Harvard Case - Lyric Opera of Chicago: Setting the Scene to Grow Ticket Sales
"Lyric Opera of Chicago: Setting the Scene to Grow Ticket Sales" Harvard business case study is written by Jim Lecinski, John Masko. It deals with the challenges in the field of Marketing. The case study is 21 page(s) long and it was first published on : Mar 7, 2023
At Fern Fort University, we recommend a comprehensive marketing strategy focused on expanding the Lyric Opera's reach and attracting new audiences while maintaining its core identity. This strategy leverages a multi-pronged approach encompassing digital marketing, innovative content creation, strategic partnerships, and targeted pricing models to achieve sustainable growth in ticket sales.
2. Background
The Lyric Opera of Chicago faces a challenge: declining ticket sales and a shrinking audience base. Despite its reputation for artistic excellence, the opera struggles to attract younger generations and broaden its appeal beyond traditional opera enthusiasts. The case study highlights the need for a strategic shift to address these challenges and ensure the opera's long-term sustainability.
The main protagonists are the Lyric Opera's leadership, responsible for navigating the organization through this critical juncture. They must balance artistic integrity with the need for financial viability and audience growth.
3. Analysis of the Case Study
To understand the Lyric Opera's challenges and opportunities, we employed a framework combining SWOT analysis and PESTEL analysis.
SWOT Analysis:
Strengths:
- Artistic Excellence: The Lyric Opera boasts a renowned reputation for high-quality performances and world-class talent.
- Strong Brand Equity: The organization enjoys a strong brand image and a loyal following among traditional opera patrons.
- Unique Offering: The opera provides a distinctive cultural experience, offering a level of artistry and emotional engagement unmatched by other entertainment forms.
Weaknesses:
- Declining Ticket Sales: The opera struggles to attract new audiences, particularly younger demographics.
- Limited Marketing Reach: Traditional marketing efforts have not been effective in reaching new target markets.
- Perceived Exclusivity: The opera's image can be perceived as elitist and inaccessible to a broader audience.
Opportunities:
- Growing Interest in Arts: There is a growing interest in the arts among younger generations, particularly in urban areas.
- Digital Marketing Platforms: Emerging digital platforms offer new avenues for reaching target audiences and promoting events.
- Partnerships and Collaborations: Collaborating with other organizations can broaden the opera's reach and attract new audiences.
Threats:
- Competition from Other Entertainment Options: The opera faces competition from a wide range of entertainment options, including movies, concerts, and streaming services.
- Economic Fluctuations: Economic downturns can impact consumer spending and reduce ticket sales.
- Changing Audience Preferences: The opera must adapt to evolving audience preferences and embrace new forms of entertainment.
PESTEL Analysis:
- Political: Government funding and cultural policies can impact the opera's financial stability and artistic freedom.
- Economic: Economic conditions influence consumer spending and disposable income, impacting ticket sales.
- Social: Changing demographics, cultural trends, and evolving audience preferences require adaptation.
- Technological: Digital platforms and technological advancements offer new opportunities for marketing and audience engagement.
- Environmental: Sustainability considerations and environmental awareness can influence audience preferences and marketing strategies.
- Legal: Regulations and legal frameworks governing arts organizations and cultural events need to be considered.
4. Recommendations
To address the Lyric Opera's challenges and capitalize on its opportunities, we recommend the following:
1. Strategic Marketing Campaign:
- Target Market Segmentation: Identify and segment target audiences based on demographics, interests, and consumer behavior. Focus on attracting younger generations, families, and diverse communities.
- Brand Positioning: Reposition the Lyric Opera as a more accessible and inclusive cultural experience, emphasizing its emotional impact and artistic excellence.
- Marketing Mix (4Ps):
- Product: Offer a diverse range of performances, including shorter, more accessible operas, family-friendly productions, and community outreach programs.
- Price: Implement flexible pricing models, including discounts for students, families, and first-time attendees. Consider tiered pricing based on seat location and performance type.
- Place: Utilize online ticketing platforms, expand distribution channels, and offer convenient access points.
- Promotion: Leverage digital marketing channels, social media, influencer marketing, and targeted advertising campaigns. Collaborate with local media outlets and community partners.
- Content Marketing: Create engaging and informative content showcasing the opera's artistic excellence, backstage insights, and the human stories behind the performances. Utilize video, podcasts, and social media to reach new audiences.
- Digital Marketing Strategies: Implement search engine optimization (SEO), search engine marketing (SEM), and social media marketing campaigns to increase online visibility and drive traffic to the opera's website.
2. Innovative Partnerships and Collaborations:
- Community Outreach: Partner with local schools, universities, and community organizations to offer educational programs, workshops, and performances for underprivileged communities.
- Co-Branding and Partnerships: Collaborate with other cultural institutions, arts organizations, and local businesses to create cross-promotional opportunities and attract new audiences.
- Event Marketing: Organize pre-performance events, receptions, and interactive experiences to enhance the overall customer experience and foster a sense of community.
3. Data-Driven Decision Making:
- Market Research Methods: Conduct ongoing market research to understand audience preferences, identify emerging trends, and measure the effectiveness of marketing campaigns.
- Marketing Analytics: Utilize data analytics tools to track key performance indicators (KPIs), measure return on marketing investment (ROMI), and optimize marketing strategies.
- Customer Relationship Management (CRM): Implement a robust CRM system to manage customer data, personalize communication, and build long-term relationships.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with the Lyric Opera's core competencies in artistic excellence and its mission to provide high-quality performances.
- External Customers and Internal Clients: The recommendations cater to the needs of both existing and potential audiences while considering the perspectives of internal stakeholders.
- Competitors: The recommendations address the competitive landscape by leveraging innovative marketing strategies and partnerships to differentiate the Lyric Opera from other entertainment options.
- Attractiveness: The recommendations are expected to generate positive returns on investment (ROI) by driving ticket sales, increasing audience engagement, and enhancing brand equity.
6. Conclusion
By implementing these recommendations, the Lyric Opera of Chicago can revitalize its marketing efforts, attract new audiences, and achieve sustainable growth in ticket sales. The proposed strategy emphasizes a multi-pronged approach, leveraging digital marketing, innovative content creation, strategic partnerships, and targeted pricing models to broaden the opera's appeal and ensure its long-term success.
7. Discussion
Alternative strategies include focusing solely on traditional marketing channels or pursuing a more aggressive pricing strategy. However, these options carry significant risks and may not be effective in attracting new audiences or achieving sustainable growth. The proposed strategy offers a more balanced and comprehensive approach, mitigating risks and maximizing opportunities.
Key assumptions include the willingness of the Lyric Opera's leadership to embrace innovation, invest in new marketing technologies, and adapt to evolving audience preferences. Additionally, the success of the strategy depends on the effectiveness of the marketing campaigns and the ability to secure strategic partnerships.
8. Next Steps
To implement the recommendations, the Lyric Opera should:
- Establish a dedicated marketing team: Assemble a team of marketing professionals with expertise in digital marketing, content creation, and audience engagement.
- Develop a detailed marketing plan: Outline specific objectives, target audiences, marketing channels, and budget allocations.
- Implement a phased approach: Begin with pilot programs and gradually expand the scope of the marketing initiatives.
- Monitor progress and make adjustments: Continuously track key performance indicators (KPIs) and make necessary adjustments to optimize the marketing strategy.
By taking these steps, the Lyric Opera of Chicago can embark on a journey of growth and renewal, ensuring its continued relevance and artistic excellence for generations to come.
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Case Description
In the summer of 2022, the Lyric Opera of Chicago (Lyric), a major opera company, is facing a deepening challenge. Lyric has seen ticket sales decrease, declining from 54% of revenue in 1998 to 33% by 2018. Since 2010, the primary source of this decline has been a loss in subscribers--high-value patrons who attend several operas per year. This subscriber lack is concerning not just for the lost ticket sales but also because subscribers are far more likely than single-ticket buyers to make gifts (a stream that now constitutes 51% of Lyric's revenue). As it plans to counter this downward trend, Lyric's marketing team has two questions to answer: First, the team must decide which audiences to focus on to fill its empty seats--past subscribers, "opera-primed" lookalikes of past subscribers, more diverse audiences closer to Chicago's urban core, or millennials; then, once the team chooses a target audience, it must determine how Lyric should address that audience with its product, customer experience, and opera programming choices.
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