As business analysts, many times we tend to focus on how our companies and competitors are doing — rarely looking at how others in different industries are doing.
Let’s take the entertainment industry, for example. Let’s make a quick analysis.
The entertainment industry is made to appear as only that, just entertainment. However, this industry has serious business lessons to teach everyone. Whether you’re an entrepreneur or a business mogul, there’s definitely something to learn for everyone.
The entertainment industry’s product is usually a person whose services are also sold with the person. As much as we may think that we’re buying their music, their poems, or their stories, the matter of fact is that we are buying the person as a brand. Hence, there will always be loyal fans regardless of song releases or scandals.
The fact that the product is the artist/entertainer also becomes evident when the artists start to accumulate some bad press; their appeal as a product diminishes, as well as the support from customers.
What we can learn from this industry is that products come in different shapes and sizes. Products also come in human form. As long as the humans who are branded as products are not being abused, the market is open.