went from showing in 11 theaters to 4,000+ theaters. This increased gross sales from $2 million dollars to $200+ million dollars.
Further, beyond the box office, An Oscar win often translates to real money for the winners.
Specifically, in addition to the gold statue, winners get offered the best roles, top billing, and better compensation.
But streaming services like Netflix and Amazon are changing the movie playbook and revenue dynamics.
In 2019, Netflix paid $160 million for Martin Scorsese’s 3½ hour masterpiece The Irishman. To put that in perspective, it was more than any movie studio has EVER paid for a film!
Why did The Irishman cost so much?
Its cutting-edge technology to make the actors look younger. (BTW, in the future, the cost of this technology will go down!)
Despite getting right’s to The Irishman and using it to entice non-subscribers, Netflix lost the power that the broader commercial distribution and audience normally gives a movie studio.
- The movie didn’t enter the broader cultural conversation since the full big screen experience doesn’t translate to television viewing.
- The film was absent from the competitive landscape, namely advertising and content where moviegoers and award committees focus their attention.
- Both Netflix and commercial theaters missed a significant financial opportunity that additional commercial distribution would have yielded. Further, hurting Netflix’s relationships with commercial movie distributors.
So why should you care about movie awards?
Because they’re filled with great marketing tactics you can steal like an artist! (Hat tip: Austin Kleon)
Academy Award nominated films and stars are crowd pleaser content at their best. At least in the major categories like best film, best actor, and best actress.
These films not only attract attention when they open, but they gain traction at the box office when nominated and promoted for the awards. And, even better, they get regular viewing on paid and free television options.
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Further, the Academy Awards act like a “Bestseller List” for movies. They attract attention and consumers because other people liked them. Having sold tens of thousands of books in my career, I can tell you that getting a position on a prime bestseller list sells more units!
As a result, other associations have created their version of the Oscars. They include Golden Globes, Critics Choice Awards, Producers Guild Awards, and BAFTAs. While they provide similar benefits, they don’t carry the same level of prestige.
Actionable Red Carpet Marketing Tip:
- Create your bestseller list. Then make sure that you promote it! If you list includes work by other people or names experts, let them know.
- Develop an award for the best work in your field. For example, Content Marketing Institute bought and expanded their Content Marketing Awards. They go one step further and promote the judges.
The Red Carpet, home of Hollywood gossip, underscores marketing smarts.
First, apply the idea of the Red Carpet to your business. Consider who and when you can take advantage of a Red Carpet. It can be your best customers, your all-in fans and/or your influencers.
Actionable Marketing Tactics For Red Carpet Success:
- Make the participants feel special. Let them strut their stuff and look amazing.
- Capture the moment. Give them a background where they can show off and get their selfie taken.
- Promote your Red Carpet Event. Don’t let the moment go unnoticed. Instead, put promotion and support behind the event to help make it feel special.
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Secondly, take advantage of someone else’s Red Carpet. The advantage here is that you don’t have to go it alone. Instead you create and distribute content to highlight the event. Think gossip columnist.
- Reach out and do interviews. Use a variety of different formats.
- Talk to presenters and exhibitors to get their inside scoop.
Looking to improve your marketing skills to get better results?
Then consider attending these events:
► Social Media Marketing World, either live or virtually. While I won’t be attending this fun and information packed event this year, you should put this conference on your calendar if you use social media.
► Also, I am keynoting the Midwest Digital Marketing Conference in St. Louis (April 8th to 10th). This conference has a special place in my heart since it’s organized and run by my friend, Professor Perry Drake. (BTW—This reasonably priced conference was rated a Top 2019 Marketing Conference by Forbes!)
Shoutout to new readers: Marcellina, Myra, Karen, Mk, Chasity, Sonia, Heidi, Josh, Molantoa, Jilnar, Femy, Sawsan, Andy, Yosr, Yathi, Rik, Raven, Michael, Ivette, Dianna, Lalaina, Patricija, Farrell, Tiara, Ann, Kitso, Ilana and Maria. Welcome and thank you for joining our community.
Happy Marketing,
Heidi
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