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How to Boost Your Music Store’s Revenue All Year Long

How to Boost Your Music Store’s Revenue All Year Long

“Hosting an open house or monthly event is a great way to increase business all year long,” says Sarah Story of Symphony Supply in the September 2018 issue of Music Inc magazine.

Fall, winter, spring, or summer, there are a wide variety of events you can host that will provide customers with an enjoyable, interactive experience and keep them coming back to your store. In addition to increasing foot traffic and sales, in-store events strengthen customer relationships and help you connect with the community.

Here are 5 tips to help you host a successful event at your music store:

1. Planning

“Planning is essential for organizing successful events,” says Story. “If you start planning now, you can get ahead of the competition and start promoting your events well in advance.”

You’ll need to determine your budget, how much help you’ll need to pull off the event, and what your goal is. Are you interested in targeting existing customers or attracting new ones? How many employees will you need to man the register, as well as help with refreshments and activities? Will you need to open and/or close outside of regular store hours? Do you have the necessary space? Are any special permits required?

Proper planning of your event will ensure that all of the different elements come together smoothly to provide a memorable experience that’s both safe and enjoyable for all who attend, as well as bringing in more revenue for your business.

2. Promotion

One of the most important keys to successfully promoting an event is targeting the right audience.

While it would be awesome to draw a huge turnout, having a bunch of attendees who aren’t interested in what you’re promoting isn’t going to make your event a success. “Go for quality event attendees first, then quantity second,” suggests OnSpot Social.

For example, if your building your event around a specific product or service, think about the types of customers who would buy those things, and tailor your event promotion to those people. Once you’ve determined your audience, then you can decide “how” to market your event.

Start promoting your event about 40 to 60 days prior to the date using a variety of channels. This might include anything from traditional marketing methods and blog posts to word of mouth or corporate sponsors, depending on where your target audience likes to be reached.

You can even promote your event the day it starts. Sarah Story suggests using social media to post pictures of your event to draw in more people. “Customers will find it hard to pass up if you share how much fun everyone is having,” she says.

3. Group participation

“Encouraging group participation is great for your customers and allows them to feel like they are a part of something special or unique,” recommends Story.

Consider beginners or people with little or no experience playing instruments to participate in your event. You never know who you might inspire and you might even end up with several new students for your music classes.

When these people see how passionate you are about music—and about them—you’ll be able to connect with them in a tangible and lasting way. That’s not something they can get from the internet.

According to Story.”It is that personal connection that keeps your customers loyal and coming back to you.”

4. Creativity

There are so many great ideas to draw upon for your event. With a little creativity, you can distinguish your music store as a popular destination spot in the community.

You can do anything from hosting an open mic night for amateur performers or professionals who want to try out new music to inviting local celebrities to perform or aligning your event with something going on in your community.

Other ideas include hosting a special night of VIP shopping and refreshments, holding a jam session for your music students, or offering a DIY night where music lovers can learn how to tune their own instruments or write their own music.

Story suggests hosting events that go along with selling a particular product, like having a special day promoting music accessories or violins. “Whatever you are trying to market, you can come up with an event based around that product,” she says.

5. Special offers

“. . . Offer discounts or other incentives to participants so they are encouraged to shop at your store before, during or after the event,” says Story.

Not only are discounts a good way to draw shoppers, but as Small BusinessTrends points out, “The celebratory feel and being part of a ‘special group’ makes customers more willing to spend.”

More people means increased sales—and not just on your discounted items. Because special events draw more people, you’ll have more shoppers looking around to see what else you offer. For example, if your music store discounts your electric guitars, people interested in buying one will come to your store for the discount but also for accessories, amps, and more.

You can keep the money coming in after the event by following up with new and current customers who were in attendance. Send them a special  “Thank You” email and offer them an additional coupon to bring them back to your store.

Conclusion

In this day and age, consumers have more shopping options than ever before. That’s why you need to deliver exceptional shopping experiences.

Hosting in-store events is a great way to be proactive and inspire people to choose your store. The benefits include:

  • driving foot traffic
  • increasing sales
  • strengthening relationships with customers
  • connecting with the community in a meaningful and lasting way

Get creative and come up with some unique ideas for events you can host throughout the year and you’ll not only establish your business as a popular music hub for customers and community members, but you’ll also boost your store’s revenue all year long.

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About The Author

Sherene Funk

Sherene Funk is the author of the contemporary romance Autumn in Your Arms and the eBook The Small retailer's Ultimate Guide to Increasing In-Store Sales. She is a voracious reader who owns more books than she can ever read in this lifetime (but that doesn't stop her from collecting more). A graduate of Brigham Young University, she has published several humorous non-fiction articles and worked in advertising for many years before moving to her current position as a writer on modern retailing at Rain Retail Software. She researches non-stop to see what successful retailers do and loves to share what she learns with other small business owners through informative articles that address their unique needs.

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