The movie industry isn’t just about entertainment and fashion. It’s also about marketing. There’s a lot that business owners can learn from directors, actors, and movie marketers.
Oscar winners don’t earn prize money. What they get is even better.
Studios that want an Oscar nomination can spend up to $15 million on lobbying campaigns. The estimated return on their investment can be as high as 880%.
Actors who win a nomination can see their salaries move from six digits to seven digits. Halle Berry’s salary went up by a whopping 98%, and Tom Hanks’s salary rose by 93%. Hilary Swank went from earning $3,000 to $1 million per film.
What can we learn from these and other winners? Check out the tips below to see which ones would work best for your business.
Hollywood Glam Meets Marketing Wisdom
The stars know about more than acting. They also know how to wow their fans on the red carpet. They use marketing tactics at the Oscars.
How do they do it? The key is playing to their strengths and knowing their audience. That’s why Helen Mirren dresses classy while Billy Porter pushes the edge of the envelope.
The flops tend to happen when stars don’t take their body type into account when picking clothes. They go too pale, too intricate, too colorful, too (you fill in the blank).
Behind the Scenes: Crafting Award-Worthy Campaigns
It’s not just about the “front end.” There’s a lot of behind-the-scenes work that goes into any successful marketing campaign.
“The Joker” had a marketing budget of $35 million and earned over $1 billion. How? The director took a well-known character and did something new with it.
Quentin Tarantino took a different tack. He stirred up controversy, which generated heaps of press coverage. His movie “Once Upon a Time in Hollywood” earned 10 Oscar nominations and won two Oscars.
The takeaway? Get to know what your audience wants and deliver it. At the same time, avoid ruts and be unique to set yourself apart from the competition.
Star-Studded Social Media Tactics
What do Will Smith and Jennifer Garner have in common?
One, they excel at social media.
Two, the reason they’re popular on social media is that they come across as approachable and friendly. They’re not trying to impress anyone. Rather, they’re letting people get a peek at their real selves.
Statistics show that 86% of consumers take brand authenticity into account before making a purchase. Make a connection with people, and you’ll win loyal fans.
Another great lesson comes not from the stars but from Samsung. The company noticed Ellen DeGeneres used one of its phones to take a viral picture. It capitalized on the moment, leveraging user-generated content into a marketing win worth $1 billion.
Acceptance Speech Secrets: Engaging Your Audience
Oscar speeches can be funny, formal, or emotional. However, many of these best ones have one thing in common, that is, the actors use them to promote a cause greater than themselves.
Leonardo DiCaprio talked about global warming. Patricia Arquette blasted the lack of equality for women in the movie industry. Lupita Nyong’o talked about slavery, while Jack Palance spoke out against discrimination against senior citizens.
Every business needs a cause greater than itself. Do you offer the best prices, the best products, or the most eco-friendly ones? Do you help worthy causes in your local community or worldwide?
Have a passion and share it with your audience. Engage them in that passion as well. Their loyalty will extend beyond buying from you and into working with you to make your dreams come true.
Box Office Bonanza: Translating Oscar Success to Marketing Wins
Many movies that do well at the box office aren’t financial blockbusters. Some get a boost from their win, but others don’t.
However, Oscar-winning movies that perform well financially have two things in common. Critics like them, and viewers like them. The word-of-mouth recommendations propel the movies forward.
On a side note, the Academy Awards ceremony has a viewership problem. It’s losing its audience.
Why? Experts note that one reason is that it doesn’t listen to the people watching it. If “fan favorites” aren’t nominated, the fans have no reason to watch the show.
The takeaway? Listen to your target audience. They’re the ones who’ll buy from you and recommend you to others.
A single viral post or “moment of fame” isn’t enough. You need to consistently meet your audience’s needs to succeed.
And the Oscar Goes to… Your Marketing Brilliance!
There’s a lot every business can learn from the movie industry. Stay in step with the times, but be willing to try new things. Be personable and approachable, and pay attention to your audience. Have a cause and invite people to be a part of it.
Another great lesson businesses can learn from the movie industry is the importance of teamwork. A lot of people play a vital role in making a successful movie. Directors, actors, make-up artists, costume designers, screenwriters, cinematographers, film crew, and others work together to make a successful film.
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