When Taylor Swift released her eleventh studio album on April 19, The Tortured Poets Department, she illustrated a masterclass scenario for revenue management and commercial strategies. The album shattered all sorts of records, selling 1.4 million copies on the first day and filling all ten “top 10” spots on Billboard’s Hot 100 list. But it would be a mistake to characterize this release as “just” a new album from the most successful recording artist producing today. This didn’t happen by accident.
In addition to being a global musical sensation, the tortured poet and her company, Taylor Swift Productions, also are no slouches in two other departments: marketing and revenue management. In these departments (to borrow titles from Swift’s song catalogue), they’re “Masterminds.” What they do is akin to “Alchemy.” Others can learn from the Swift “Manuscript.”
In a forthcoming study, a team of experts at Boston Consulting Group (my employer) critically examine what revenue managers in other industries might learn from Swift’s strategies. Here are three key takeaways from the Swift playbook for any brand to consider when mapping out its go-to-market strategy for new products.