Perhaps not many here might be familiar with Taylor Swift. She's one of the few recording artists to build a 10-figure fortune (yes, a billion dollars!) entirely from her music. And, well, she's only 33 years old. Her other two billionaire peers, Rihana and Jay-Z, also famous singers, have amassed most of their wealth through non-music business ventures of well, Perfume and Cognac.
Swift has created her own musical ecosystem, with each component helping to propel the success of the others. Over her 15-plus-year career, Swift has formed a fiercely loyal fan base. And, as new fans attend the tour (or watch a live stream on TikTok), they discover Swift’s older albums; when those albums are re-released, a new generation of fans get to experience the era for the first time, in real-time. And while she’s not the first artist ever to do this, she’s undoubtedly the first to make it a phenomenon.
This is an excellent textbook case study of building a community of users and customers and engaging with them strategically.
While we are still witnessing conventional linear organizations and their business leaders engage with the customers on a passive, tactical, and irregular basis, the new breed of exponential organizations work consciously and actively towards nurturing customers who are proud and enthusiastic about being part of the organization's community. They don't focus merely on customer satisfaction and customer experience. They go beyond the transactional and functional elements, and focus on the strategic and emotional relationship.
The impact - high NPS (Net Promoter Score), high Customer LTV (Life Time Value) and the flywheel effect.
And, this is valid for B2B as much as for B2C or D2C industries, let alone music.
So, if you are looking for some best and next practices on customer engagement - look no further - Taylor Swift might be the new role model.
This article is reposted from LinkedIn. Feel free to leave comments there.
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