Professional business men can use the techniques from theater productions to focus on a target audience, to increase brand appeal, to recognize consumer preferences and to make decisions about the marketability of a product. A play is performed on a stage and has four key elements: dialogue, actors, costumes and scenery. Some performances are enhanced with music. The theater production must be an interesting or pleasant experience that will encourage patrons to attend the performances. Business men can use similar factors to attract new customers.
The dialogue for a play is usually written in conversational phrases for public performances. The marketing campaign for a product is also designed for a target audience such as for homeowners, restaurant owners or for professional athletes. The homeowners would prefer simple phrases and detailed explanations. The restaurant owners would be interested in technical terms about durability. The professional athletes would want to know about the benefits from a product such as potential improvements to a golf swing.
The actors in a play can help to increase brand appeal such as cute puppets, lovely leading ladies or robust leading men who will attract an audience. When consumers see a product, those customers could be enchanted by a balanced design or could be offended by a warped design. The brand could be preferred by customers because the product has a rotating handle such as for a pulley or for a weed trimmer. The product could be convenient and portable.
There are different costumes for the actors in a play. A business suit could be midnight black or royal blue. The colors and styles of the costumes can be used to respond to consumer preferences and must attract the members of the audience. Consumers usually prefer to purchase hand tools that have been painted red, orange, blue or black. The typical color for a torque wrench or a lawn mower is not pink.
The scenery is used to increase marketability for a play and will help the audience to associate the actions with a specific environment such as an apartment, an office or a street corner. The marketability of a product depends on several key factors such as the method of delivery and the method of payment for the product. Consumers prefer to purchase a loaf of bread in a store and to use loans to purchase cars or homes.
David Milberg is an investment banker from NYC.