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The Show Goes On: BookMyShow’s Winning Marketing Strategy
BookMyShow has become India’s largest online entertainment ticketing platform by crafting a comprehensive marketing strategy that resonates with consumers. As the leader in this space, BookMyShow must continue innovating to stay ahead of emerging competition. This blog post will analyze BookMyShow’s marketing mix, competitor landscape, and overall strategy.
About BookMyShow
Founded in 2007, BookMyShow offers a convenient way for customers to book tickets for movies, plays, sports events, and more. With operations across India and extensions into Indonesia and Sri Lanka, BookMyShow sells over 30 million tickets annually. Its massive inventory and smooth user experience have made it the go-to entertainment portal for Indian consumers.
What’s New with BookMyShow
Recent initiatives like BookMyShow Stream provide on-demand entertainment options to consumers stuck at home during the pandemic. BookMyShow has also been expanding its ticket inventory by partnering with major event organizers and productions across India. These innovative additions have further cemented BookMyShow as the leader in entertainment ticketing.
Buyer Personas
BookMyShow targets India’s expanding middle-class and youth populations. These consumers lead busy, connected lifestyles and want seamless access to entertainment like movies and sports. Key persona groups include working professionals, college students, and families. Understanding these core target groups allows BookMyShow to tailor its platform and marketing accordingly.
BookMyShow’s Spellbinding Growth Formula
Product Strategy
BookMyShow has crafted India’s most robust entertainment ticketing platform by aggregating the country’s most extensive inventory into one convenient portal. No other player matches BookMyShow’s depth and breadth of ticket inventory across movies, plays, comedy shows, sports, and more. This saves customers significant time and effort by letting them access different entertainment options in one place, rather than having to search multiple websites.
Beyond just ticket inventory, BookMyShow enriches its platform with value-added features that enhance user experience. Personalized recommendations based on past booking help customers discover new events they may enjoy. Smoother group booking flows also create a more seamless way for friends and families to plan outings together. Additionally, options to select specific seats/stalls and get real-time seat layout visibility give customers more control and confidence in the booking process.
Small touches like letting customers download e-tickets directly to their mobile wallet or set reminder notifications also improve convenience. BookMyShow is continuously finding ways, both big and small, to refine its product and meet evolving consumer expectations around entertainment planning.
Price Strategy
BookMyShow employs variable and dynamic pricing models driven by machine learning algorithms that help optimize both affordability and revenue yield. Ticket prices fluctuate across time and customers based on demand forecasting models rather than being statically priced. This balances accessibility with profitability. Additionally, tactics like discount coupons, cashback offers, and loyalty programs incentivize usage and drive sales volumes without drastic base price cuts.
BookMyShow’s heavy investments in pricing analytics and technology give it an edge over competitors. The company can tap into rich transaction data across entertainment categories to optimize price points and promotion strategies. While keeping prices reasonable for mainstream consumers, differential pricing also lets BookMyShow capture greater surplus from high-willingness to pay customer segments. Segmented pricing and packaged deals further improve customer targeting.
Place Strategy
BookMyShow makes its platform widely accessible to Indian consumers through its mobile app and website. These touchpoints give BookMyShow a strong national reach and presence across India’s growing smartphone installed base.
The app and website provide similar smooth UX and inventory to customers wherever they access the platform. However, the app sees heavier usage as Indian consumers increasingly use mobiles for tasks like ticket bookings. It has simpler flows and notification access also make the app more convenient and sticky.
Additionally, BookMyShow offers multiple ticket delivery and payment methods to drive adoption. Options like Cash on Delivery and gift cards mean customers without credit cards or digital wallets can still use the platform. BookMyShow has also set up self-operated physical box office channels across major Indian cities, integrating them with their portal inventory. Omnichannel presence drives wider reach and trust in the brand.
Promotions Strategy
BookMyShow undertakes advertising across all major media channels in India – television, print, radio, billboards, and digital. These ads span brand awareness campaigns to time-bound tactical promotions for specific events. Collaborations with media agencies like Facebook, Google, and Amazon beef up digital advertising efforts through tools like search and display ads.
Influencer marketing also helps co-promote new offerings like BookMyShow Stream to relevant entertainment fanbases. Celebrity brand ambassadors connect the portal to popular cultural trends. BookMyShow has also sponsored major live entertainment properties like music festivals and comedy shows. These help associate the brand with on-ground experiences.
Referral programs incentivize existing customers to share the platform within their social circles. Tactical tie-ups with banks, payment wallets, and other mobile apps further aid acquisition efforts. Fueling organic word-of-mouth through superior user experience also plays a pivotal role in driving adoption. Integrated performance marketing efforts allow BookMyShow to track and optimize its promotional programs.
Competitor Analysis
BookMyShow faces competition from players like PayTM Insider, Kyazoonga, and Explara. However, BookMyShow retains market leadership due to its first-mover advantage, vast ticket inventory, smooth UX, and effective marketing. Competitors struggle to match BookMyShow’s scale and convenience.
What Led it to Success
BookMyShow deploys an integrated marketing strategy encompassing advertising, partnerships, influencer marketing, and data analytics. Key elements like playing into consumer FOMO and offering value-added platform features also set BookMyShow apart. Ultimately, BookMyShow strives to make entertainment booking reliable, seamless, and exciting to drive sales growth.
Unique Success Factors:
- Consumer-centric platform offering unparalleled ticket inventory and easier bookings
- CSR initiatives like BookASmile which provide underprivileged children entertainment access
- Innovative products and features that tap into consumer demand
- Effective and creative marketing driving brand equity and preference
By combining wide reach, valuable offerings, and strategic marketing, BookMyShow has crafted an effective strategy to lead India’s online entertainment ticketing space into the future.
