Harry Potter Marketing

So let’s take a step back for a second and look at the phenomena known as Harry Potter.  For many of the die-hard Potter fans, waking up or staying up for the midnight releases has become…well sort of a ritual.  The midnight release parties and subsequent staying up and reading the book within the first 24 hours to avoid the plot spoilers or perhaps so they can log onto a Potter forum to discuss its intricate and meaning has taken on a fanatic life of its own.  So how does it all work? Did the author really intend to have this ‘lifestyle’ permeate our culture? Harry Potter was once thought to be the saving book for children all over the world…saving them from ipods, video games, tv, and generally sitting around being stagnant.

Has it worked? Still to be determined.  Scholastic Inc. reported that over 8.3 million copies sold in the first 24 hours alone in the U.S..  A report in Yahoo News stated,

“”Deathly Hallows” averaged more than 300,000 copies in sales per hour — more than 5,000 a minute. The $34.99 book, even allowing for discounts, generated far more revenue than the opening weekend of the latest Potter movie, “Harry Potter and the Order of the Phonenix,” which came out July 10. ”

 I know many people (family and close relatives) were some of the midnight marauders who ventured out to find a copy at the chime of 12am. So what is it about the marketing that leads to this type of craze?

• Exclusivity – it is the last of the best-selling series.
• Closure – everyone wants to know! Noone wants to be the last.
• Social – this is deep on so many levels. Avoiding the spoilers, being able to talk to others about it, personal satisfaction in knowing what happens and not feeling left out
• Media – with the book series being turned into movies, many non-readers have seen the movies and actually turned into readers.

In a world where rss feeds and dvr customize your entertainment and information absorbtion, it is so amazing that a book can move people to sit down and really focus their otherwise scattered energy into one activity for such an extended length of time. So how does this apply to you and perhaps your business.  You must first realize that everyone has their own “Harry Potter” book.  What does that mean?

Everyone has something that they are willing to drop everything else for (for hours or days or months or years) and focus.  Everyone has something that they would consider to be fanatical about on some level.  As an info-preneur or entrepreneur, sometimes you need to work backwards.

Sometimes you need to find that ‘irrational’ market first, and then cater to them. Find out what they want or need, and then supply it to them.  I think to some of the high ticket car auctions you see on tv.  The organization or person that faciliatates the auction is the real winner. Think of the fun and money involved in bringing buyers and sellers together.  Think of catering to the market.  Once you start to see the application, your mind really begins to race and your blood really starts to flow.