Spotify Analysis | 2018
In a Consumer Behavior class, my group and I were prompted to analyze a company and create an idea for that company to reach its consumers better. My group chose to analyze Spotify and we found that they reported having over 140 million users and around 70 million Premium users. We also found that millenials account for up to 72% of all weekly streaming of Spotify, listening to around 1.3 billion tracks per week and 70 billion tracks per year.
Considering this research, we created a new Spotify Premium package for its customers called “SpotiFriends”. This new package targets postgrad, young adult consumers who have just graduated from college and don’t qualify for the student discount anymore. This bundling service would allow a group of up to five people to split a premium subscription plan costing $35 with a feature that would allow separate accounts for separate payments. This service would also allow them to have a exclusive messaging service and music sharing as well.
Along with advertising and notification, we want to implement our idea with Spotify cafes, which would essentially be a pop-up store. It would be targeted towards young adults and college students who would come in, enjoy coffee, and listen to live music from Spotify artists local to their cities. It would be at these events where the Spotify brand would be established even more as a hip, community oriented company, which is what young, millennial consumers are drawn to today. This would be a great opportunity to raise brand awareness and create a space to have consumer contact and build customer relationships.
REVIEW
I came up with the initial idea to have a postgrad package, but when I was able to talk out my idea with my team, we were able to expand on it, creating an even better product. We also made it a point to be very consumer oriented through our time brainstorming and not thinking about any barriers that could hinder our ideas. Working together through these things made our project so much better in the end.
I created this logo to make our idea realistic and believable.
A group project researching and analyzing Spotify and its target customer market, creating a solution for that company to better connect with its consumers along with reasoning and implementation.