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Recession-Proofing Your Business
Whether it’s providing ideas, support, marketing opportunities or ways to trim your expenses, NAMM’s first priority is to help you through these turbulent times and support your success.
Like every other industry, our business is feeling the impact of the current economic crisis and nervously anticipating what the future holds. As your association, it’s our mission to support your success in good times and in bad, and we will do everything we can to help you through this difficult period. In the last PLAYback Digital, we listed a variety of cost-saving and business-building resources available to you as a NAMM Member, including programs to help you reach new customers, business services that can save you money each month, trade shows that allow you to gain the competitive edge in your market and the Wanna Play? consumer campaign, designed to create more active music makers. We hope you’ll take advantage of these resources and invite you to call our Member Contact Center at 800-767-6266 for a personalized assessment of which NAMM Resources can benefit your business.
8 Ways to Weather the Storm
In this edition of PLAYback Digital, we’d like to provide you with some additional ideas from NAMM University experts and association Members for strengthening your business in a weak economy.
Focus on What You Want, Not What You Fear
With negative news everywhere you turn, it’s easy to let your imagination run wild and feel that knot in your stomach tighten. But focusing on your fears can paralyze even the most savvy and experienced businessperson. You are better off focusing on what you want to achieve during this time. While the recession is negatively impacting many companies, there are some businesses that are not just surviving, but thriving. According to Danny Rocks of the Company Rocks, using this time to fine-tune, market and grow your business can only benefit you in the short term—and the long run. Remaining focused and optimistic will also have positive impact on those around you, from your employees to your customers.
Brainstorm with Your Team
Right now people are more grateful than ever to have a steady job, and that includes the members of your team. They want to see your company continue to succeed and they’re a good place to turn to for ideas on how your company can save money, bring in new sources of revenue and market itself to reach new customers. Having your team members and music teachers participate in the brainstorming process will make them feel included, while also motivating them to keep your company profitable, says NAMM Member Pete Gamber of Alta Loma Music.
Set Goals and Track Them
In order to find the treasure, it’s important to have the map. Once you gain ideas and inspiration from your staff brainstorm, be sure to set some goals with your team, providing incentives for achievement and a sense of structure to keep you on track. Too often, people set goals without actually putting forth any effort to achieve them. According to George Hines of George’s Music, by creating a plan of action and a way to measure your progress, you are much more likely to attain your desired outcome. Goal + Action = Achievement.
Create Customer Loyalty Programs
New customers are great, but steady clients are often your best resource in a tough economy. Chances are, those customers may also be experiencing a difficult time and showing them your appreciation through perks, freebies and discounts can go a long way in furthering their loyalty—especially as your competitors are trying to woo them away with low prices. Reward them a special VIP offers and discounts, but with a limited timeframe to act. Each year NAMM retail Member Tristann Rieck throws a special thank you banquet to honor her local school music accounts.
Maintain Your Marketing Efforts
While your instinct may be to cut back on marketing right now, that could actually make things worse, say the owners of Pederson's Band and Orchestra, John and Nedra Pederson, who've become known for their popular Instrument Petting Zoos targeting the families of young children. Even if you don’t have the money to invest in marketing, advertising or on-site events right now, you can still take advantage of less expensive alternatives, such as e-mail marketing, online newsletters, blogs, and establishing a presence on social networking sites such as Facebook, MySpace and Twitter. If someone adds you as a friend, every time you update your page with a new event, sale or special offer, they receive the news instantly. NAMM U speaker Mike Farrell of Youthography suggests that If you’re unfamiliar with the Web world, consider seeking guidance and ideas from your younger staff members, who would love to share their expertise and help you grow your business.
Diversify
Is there a need in your market that isn’t being filled? If one income stream is affected, consider other income-generating services that your company could offer to help you through the lean times. Ideas include lesson programs, repair services, recitals, instrument refurbishing and cleaning, rock camps and rock and roll birthday parties. NAMM Member Myrna Sislen of Middle C Music believes that this is a good time to step back, review all areas of your operation and find creative ways to fill a niche not presently being served in your market--especially those that help to integrate your company into the community.
Increase Your Knowledge
The business world is changing, and it’s changing fast. From the impact of the Internet to economic fluctuation and changing distribution channels, it’s more important than ever to stay on top of the challenges and opportunities these trends provide and find solutions. NAMM University can help you stay ahead of the curve by addressing the issues that matter most to our business, says financial advisor and frequent NAMM University Moderator Alan Friedman. In-depth Breakfast Sessions cover industry trends, innovative approaches and “best of show” products, while the quick, on-the-show-floor sessions can help you fine-tune your business practices. Be sure to check out all the great session being offered at Summer NAMM, July 17-19 in Nashville, Tenn.
Gain Support from Your Peers…and Your Association
Owning a business can be a lonely. You work long hours, wear a lot of hats and shoulder all the responsibility. Sometimes it may feel like no one understands the battles you’re forced to fight each day. NAMM Member Peter Sides of Sides Music believes that joining buying/sharing groups and MI organizations can empower you with support, ideas and information. It’s a great way to meet and interact with other industry professionals who understand the daily challenges you face and exchange tips, strategies and solutions. NAMM is happy to share with its Members a list of buyer groups and organizations representing different industry segments.
And, don’t forget that NAMM is also a member of your team, ready to provide you with a free personalized analysis of the services and resources we offer that may help improve your bottom line. Just give us a call at 800-767-6266 or write us at info@namm.org and a Member of our Member Contact Center Staff will be happy to assist you.