Harvard Case - Hamilton Won More Than Twitter
"Hamilton Won More Than Twitter" Harvard business case study is written by Meghan Murray. It deals with the challenges in the field of Marketing. The case study is 8 page(s) long and it was first published on : Jul 27, 2016
At Fern Fort University, we recommend a comprehensive marketing strategy for Hamilton that leverages its existing success and expands its reach through a multi-pronged approach. This strategy will focus on building brand equity, fostering customer loyalty, and driving sustainable growth through a combination of digital marketing, traditional media, and strategic partnerships.
2. Background
The case study 'Hamilton Won More Than Twitter' explores the phenomenal success of the Broadway musical Hamilton, its innovative use of social media, and its impact on the cultural landscape. Despite facing initial challenges with limited resources and a lack of established marketing channels, the show's creators successfully built a loyal following and achieved unprecedented levels of engagement through a unique blend of digital marketing and traditional media strategies.
The main protagonists are the show's creators, Lin-Manuel Miranda and Jeffrey Seller, who spearheaded the marketing efforts and utilized a combination of social media, viral marketing, and strategic partnerships to achieve remarkable success.
3. Analysis of the Case Study
Strategic Framework: We will analyze the case using a combination of frameworks:
SWOT Analysis:
- Strengths: Innovative content, strong brand identity, passionate fanbase, social media savvy, critical acclaim, diverse cast.
- Weaknesses: Limited production capacity, high ticket prices, potential for over-saturation, reliance on social media.
- Opportunities: Expanding into new markets, developing merchandise and licensing opportunities, creating educational programs, leveraging technology for enhanced customer experience.
- Threats: Competition from other Broadway shows, economic downturn, changing audience preferences, negative publicity.
Porter's Five Forces:
- Threat of New Entrants: High due to the high barrier to entry in the Broadway industry.
- Bargaining Power of Buyers: Moderate, as audiences have options but demand for Hamilton remains high.
- Threat of Substitutes: Moderate, as other forms of entertainment exist, but Hamilton offers a unique experience.
- Bargaining Power of Suppliers: Low, as the show's creators control most aspects of production.
- Competitive Rivalry: High, as Broadway is a competitive market with numerous successful shows.
Marketing Mix (4Ps):
- Product: The musical itself, its unique blend of hip-hop and historical storytelling.
- Price: High ticket prices, but justified by the show's quality and demand.
- Place: Broadway theatre, potential for touring and international productions.
- Promotion: Social media, digital marketing, traditional media, partnerships, word-of-mouth marketing.
Consumer Behavior Analysis:
- Target Market: Initially, the show targeted young adults and millennials, but its appeal has expanded to a wider demographic.
- Consumer Needs: Entertainment, cultural experience, connection to history, social engagement.
- Consumer Motivations: Desire for unique experiences, social status, intellectual stimulation, emotional connection.
Competitive Analysis:
- Direct Competitors: Other Broadway musicals, touring productions, and alternative forms of entertainment.
- Indirect Competitors: Streaming services, movies, concerts, and other cultural events.
Product Lifecycle Management:
- Introduction: Hamilton's initial launch was marked by strong social media engagement and critical acclaim.
- Growth: The show experienced rapid growth in popularity and expanded its reach through touring productions.
- Maturity: Hamilton is currently in a mature stage, with a loyal fanbase and consistent demand.
- Decline: The show's popularity may eventually decline, but its legacy will likely endure.
4. Recommendations
Marketing Strategy:
- Brand Positioning: Reinforce Hamilton's position as a cultural phenomenon, emphasizing its historical significance, artistic excellence, and social impact.
- Target Market Expansion: Target new demographics, including families, older audiences, and international audiences, through tailored marketing campaigns.
- Digital Marketing: Continue to leverage social media platforms to engage with fans, generate buzz, and promote upcoming productions.
- Content Marketing: Create engaging content, including behind-the-scenes videos, interviews, and educational materials, to deepen audience engagement.
- Strategic Partnerships: Collaborate with educational institutions, museums, and cultural organizations to broaden the show's reach and appeal.
- Traditional Media: Utilize traditional media channels, such as television, print, and radio, to reach a wider audience and build brand awareness.
- Product Development: Develop merchandise, licensing opportunities, and educational programs to extend the Hamilton brand beyond the stage.
- Customer Relationship Management: Implement a CRM system to track customer data, personalize communication, and foster loyalty.
- Pricing Strategy: Consider offering tiered pricing options to make the show more accessible to a wider audience.
- Global Marketing: Explore international expansion opportunities, adapting the show and marketing materials to local audiences.
5. Basis of Recommendations
- Core Competencies: The recommendations align with Hamilton's core competencies, including its innovative storytelling, strong brand identity, and digital marketing expertise.
- External Customers: The recommendations address the needs and interests of both existing and potential customers, including diverse demographics and cultural backgrounds.
- Internal Clients: The recommendations support the goals of the show's creators and production team, including maximizing revenue, expanding reach, and building a lasting legacy.
- Competitors: The recommendations take into account the competitive landscape and position Hamilton to stand out from other Broadway shows and forms of entertainment.
- Attractiveness: The recommendations are expected to generate positive ROI through increased ticket sales, merchandise revenue, and brand licensing opportunities.
Assumptions:
- The show's popularity will continue to grow, despite the competitive nature of the Broadway industry.
- The creators will continue to invest in marketing and innovation to maintain the show's relevance and appeal.
- The global market for musicals will continue to expand, offering new opportunities for international productions.
6. Conclusion
Hamilton's success demonstrates the power of a compelling narrative, innovative marketing, and a deep understanding of consumer behavior. By leveraging its existing strengths and embracing new opportunities, Hamilton can continue to thrive and become a global cultural phenomenon.
7. Discussion
Alternative Options:
- Focus solely on digital marketing: This approach could be cost-effective but might limit the show's reach to a specific demographic.
- Develop a more traditional marketing strategy: This approach could be less effective in engaging younger audiences and generating buzz.
- Reduce ticket prices: This could increase accessibility but might negatively impact revenue.
Risks:
- Over-saturation: The show's popularity might eventually decline due to over-exposure.
- Negative publicity: Negative press or controversies could damage the show's reputation.
- Economic downturn: A decline in the economy could reduce audience spending on entertainment.
Key Assumptions:
- The show's quality and appeal will remain consistent.
- The creators will continue to invest in marketing and innovation.
- The global market for musicals will continue to grow.
8. Next Steps
- Develop a detailed marketing plan: Outline specific marketing objectives, strategies, tactics, and timelines.
- Implement a CRM system: Collect and analyze customer data to personalize communication and improve customer retention.
- Explore international expansion opportunities: Research potential markets and adapt the show and marketing materials to local audiences.
- Monitor performance and adjust strategies: Continuously track key metrics, such as ticket sales, social media engagement, and brand awareness, to ensure the marketing strategy is effective.
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Case Description
The case is set in summer 2016, centered on the writer and performing star, Lin-Manuel Miranda, whose Broadway show Hamilton had grossed almost $75 million and won 11 Tony Awards. The musical's cultural influence was buoyed by Miranda's 578,000 Twitter followers. Hundreds of celebrities from Oprah Winfrey to Jennifer Lopez had become ambassadors for the musical; and its impromptu #Ham4Ham live performances were engaging thousands of people on social media with each release. The case explores specific tactics the show employed, challenges students to consider the importance of personality in creating social media buzz, and studies the practical influence social media may have had on the show's success. It is appropriate for any marketing course, particularly a digital media class in which students are familiar with the major platforms.
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