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Three years ago, Liane Rockley of Rockley Music made a calculated decision to gut her lesson program and rebuild it from the ground up. It’s now a successful, thriving program, as part of the new Rockley Education Center. And at the 2015 NAMM Show, she shared her unique story and inspiring ending. “We’re steadily getting new students, plus keeping the ones we have,” Rockley said. She chalked up her company’s successful gamble to two things: better marketing and retention. At this NAMM U session, she encouraged fellow retailers to explore different ideas and avenues for their lesso

At the 2015 NAMM Show, former CPA Lori Supinie of Senseney Music shared her financial knowledge with music retailers eager for smart tips. As a small business owner herself with a passion for music, Supinie knows firsthand the financial challenges that fellow retailers face. “As a store owner, you may or may not perform some of these financial functions, but you need to oversee the process and review the results,” she said. Here are Supinie’s 10 financial tips to reduce stress and maintain good control of a music retail business: 1. Prepare a budget. It sets expectations and clear

Millennials—people 18–33 years old—are the fastest-growing segment of the workforce across all industries. At the 2015 NAMM Show, CJ Averwater of Amro Music showed music retailers how to attract, motivate and unleash their talent. “Millennials are going to make up a bigger part of our workforce,” said Averwater, who’s part of a fourth-generation family business. “As managers and business owners, we have to understand and be able to relate to them.” Averwater pointed out that many of the generalizations about millennials (also known as Gen Y), such as that they’re lazy and entitled

At the 2015 NAMM Show, Donovan Bankhead and Misty Kristek of Springfield Music revealed how their music lesson program went from faltering to active and strong. They also offered ideas to improve a lesson program—and make more money with it. Bankhead admitted that the old business model, where product is king and lessons aren’t profitable, stopped working at his retail business. “I realized change was needed, and we took a different approach to invest and build our lessons program,” he said. “Lessons are now one of our top profit centers.” He advised retailers with lesson programs

Music industry veterans Bob Popyk of Music Trades magazine and Alan Friedman of Friedman, Kannenberg and Co. teamed up at the 2015 NAMM Show to talk with music retailers about a critical issue: aging inventory and what to do about it. “Making sales is the most important thing you can do, but moving aging inventory is a close second,” Friedman said. “Why is it so important? You’re tying up cash and hurting profitability.” Friedman listed all of the costs that retailers incur when inventory sits too long, including: purchasing and shipping, merchandising, rent (store space and wareh

Music industry veterans Bob Popyk of Music Trades magazine and Alan Friedman of Friedman, Kannenberg and Co. teamed up at the 2015 NAMM Show to talk with music retailers about a critical issue: aging inventory and what to do about it. “Making sales is the most important thing you can do, but moving aging inventory is a close second,” Friedman said. “Why is it so important? You’re tying up cash and hurting profitability.” Friedman listed all of the costs that retailers incur when inventory sits too long, including: purchasing and shipping, merchandising, rent (store space and wareh

What products and trends are driving the music industry? NAMM President and CEO addressed this question during “Breakfast of Champions,” the opening session at the 2015 NAMM Show. He kicked off the session by challenging the audience to stay open to new trends. “Let’s face it: Trends can be hard to predict in this industry,” Lamond said. “Sometimes, it seems more like we’re in the fashion industry than in the music products industry—the way things come and go, the way these cycles come. And sometimes, the trends that we’re seeing can even be completely contradictory.  “We have aco

Synth pioneers Tom Oberheim and Dave Smith explored the analog synth revival with NAMM President and CEO Joe Lamond during “Breakfast of Champions” at the 2015 NAMM Show. Oberheim, who exhibited at the show under Marion Systems, recently re-entered the business after a hiatus. “I’m back in the business, and analog is booming,” he said. Smith, who founded Sequential Circuits and now runs Dave Smith Instruments, attributed this trend, in part, to the individuality of analog synths. “It’s the interaction,” he said. “We strive to give our instruments personality. It’s like a guitar pl

Blake Augsburger, president of Harman Professional, weighed in on pro audio and live sound trends during “Breakfast of Champions” at the 2015 NAMM Show. In speaking with Joe Lamond, NAMM President and CEO, Augsburger commented, “where we’re seeing our main growth is in installation and touring, or live sound.” He mentioned that the portable P.A. business is still “a good business” but not a growth area. Augsburger singled out houses of worship and restaurants as particularly strong areas of growth in the pro audio market. “The way [music retailers] get into it is really by providi

During “Breakfast of Champions” at the 2015 NAMM Show, George Quinlan, president of Quinlan & Fabish, looked at a trend that’s been hot for about 60 years: the school music business. He spoke with NAMM President and CEO Joe Lamond about the nuances of this segment. “You can’t buy your way in,” Quinlan said of the school music business and serving music educators. “You can’t get there through intimidation or slick gimmicks. You really have to earn your way in, and it’s difficult. You have to be there. You have to be there when they need you. “​My dad always used to say, ‘If the

John D’Addario III of D’Addario and Brian Ball of Ernie Ball joined Joe Lamond, president and CEO of NAMM, during “Breakfast of Champions" at the 2015 NAMM Show. They discussed another long-term trend that’s helping drive the music products industry: accessories. D’Addario revealed that premium accessories will likely be a growing trend. “We did a lot of market research—not only in the U.S. but also globally,” he said. “And what we found is that there’s a disconnect a bit between the retail and wholesale channel and the consumer in terms of the appetite for a premium accessory. An

During “Breakfast of Champions” at the 2015 NAMM Show, Grammy-winning singer-songwriting Colbie Caillat joined NAMM President and CEO Joe Lamond. They discussed Caillat’s career and also her role in inspiring more young women to play guitar. “That’s the most amazing thing,” Caillat said. “When I’m touring and I have my shows and I have meet and greets, the young girls and young women that come up and tell me that they’ve been listening to my songs for years and, because of the inspiration they got from my music, they now take vocal lessons and they take guitar lessons and piano le