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1. Was the PWYW strategy a good decision for Radiohead?
I suppose it was a very successful experiment for Radiohead for many reasons. Firstly, PWYW works well in the digital environment. This means it is good for such products a s musical albums because they have low marginal cost. Secondly, Radiohead is one of the greatest rock bands all over the world and it has an immense amount of fans who love and respect the musicians. Fan’s loyalty made this strategy very profitable. Thirdly, this approach was novel and innovative. It results in getting a lot of attention, increased traffic and a higher customer volume (over 1. 2 million people visited band’s website during the first month). Moreover, Radiohead didn’t have to share the profit with a record label, distribution partner or online music store as they sold “In Rainbows” via their website.
2. What could Radiohead have done to make this strategy more effective?
In my opinion, Radiohead could use charity appeals and set a reference price. This can lead to more profit. Another idea is to encourage people to share the information about the release in the social networks to create more buzz around the new album.
3. Is the PWYW strategy something that could be employed by more traditional firms?
I think PWYW strategy could employ by more traditional firms under certain circumstances. As already mentioned, this strategy works better if products have low marginal cost. Thus PWYW is great in the digital area. In traditional sphere it is not so effective and even risky but nevertheless traditional firms can use PWYW for limited time duration, for specific offering and for a dedicated customer segment. To make the strategy more profitable they should set a reference price or use charity appeals.
Language: English
Language Skills: Native speaker, Proficiency, Advanced, Upper-Intermediate
I suppose it was a very successful experiment for Radiohead for many reasons. Firstly, PWYW works well in the digital environment. This means it is good for such products a s musical albums because they have low marginal cost. Secondly, Radiohead is one of the greatest rock bands all over the world and it has an immense amount of fans who love and respect the musicians. Fan’s loyalty made this strategy very profitable. Thirdly, this approach was novel and innovative. It results in getting a lot of attention, increased traffic and a higher customer volume (over 1. 2 million people visited band’s website during the first month). Moreover, Radiohead didn’t have to share the profit with a record label, distribution partner or online music store as they sold “In Rainbows” via their website.
2. What could Radiohead have done to make this strategy more effective?
In my opinion, Radiohead could use charity appeals and set a reference price. This can lead to more profit. Another idea is to encourage people to share the information about the release in the social networks to create more buzz around the new album.
3. Is the PWYW strategy something that could be employed by more traditional firms?
I think PWYW strategy could employ by more traditional firms under certain circumstances. As already mentioned, this strategy works better if products have low marginal cost. Thus PWYW is great in the digital area. In traditional sphere it is not so effective and even risky but nevertheless traditional firms can use PWYW for limited time duration, for specific offering and for a dedicated customer segment. To make the strategy more profitable they should set a reference price or use charity appeals.
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You can correct this text if you set follow language skills of English in settings: Native speaker, Proficiency, Advanced, Upper-Intermediate
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