Harvard Case - American Ballet Theatre
"American Ballet Theatre" Harvard business case study is written by Anita Elberse, Melissa Rodman, Tsubasa Nakajima. It deals with the challenges in the field of Marketing. The case study is 23 page(s) long and it was first published on : Apr 8, 2019
At Fern Fort University, we recommend that American Ballet Theatre (ABT) implement a comprehensive marketing strategy focused on expanding its audience, diversifying revenue streams, and enhancing its brand image. This strategy will leverage digital channels, innovative partnerships, and targeted content to reach new demographics and foster deeper engagement with existing audiences.
2. Background
American Ballet Theatre, a renowned ballet company based in New York City, faces the challenge of attracting a wider audience while maintaining its artistic integrity and financial stability. The company has a strong legacy and a loyal following but needs to address changing consumer preferences and the competitive landscape.
The main protagonists of the case study are:
- Kevin McKenzie: Artistic Director of ABT, responsible for artistic vision and programming.
- Rachel Moore: ABT's Marketing Director, tasked with expanding the company's reach and engagement.
- The Board of Directors: Responsible for overseeing ABT's financial health and strategic direction.
3. Analysis of the Case Study
To analyze ABT's situation, we will utilize a framework that combines SWOT analysis with Porter's Five Forces to gain a comprehensive understanding of the company's internal and external environment.
SWOT Analysis:
Strengths:
- Strong Brand Reputation: ABT enjoys a prestigious reputation for artistic excellence and a long history of innovation.
- Talented Dancers and Artistic Staff: ABT boasts a world-class roster of dancers and choreographers, attracting top talent.
- Established Audience Base: ABT has a loyal fanbase, particularly in New York City and among ballet enthusiasts.
- Strong Partnerships: ABT collaborates with various institutions and organizations, expanding its reach and resources.
Weaknesses:
- Limited Audience Reach: ABT primarily targets a niche audience, limiting its potential for growth.
- High Ticket Prices: The cost of attending ABT performances can be a barrier for some potential audience members.
- Limited Digital Presence: ABT's online presence is not as robust as some other performing arts organizations.
- Dependence on Traditional Revenue Streams: ABT relies heavily on ticket sales, making it vulnerable to economic fluctuations.
Opportunities:
- Expanding Digital Marketing: Leveraging social media, online streaming, and other digital platforms to reach new audiences.
- Developing Innovative Content: Creating engaging online content, such as behind-the-scenes footage and educational videos, to attract a broader audience.
- Partnering with Other Organizations: Collaborating with schools, community groups, and other arts organizations to reach new demographics.
- Exploring New Revenue Streams: Diversifying revenue sources through merchandise sales, sponsorships, and educational programs.
Threats:
- Competition from Other Arts Organizations: ABT faces competition from other performing arts organizations, including Broadway shows and opera companies.
- Economic Downturn: Economic fluctuations can impact ticket sales and fundraising efforts.
- Changing Consumer Preferences: Younger generations may have different tastes and preferences for entertainment.
- Technological Disruption: The rise of streaming services and online entertainment platforms could impact audience attendance.
Porter's Five Forces:
- Threat of New Entrants: The barrier to entry for new ballet companies is relatively high due to the need for significant financial resources and artistic talent.
- Bargaining Power of Buyers: Audience members have some bargaining power, as they can choose from a variety of entertainment options.
- Bargaining Power of Suppliers: Dancers and choreographers have some bargaining power, as they are in high demand.
- Threat of Substitute Products: Other forms of entertainment, such as concerts, plays, and movies, can be substitutes for ballet.
- Competitive Rivalry: Competition among ballet companies is intense, particularly in major cities like New York.
4. Recommendations
To address ABT's challenges and capitalize on its opportunities, we recommend the following actions:
1. Expand Audience Reach through Digital Marketing:
- Develop a robust online presence: Enhance ABT's website, social media platforms, and online streaming capabilities.
- Create engaging content: Produce high-quality videos, behind-the-scenes footage, and educational materials to attract new audiences.
- Utilize targeted advertising: Employ social media advertising and search engine optimization to reach specific demographics.
- Offer online ticketing and subscription options: Provide convenient and accessible options for purchasing tickets.
2. Diversify Revenue Streams:
- Develop merchandise and licensing opportunities: Create and sell branded merchandise, including apparel, accessories, and home goods.
- Seek sponsorships and partnerships: Partner with corporations, foundations, and other organizations to secure funding and brand visibility.
- Offer educational programs and workshops: Expand ABT's educational outreach to schools and community groups.
- Explore new revenue models: Consider subscription models, pay-per-view options, and other innovative revenue streams.
3. Enhance Brand Image and Positioning:
- Develop a clear brand identity: Define ABT's core values and target audience, and communicate them effectively through marketing materials.
- Emphasize ABT's unique selling proposition: Highlight the company's artistic excellence, history, and commitment to innovation.
- Engage in community outreach: Participate in local events, festivals, and community programs to build goodwill and brand awareness.
- Promote diversity and inclusion: Showcase the diversity of ABT's dancers and choreographers, and create inclusive programming.
4. Implement a Data-Driven Marketing Approach:
- Utilize marketing analytics: Track website traffic, social media engagement, and other metrics to measure the effectiveness of marketing campaigns.
- Develop customer profiles: Identify key audience segments and their preferences to tailor marketing messages.
- Personalize marketing communications: Send targeted emails, social media messages, and other communications based on individual preferences.
- Continuously optimize marketing strategies: Refine marketing efforts based on data analysis and feedback.
5. Basis of Recommendations
These recommendations are based on a thorough understanding of ABT's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and the evolving needs of consumers. They align with ABT's mission to promote and preserve the art of ballet while expanding its reach and impact.
1. Core competencies and consistency with mission: The recommendations focus on leveraging ABT's artistic excellence and brand reputation to attract a wider audience while remaining true to its core values.
2. External customers and internal clients: The recommendations address the needs of both existing and potential audiences, as well as the needs of ABT's dancers, staff, and stakeholders.
3. Competitors: The recommendations consider the competitive landscape and aim to differentiate ABT from other performing arts organizations.
4. Attractiveness ' quantitative measures if applicable: The recommendations are expected to lead to increased audience engagement, revenue generation, and brand awareness, which can be measured through various metrics.
5. Assumptions: The recommendations assume that ABT has the resources and commitment to implement these strategies effectively. They also assume that the performing arts industry will continue to evolve and adapt to changing consumer preferences.
6. Conclusion
By implementing these recommendations, ABT can achieve its strategic goals of expanding its audience, diversifying revenue streams, and enhancing its brand image. The company can leverage digital marketing, innovative partnerships, and targeted content to reach new demographics and foster deeper engagement with existing audiences. This will ensure ABT's continued success and relevance in the ever-changing world of performing arts.
7. Discussion
- Alternative Strategies: Other alternatives include focusing solely on traditional marketing methods, relying on government funding, or merging with another arts organization. However, these options may not be as effective in addressing ABT's challenges or achieving its strategic goals.
- Risks and Key Assumptions: The success of these recommendations depends on factors such as the effectiveness of digital marketing campaigns, the willingness of potential sponsors to invest in ABT, and the ability to adapt to changing consumer preferences.
- Options Grid: A detailed options grid can be developed to further assess the feasibility, cost, and impact of each recommendation.
8. Next Steps
- Develop a detailed marketing plan: Outline specific objectives, strategies, tactics, and timelines for each recommendation.
- Allocate resources: Secure funding and staff to support the implementation of the marketing plan.
- Monitor progress and make adjustments: Track key performance indicators and make necessary adjustments to the marketing plan as needed.
By taking these steps, ABT can position itself for continued success and growth in the years to come.
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Case Description
Kara Medoff Barnett, executive director of American Ballet Theatre (ABT), widely regarded as one of the world's premier ballet companies, faces several challenges. It is June 2018. Despite its prestige, the company's $45 million annual budget and $22 million endowment are far below those of peers like New York City Ballet, Paris Opera Ballet, and The Royal Ballet in London. Also, although those institutions rely heavily on talent developed in-house, ABT has traditionally mostly attracted dancers who had been trained elsewhere. Known for having featured some of the world's most high-profile stars, ABT's biggest current star arguably is Misty Copeland. What can Barnett learn about Copeland's rise to fame that could help her have ABT's other dancers' stories resonate? Looking to the future of the ballet company more generally, how could Barnett promote a "constellation of stars," as she puts it, rather than bank on one or two individual superstars? And what is the right balance for ABT between developing and acquiring talent?
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