T his month’s issue covers a lot of bases. From discussing succession sales in our cover story on Ensemble Music Schools (which starts on page 34) to breaking down proven strategies for improving your store’s website (page 44), this issue covers it all. However, some of the biggest ideas lie in our coverage of July’s inaugural NAMM NeXT event (page 40). For two days, more than 100 mem- ber companies descended upon Nashville, Tennessee, to network, take in live music and learn from some of today’s top business thinkers, including FUBU CEO and star of ABC’s Shark Tank Daymond John and Universal Music Publishing Group Nashville CEO and Chairman Troy Tomlinson, as well as PERSPECTIVE I BY KATIE KAILUS THE 2024 CONSUMER
a slew of marketing experts and industry executives from companies like Yamaha, Martin and Taylor Guitars. Yet, possibly one of the most interesting sessions was “Industry Insights: Under- standing the NeXT-Generation Consumer,” which opened the event. During an hour- long discussion with NAMM CEO John Mlynczak, Brendan Witcher, vice presi- dent and principal analyst for Forrester Research and a global expert on consumer behavior, shared insights on today — and tomorrow’s — consumer. During the session, Witcher emphasized how today’s consumers, accustomed to instant gratification due to companies like DoorDash, Uber and Amazon, have had their shopping
habits influenced — even when it comes to shopping at music stores. Witcher shared that 52% of consumers say the experience they have with retailers like Amazon, Walmart and Target have influenced their expecta- tions highly while engaging with other industries, such as banks, insurance companies and other outside-retail businesses. “These 52% say they bring those expectations with them,” Witcher said. “[For example,] let’s say you go to your banking website, and you see there’s a problem with your account and you’re looking around for that little agent, but instead a phone number pops up that says, ‘Give our contact center a call.’ Are you instantly disappointed? Yes. Was it because you compared that bank to another bank? No. You compared it to your last digital experience. And that’s what consumers are doing today.” Witcher encouraged listeners to tap into their own consumer habits when making decisions for their business. “Everyone in this room is a consumer,” he said. “I’d encourage you to take off your business hat, and [think like] a person who buys things as a consumer. You know what your own expectations are. You know what all these sorts of tools and technologies are causing you to think when you go shopping. Your musician shoppers have the same expectations you do.” Bringing that “instant gratification” mindset into your MI business is imperative in today’s day and age. Tasking an employee to monitor social platforms and answer questions as they come in in real-time and installing a chat function on your website are two ways you can meet customers’ expecta- tions — and stay within their time frame. MI
musicincmag.com
8 I MUSIC INC. I SEPTEMBER 2024
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