The Royal Opera House, Orlando Magic, and Ten Lifestyle Group Show The Power of Market Orientation

1. The Royal Opera House is re-opening and the way they’ve adapted to the pandemic teaches us about the importance of being Market Oriented:

I still believe we don’t really know much about how things will look after the pandemic and won’t until the pandemic is actually behind us. 

We are getting there, but we aren’t quite there yet. 

I can still highlight agility because that’s something I can be certain will matter once this is over. 

A lot of the folks I’ve received emails, texts, or calls from this week have been sure to highlight the idea that “re-opening isn’t recovery” this week. 

I agree. 

And, it is good news that the Royal Opera House is set to re-open from 17 May. 

They’ve been an institution that has worked hard to adjust to the pandemic and expand the reach of their institution during the pandemic. 

Let’s look at the numbers: 

  • They’ve had 9.5 million views of their Friday performances over the past year. 
  • They’ve reached 800 million folks in 200 countries with their archived performances. 

This is great because they jumped in with both feet. Many folks have drug their feet, dipped a toe in, or sort of twirled, waiting for a magic bullet that would return everything to normal.

The Royal Opera House has gone the other way to Market Orientation. 

Again, all that means is getting the voice of the customer inside the organization. And, when they did they found that their customers still loved opera, still wanted to see opera, and still wanted to support them. Also, they found that their target audience could be much bigger because they were constrained by previous practices. 

Another example is Ten Lifestyle Group and how they’ve adapted to the pandemic. 

I first worked with them during the Miami Beach Pop Festival project back in 2019. 

They are great about driving new ideas and finding new ways to engage with their customers. That’s held up during the pandemic when Ten has had to adjust their business model to continue to serve their global customer base. They’ve achieved this by creating streaming events, helping their members prioritize their potential shows when shows come back, and finding new ways to offer value with experiences. 

Again, Market Orientation with Ten Lifestyle Group. Here are some examples:

  • Researched their market to find out that the Asian market liked streaming events less than North America. So they adjusted. 
  • Recognizing that with so much potential inventory coming on the market, it would be difficult to keep up with everything so they created a solution. 
  • Understood that being in isolation didn’t mean being bored. So they created events with the cast from popular shows for many different markets. 

What does the customer want and need?

The final example here is about going forward. 

The Orlando Magic had a spot in Tisha Thompson’s piece on the future of tickets and their Fast Break Pass is a great sign of Market Orientation! 

The program that the Magic and Season Share have put together just makes sense. I talked with Aaron Holland a while back on my podcast but the idea of Market Orientation really penetrates both the Magic and Season Share. 

Here they are giving people the opportunity to experience games when they are comfortable, in different locations, and with great flexibility. 

The technology solution is simple to apply but the big challenge is the mindset. That’s what we need to highlight: you will need the proper mindset to come out of the pandemic successfully. 

Why?

Because trends will have accelerated, our lives will have changed, and we probably have seen the things we value change. 

So being Market Oriented is a must. We can all do it, but we have to get in the right mindset:

  • Understand that the customer creates the value, we don’t.
  • Understand what you think the customer wants doesn’t matter and can be dangerous.
  • Be willing to get into the market to listen to customers. 

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