What to do when your busness is under siege

“We keep moving forward, opening new doors, and doing new things, because we are curious – and curiosity keeps leading us down new paths.”

– Walt Disney

How do you compete with “free? That has been the challenge facing the retail music store model since the year 2000. When most of the recorded music we listen to has been obtained digitally – legally or illegaly – how do you motivate customers to visit your shop to puchase Audio CDs?

There is no one easy answer. However, if you want to discover 8 possible answers then I suggest you read John Tozzi’s excellent article in Business Week Magazine – “From Bricks and Mortar to Digital Music Master.” 

This article details the eight steps that one New York City retailer – Other Music – is taking to respond to the challenge. 

Click here to read the article and also take time to view the slide show that accompanies it. Here are a few of the tips the owners and staff of Other Music are using to stay competitive and to lure customers to shop with them – online and in-store:

• Sell MP3 Downloadson your own site. Apple’s iTunes Store does not carry every piece of music! Other music specializes in selling – and promoting – the music produced by Independent Record labels and individual groups.
• Sell vintage LP Albums and other collectibles on auction sites such as eBay and Amazon. You may reach new customers and the prices that these collectibles fetch will almost always be higher than what you would have priced them at. The power of a free market!
• Don’t print and mail a catalog! Put your catalog on-line and automate the mail order process.
• Electronic Newsletters – allow you to stay visible to your customers. The more visible you are, the more value your customers will see in doing business with you.
• Handwritten Reviews of Music by your staff. Showcase the great knowledge that you staff has about the music that your customers want to find. This is one of the greatest competitive edges that a small, independent music store has – exploint it! And… leverage it – use these reviews in your catalogs and newsletters.

Think that you can’t compete? You can, but it does require you to try some new things. Take your first step – read the Business Week article and make a plan to implement one of these eight tips this month. Not only will you see a difference … so will your staff… and so will your customers – new and old!