Event Entertainment Trends for 2011

It is clear within the Event Entertainment industry that planners and producers must deliver exceptional entertainment that offers a return on investment for the client and attendees.  A company cannot be seen as spending lavishly on fancy events.  They must be able to educate their attendees in an entertaining yet efficient way.  Companies are still producing events because they generate revenue.  Events also help to build relationships with clients and peers.  In my research for live entertainment trends in the event industry, I came across an interesting article from Corporate and Incentive Travel Magazine.  I thought I would share my findings on some trends in the industry for 2011.

The first trend relates to having an engaging and educational event.  Many entertainment planners are developing shows that are customizable which have proven to deliver the intended message in an entertaining way.  For instance, a Broadway musical filled with familiar tunes can make an immediate connection with corporate groups. After all, these songs are the cultural fabric of our society and can help soothe and comfort in difficult times.  It is important to understand who your audience is and customize the show to them; the client’s demographics, interests, corporate philosophy, marketing plans and any other relatable data. Only while utilizing this essential information can planners begin their quest for the most effective entertainment experience.

Barbara Edwards, founder and CEO of California Host, an event company based in San Francisco did just that. She created a unique activity that entertained a technology company’s 300 sales executives from around the world while simultaneously educating them about sales themes and San Francisco sites.

Edwards organized attendees into groups of eight people to visit famous sites throughout the city to hunt for clues to the company’s five new sales themes. Each site provided a clue to the themes, and each clue was intrinsically connected to the location. For example, the height of the Transamerica building related to the idea of setting high goals. Other sites such as Knob Hill and Fisherman’s Wharf had their own unique clues. At each location, one of Edwards’ staffers provided a clue to the next site that team members would visit.

It was a smash hit. “We didn’t expect more than half of the participants to actually complete it. But every attendee participated in the event and finished it, and they had nothing but good things to say about it afterwards,” Edwards said (www.themeetingmagazines.com).

In my work as a Producer for The Disney Event Group, we understand the importance of delivering the message in an entertaining way.  Our events must ensure that the attendees walk away with the right message.  Yes, they must have a great time and build relationships, but most importantly they must walk away with the right message.   We are always interested in new ways to engage, educate, and entertain our guests at Walt Disney World.  I wonder what new technologies related to entertainment will impact the future.  It is clear that continued innovation and creativity will be the keys to success in the events industry.

References

http://www.themeetingmagazines.com/index/default.aspx?tabid=1055

Financial Resources for Creative Entertainment Business

 I am coming to the end of my Master’s program in Entertainment Business at Full Sail University.  It has been an incredible journey as I gained a new level of useful knowledge.  My hope is that you have gained some insight from my learning throughout these months, too. 

The final class is the Final Project: Business Plan.  It is exciting to be pulling everything together in a comprehensive business plan that I will be able to use as the foundation for my new entertainment business.  When I originally started this blog, my intention was to focus on creative entertainment productions.  I wanted to generate a conversation with creative and production professionals about creating new innovative ideas for the entertainment industry.  However, the requirements of each course have focused the students to speak to specific topics. Additionally, I found the process of writing my blog beneficial for my readers as well as my own learning. 

This week we were given the choice to discuss financing opportunities, requirements for different types of financing for start-up businesses, and information available on websites with a plethora of alternative financing information.  As an alternative, we could focus on the theme we had established with our original blog.  I believe that my readers could more greatly benefit from discussing the financing opportunities.  This may allow you to find the resources required to be creative and successful with your individual entertainment projects. 

The alternative financing websites have some common themes that include CDFI’s.  The vision of the Community Development Financial Institutions Fund (the CDFI Fund) promotes an America in which all people have access to affordable credit, capital and financial services (cdfifund.gov).  The CDFI Fund was established under the Reigle Community Development and Regulatory Improvement Act of 1994, and since then it has become one of the largest single sources of funding for CDFIs and is the largest source of hard-to-get equity capital.  

CDFIs are specialized financial institutions that create economic opportunity for individuals and small businesses, and help provide quality affordable housing and essential community services. CDFIs help bridge the growing U.S. financial services access gap by bringing capital and financial services to low-income people and communities. Therefore affording them access to capital to start and expand businesses, build and purchase homes, and develop much needed community facilities (www.ncif.org). 

There are requirements for obtaining funds from these financial institutions.  Many involve low income, minority, or Native American communities.  It takes some digging and research to find an opportunity for the rest of us.  However, there seems to be a number of institutions ready and willing to help start-up businesses.  Small businesses create jobs in America and many government organizations are doing what they can to provide assistance to entrepreneurs. 

If you are looking for alternative financing for your business venture, be sure to weigh the advantages and disadvantages so that you make a good decision for your business.  Each program must be carefully researched before signing a contract and moving forward.  It will take some time but with the right resources, you can be following your dream and creating creative entertainment that could help bring joy to the world.

http://www.ncif.org/index.php/CDBIindustry/CDFIs/

http://cdfifund.gov/who_we_are/about_us.asp

Lessons Learned From Experts in Business Plan Development

It has been an interesting month in my business plan development course at Full Sail University.  My research has helped to shape my company into a more viable entertainment business.  On my last post, I researched two experts in the field of business plan development, Brian Hill and Dee Powers from Profit Dynamics Inc.  I learned that a business plan must be written to appeal to investors.  According to the expert research, the components of a business plan that are key to raising capital include a well-qualified management team, growth potential, product and size of the market (www.go4funding.com).  This information gave me an insight and I included these key components in my business plan.  My goal is to appeal to investors, start my own media company and finance two musical films I currently have in development.

As I looked at my own management team, I realized that more diverse qualities within the management team were needed to appeal to investors.  So I began to search for another business partner to be sure I had a solid team with the necessary skills to successfully start my endeavor.  I wanted someone who had the same passion that I have for creating engaging musical films.  I decided to ask a friend and colleague from college, Andre Mika to join my team.  Andre Mika has a similar passion for music and a strong resume with experience in both digital online platforms and studio entertainment production.  Mika is regarded as one of the industry’s leading new media and digital strategists. He provides brands with valuable insights about how combining creative, technology and live experiences create better engagement with customers (www.tbaglobal.com).  His experience will compliment mine and give investors the confidence to invest in our mission.

Additionally, I wanted to be sure I was engaging the teen and young adult market.  I needed someone with direct experience with this demographic, proper qualifications, credibility and talent.  The light bulb went off and I decided to bring Dr. Steve Zegree onto my team.  Dr. Zegree is one of the leading music educators in the world as the Professor of Jazz and Director of Gold Company at Western Michigan University.  His students are among today’s leaders in jazz and pop performance, Broadway, recording studio production, writing, arranging, singing and music education (http://wmugoldcompany.com/about).  His experience will bring credibility to the quality of the music of each film. This is important as I differentiate my company from other “bubble gum” musical films aimed at the teen and young adult market. We engage this market through the film as well as the licensing of the live musical production.  Zegree’s experience with arranging contemporary music for this audience will benefit my organization and allow my company to further achieve its goals.

Another key component that investors look for is growth potential.  It is important to include realistic financials in a business plan and discuss growth opportunities.  Therefore, I included a chart with low, medium, and high sales projections so the investors can see a realistic overview of the potential return on their investment.  This section was added to my business plan because of the research of the aforementioned business plan experts.

The most important section of a business plan that investors will be looking for will be the executive summary, the management team section, and the financial section.  It will be important for me to communicate the mission of my company and have a strong overview in the executive summary. The first and the most important part of a business plan is the executive summary, it grabs the reader’s attention. This crucial section must be written professionally without any errors and contain all crucial points that attract potential investors and lenders in brief (Haider, 2009). In addition, make sure to have a strong management team and give the investors’ confidence that the team is qualified to successfully run the organization.  Most importantly, show that the company will have a high probability of a return on their investment.

References:

http://go4funding.com/Articles/Angel-Investors/Angel-Investor-Decision-Making.aspx

http://wmugoldcompany.com/about

http://www.tbaglobal.com/tba_person/andre-mika/

Haider, A (December, 2009). Importance Of Executive Summary, Vision, And Mission Statement, In A Business Plan.  Retrieved on July 30, 2011 from: http://article-niche.com/launch/Importance-Of-Executive-Summary-Vision-And-Mission.htm

 

 

A strong business plan is the key to achieving your dream!

Do you dream of owning your own business?  If you do, you are like millions of other Americans. The ability to own your own business could lead to a path of wealth, independence, and a chance to make a valuable contribution to society.  However, many entrepreneurs make the biggest mistake before they even start.  They are unprepared for the challenges of starting and building a business.  Most often, their business plan lacks the crucial elements required by investors.  A well-written business plan shows a company's strengths and potential for growth and profitability. A business plan becomes a critical element of success in bringing in capital, a merger partner, buyer or obtaining debt financing.  In this post, we will examine two experts in the field of writing a strong business plan so your dream of owning a business can become a reality.

Brian Hill and Dee Powers are two business-planning experts who have published books and advised hundreds of companies across the United States.  They are the founders of Profit Dynamics Inc. a research and consulting firm.  They focus on entrepreneurs, small and midsized companies, and have assisted in the preparation and review of hundreds of business plans. 

Mr. Hill has worked for a large financial institution, a diversified natural resource firm, and a hospitality company.  He specializes in finance and has written articles and is considered an expert in the venture capital industry. He has been interviewed for and published in numerous publications including Smart Money, Business Week, and Business Journals in several cities. 

Dee Powers has worked as a financial executive for the Governor's Office of Arizona, a retail firm and a major hospitality organization.  The New York Times, Washington Post, the Associated Press and various local publications have interviewed her as an expert in the publishing industry from the author’s point of view.

Together, Hill and Powers have written over 100 business plans and reviewed hundreds more. They have advised thousands of entrepreneurs in their search for capital and preparation of their business plans.  Their web site, www.capital-connection.com, was one of the first web sites established to assist entrepreneurs in their search for capital. They are co-authors of "Inside Secrets To Venture Capital," and "Attracting Capital from Angels," both published by John Wiley & Sons. They know what investors are looking for and help create business plans that are favorable and a realistic presentation of a company.

One of the critical and key components that investors are looking for is a strong management team.  In a recent survey conducted for their book, angel investors and venture capitalists were asked to rank the most important factors when evaluating a company prior to their investment.  Even though both groups of investors ranked the factors differently, both angels and venture capitalists agreed on key components.  The components include quality management, growth potential, product, and size of the market when deciding on an investment.  These components are considered key in order to successfully raise capital.  Entrepreneurs need to: demonstrate the quality of their management team, focus on the potential growth of their company, define their market, and prove that the size of their market is large. In addition, they need to demonstrate that their unique product or service fills a need in the current market.

Most investors will reject individuals who seek capital for their start-up companies. There are numerous reasons that would lead investors to decline a particular deal. A strong management team with a proven track record, geographic location for a given venture, and industry preference are just some factors angels look at when deciding on a specific investment.

For more information on how to write a strong business plan, check out the following websites.  Your dream is possible if you take the time to develop a strong plan.

http://go4funding.com/Articles/Angel-Investors/Angel-Investor-Decision-Making.aspx

http://capital-connection.com/money.html

http://www.brianhillanddeepower.com/books.html

Ryan Seacrest leads the way with Social Media Efforts

Do you know an Artist or performer who has successfully integrated social media into their marketing efforts?  Many artists are beginning to see the value that social media can play when it comes to increasing awareness of their products.  Ryan Seacrest has masterfully led the way with a social media strategy that has helped launch new opportunities for the American Idol host.  I thought Seacrest was a good example for a discussion of social media and it’s impact on your business and marketing efforts.  In this post, we will take a closer look at Seacrest’ career and business ventures in particular and see how social media has assisted his efforts in launching his own production company.  Can some of his strategies work for your business?

Ryan Seacrest is an American radio personality, television host, network producer and voice actor. He is the host of On Air With Ryan Seacrest, a nationally syndicated Top 40 Radio Show that airs on KIIS-FM in Los Angeles and throughout the United States and Canada on Premiere Radio Networks, and the internationally syndicated chart show American Top 40, also syndicated by Premiere Radio Networks. On television, Seacrest hosts E! News and American Idol.

Seacrest has been able to use his on air popularity to gain fans and stay in touch with them through social media.  He has over 4,711,200 Twitter followers.  He is a leader in using Twitter as a way to stay in touch with his fans.  There are few that can argue that they haven’t come across Ryan’s Twitter feed. At one point or another, as the intrepid leader, Seacrest runs an account spouting information and content that ranges from the adorable, to the astonishing, to the absurd and everything in between. The business magazine Fast Company has recently recognized his efforts, and named him the Most Creative Person On Twitter.

His approach to social media is to have a conversation with his followers.  This approach has allowed Seacrest to build relationships and gain the trust with his connections.  He also has launched a successful career and his own production company, Ryan Seacrest Productions (RSP). 

RSP has developed several reality TV shows including Keeping Up With The Kardasians and most recently Jamie Oliver’s Food Revolution on ABC.  He has many more on air and in development.  Seacrest uses his on-air time and Twitter to communicate to his audience about these programs.  He creates a buzz about what is happening on the show and always promotes the time and channel his followers can tune in to see Food Revolution. His social media strategy seems to have worked too.  Seacrest was just labeled the most powerful man in Reality Television, stealing the title from his former boss Simon Cowell.   

So, how can you use social media to enhance your business?  It will take some time as it has with Seacrest.  However, it is a great way to build awareness, gain trust, and launch your own successful entertainment venture.

References

http://www.fastcompany.com/1757066/the-10-most-creative-people-on-twitter

http://ryanseacrest.com/

http://twitter.com/#!/RYANSEACREST

Making Your Video Go Viral

 Recently, I have been researching different ways to launch my creative content business Raybabe Productions Inc.  Digital Marketing is a crucial part to the success of my company because there are many low cost or no cost strategies to drive business.  Perhaps developing a creative video that shows a piece of my creative content could be posted on the web? What next?  How can I make this video go viral? 

David Meerman Scott from WebInkNow.com has an incredible blog on Digital Marketing and Leadership Strategies.  I found some great tips on how to make a video go viral on the world-wide-web.  Here are the eight tips Mr. Scott shared.

The most important thing is to make sure the video is funny, amazing, remarkable, or have some fascinating information or be controversial.  The video needs to have a reason for people to pass it on.

TIP #1

The first tip is that you don’t need to hire a professional.  A homemade quality video can work great.  Plan ahead and shoot several takes to get it right.

 TIP #2

Your video should be less than two minutes.  Think very short.  Although YouTube will accept a video that is less than 10 minutes, try to make the video between 30 seconds and two minutes. 

TIP #3

To best promote your video, you'll want the video title or description on YouTube to be accurate and interesting. Use descriptive keywords and language that people will find when they search for videos.  Make sure to use the correct categorizations on YouTube so people can find it.

TIP #4

Some companies try to sneak corporate-sponsored videos onto YouTube in a way that makes it seem like it is a consumer-generated video.  Scott warns us to not attempt “stealth” fake customer insertions on YouTube, as YouTube is adept at fleshing out the fakes. 

TIP #5

The fifth tip is to try a series of similar videos to build interest.  This tip may help me as I introduce the characters of a slapstick comedy film.  Perhaps a few short funny videos to help introduce my characters?  Collectively, they could tell an interesting, amusing, and short story.  These videos could create interest and link them to my films’ website.

TIP #6

When uploading your first few videos, you are likely to hear a deafening silence. You'll be waiting for comments, but none will come. You'll check your video statistics and be disappointed by the tiny number of viewers. Don’t get discouraged. It takes time to build an audience. Make sure people know it is there and can find it. Create links to your video from your home page, product pages, or online media room. Mention your video in your e-mail or offline newsletters, and create links to your video as part of your e-mail signature and those of the others in your organization.

TIP #7

You also need to make sure bloggers know about you.  Sending a link of the video to bloggers or commenting on other people's blogs (and including a link to your video) is a good way to build an audience. If you comment on blogs in the same space as yours, you might be surprised at how quickly you will get viewers to go to your video.

TIP #8

Finally, while Scott believes it is difficult to purposely create viral marketing buzz, it is certainly possible. He suggests creating a number of campaigns and observe what is a hit, then nurture the winner along. Think like a venture capitalist or movie studio and try a number of things in order to get that elusive hit.

These tips were very useful for marketing my video content and they could also help you.  Check out the link at the end of my post to view some of the nominated viral videos from the 2011 Webby Awards.  My personal favorite is the Digital Nativity.  Let me know if you had some success with your video going viral by sending me a comment.  I’d love to hear your thoughts about digital marketing and viral videos.

http://www.huffingtonpost.com/2011/04/12/viral-video-nominees-webby-awards-2011_n_848377.html#s263501&title=Bed_Intruder_Song

http://www.webinknow.com/2007/08/8-tips-to-make-.html

Presenting Your Art To An Audience Is'nt Always Easy

I had an interesting week attending shows at the Orlando International Fringe Festival.  This year marks the Festival’s 20^th anniversary combining cutting-edge performers with innovative works.  Each year, artists join together from around the world to tell their stories and produce their own shows.  All proceeds directly benefit the artists.  The festival is billed as “10 days of Theatre, Art, Music, and Madness.”  As I enjoyed the festival this year I was reminded how difficult it is to put yourself out there and have the world critique your work.  It’s not easy!  

Right around 8 years ago I had the opportunity to write and produce my own show at the Fringe Festival.  It was an amazing experience and I learned a lot about myself.  Although the critics panned my show, the experience was worth it.  I learned that you have to continually take risks creatively if you want to be successful in the entertainment industry.  Each experience teaches you something new that will help with your career goals.  This process requires a passion for art and ultimately, leadership. Without leadership your art will not find an audience.

If you really want to put your creative content out there whether on stage, television, on film, or in a book, you must have passion for it.  Many people in the industry have the passion but lack the leadership.  Leadership is essential for selling your creative content.  You must be able to build partnerships and move the process forward.  Once you have put it together, you have to sell it.  This can be the hardest part and many search for agents, managers, or producers who can do this work for them.  If your lucky, you can focus on writing and you will have a team to focus on the selling.

However, most of us have to take the lead on selling our idea by ourselves.  There are many new avenues for us to sell our creative content.  Print-on-demand services allow writers to self publish.  These services are becoming more popular as new technologies begin to emerge.  The traditional model is slowly fading away.  You have to do your homework when selecting one of these services.  You should learn about the many different companies available and evaluate the pros and cons of each.  You may find the perfect fit for your creative content.  You can find more information on POD’s at www.sfwa.org. 

Fringe is an excellent opportunity for creative writers and artists to put their show out there in a relatively safe environment.  Print-on-demand services offer a similar but different opportunity.  However, you must have a balance of leadership and passion.

http://orlandofringe.org/

http://www.sfwa.org/for-authors/writer-beware/pod/