The Marketing Magic of Harry Potter
The Harry Potter brand has been seen as a cultural phenomenon and a magical example of successful marketing. With over 160 million book copies sold, eight movies that grossed $6.5 billion, Wizarding World of Harry Potter theme parks, and licensed merchandise; the Potter franchise is worth an estimated $25 billion, according to Time, Inc.
But more astounding than that amount of money Harry Potter has made is how the brand continues to make money within the past decade without any new books or movies coming out.
The last Harry Potter book was published in 2007 and the last movie came out in 2011. At that time, the franchise was valued at just over $15 billion. Now, just six years later, the brand has increased its worth by over $10 billion. So how is this happening? Let’s take a look at how Harry Potter is teaching marketers to reinvent their brand and stay relevant for years to come.
Creating a quality product. Harry Potter had a magical way of captivating audiences young and old and making them feel like they were a part of the journey. All of the books and movies continue to provide comfort for fans that have followed the brand for over 20 years. And now those fans are enjoying it all over again with their children.
Leaving the fans wanting more. Fans have always wanted another book or movie to come out. Rowling has managed to keep fans pleading for more, which keeps the hope and passion for the brand alive.
Encouraging empowered fans. The amount of fan-generated content that has been created through blogs, videos and more is a little insane. This, combined with the power of the internet has allowed the brand to become loved across the world.
Evolving the brand. J.K. Rowling didn’t stop with the books and movies. She has helped create amusement parks, the Wizarding World of Harry Potter, where fans can feel like they are really a part of the story. She has also incorporated social media into her marketing strategy with the new site, Pottermore. And Rowling uses Twitter to announce any updates for fans.