Instrumental music retailing is a difficult endeavor - not suited for those that are committed, creative, and persistent. With this blog, I'll share my ideas on how to build your business.
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Music Retail Podcast Ep. 3: What Happens When an Accountant Owns a Music Retail Store? They Win NAMM's Dealer of the Year!
In this episode, Lori Supinie, owner of Senseney Music in Wichita, KS, talks about her thoughts on the business side of the music business, dealing with smaller competitors, and more!
I just wanted to let you know about a BRAND NEW FREE Master Class from the folks at WhizBang! Retail Training. In it, you’ll learn how to create a service culture in your store using the "6 Steps To The Perfect Purchase" selling system.
We have found this system to be very useful for us at Springfield Music!
Join the Master Class: "The Secrets To Surefire Sales Growth In 2019 Revealed" to shape your staff into customer-focused selling superstars and increase your sales in 2019!
The LIVE Master Class is taking place on daily, Monday, February 4 through Friday, February 8 at 1:00 PM Eastern Time. Make sure you register even if you know you won't be able to attend live because each class will be recorded and available to watch for 24 hours.
I’ll see you in class!
In my opinion, the number one problem facing most music retailers today is inventory. They have too much of the things that aren’t moving and not enough of the things that are. In this brief article, I’ll try to explain how I look at inventory, some key pitfalls to avoid, and how to identify the winners and losers in your inventory. First thing, if you are serious about being in the music business, you’ve GOT to have a quality POS (a point of sale, not the other POS - you probably have too much of that - which is why you’re reading this article!). You can do everything I’m going to share with you without a POS, but the amount of time you’d spend compiling data would EASILY pay for a POS! I recommend Tri Technical System’s AIMsi. In fact, I have no idea why you’d use anything else - almost everything I’m going to show you is just a click away in AIMsi... We are going to look at a few stats to determine our inventory position: GMROI, Average Inventory, and Inventory Turns.
The NAMM Show and Summer NAMM are always fun times to see new products, meet new people and catch up with old friends. But as retailers, we need to make sure we're getting the most out of each show. With all the fun distractions, remember that we're there to work. It’s easy to watch every demo, concert and artist signing, but if you do that, you won't leave your first booth. Now, it may sound as if I’m all work and no play, but the world around us is changing. What we used to do isn’t as effective anymore. Take a few minutes to consider the following: Essentially, what it says is time equals change. The more things around you change, what used to lead to success will eventually lead to failure. We need new ideas and approaches just to maintain our positions in the marketplace. The NAMM show is the single easiest way to get inspired with new ideas to keep your business relevant. With that in mind, here are my top 10 tips on getting the most out of NAMM shows. 1. Attend NAMM Ide…