Course Title7 Ideas to Thrive in Any Economy

Danny Rocks, George Hines, Gayle Beacock, Robin Walenta, Kevin Cranley

Meet the Panel

• Kevin Cranley – Willis Music

• Robin Walenta – West Music

• Gayle Beacock – Beacock Music

• George Hines – George’s Music

Coaching for Success

Kevin CranleyWillis Music

Plan, Don’t Panic

Robin WalentaWest Music

• Discourage buying into the theory that recession means failure, rather plan ahead to increase efficiency and win a larger share of the available opportunities

• Now is the time to be prudently aggressive in the marketplace. • Actively seek out new business, and perhaps add a sales

associate or two or an extra service to give you a competitive edge.– Don’t skimp on service and quality by being understaffed.

• Identify the organization's critical objectives and have measurement tools in place to ensure they are being met.

Plan, not Panic

Digging for GoldPolishing Diamonds

Gayle BeacockBeacock Music

Increasing In-store TrafficIn-store Events

George Hines

Increasing Store Traffic

Events and ClubsBy George Hines – President of George’s Music

GEORGE’S MUSICWest Palm Beach

Events

Consider Free and Paid EventsWhy paid events?

• Creates Value • Creates Exclusivity • Extra $ Income • Creates Guaranteed Store Traffic

Paid Event Stats

• Lead Guitar Class in October– 6 attendees– $120 in ticket sales

• Recording Workshop Series in October– 2 events, 10 attendees per event (20 total)– $600 in ticket sales

• Blues Guitar Class in November– 10 attendees– $200 in ticket sales

• The Recording Institute in November/December– 4 events, nearly sold out – 36 attendees for entire series– $730 in ticket sales

• Rock Guitar Class in November– 6 attendee– $120 in Ticket Sales

• Guitar Setup Class in November– 5 attendees– $100 in ticket sales

• Uke Beginners Clinic– 14 attendees– $140 in ticket sales

TheBLUES

isKING

ProductSpecific

¡Ahora en

español!

Summary of Sales/Attendance

• Ticket Sales Over 30 days–$ 2,000 +

• Customer Traffic Over 30 days–Approximately 340 additional customers from paid and unpaid “free” events

Using Clubs and

Permission Marketing to Reach

Customers

EVENTS AND CLUBS

•New Stream of Income - $$$$

•Increase Store Traffic - PPD

•Build Loyalty and Repeat Customers

Flex Time SchedulesCross-train Employees

Submitted by Multiple Dealers

The Customer Pyramid

Robin WalentaGeorge Hines

Rest of the World

Prospects and Suspects

Inactive Customers

Active Customers

Top 20% of customers deliver 80% of revenue and 100% of profit

Bulk of marketing budget (60% - 80%) spent on non-customers

Increasing Importance

The Customer Pyramid

“It is 17 times more costly to acquire a new customer than to keep the loyalty of a current one”

ADVOCATE

• Identify key customers• Collect email addresses• Thank you cards• Survey for customers• Centers of Influence

Customer Relationship Management

Identify the organization's critical objectives and have measurement tools in place to ensure they are being met.

Rest of the World

Prospects and Suspects

Inactive Customers

Active Customers

The Customer Pyramid

ADVOCATE

Climbing the Loyalty Ladder

Turning Loyal Customers

Into AdvocatesThe Ultimate Competitive Edge…