For MI companies and retailers, logo wear has become a key element in the growth of business. As MMR found out, it’s not so much about the products themselves turning a profit; it’s about logo wear ultimately leading to profits through heightened brand recognition. As brand competition grows, so do the logo wear product lines.
Social networking sites like MySpace and Facebook are seemingly increasingly used for more than pure social networking. Many MI manufacturers and suppliers are using these forums to connect with musicians, show off products, promote their roster of artists, and more. MMR conducted this exclusive survey and the response was overwhelming. With two-thirds of those surveyed saying they have a MySpace page, and another third saying they will have one soon or eventually, it appears that social networking has been deemed an important tool for those who make and distribute MI products.
MI Retailers Turn to the Internet to Build a Community
Everyone in retailing knows that the number one most-effective way to get new customers is through “word of mouth.” The simple act of one friend telling another, “Man, I got a great guitar at Jack’s Guitar Shack, you gotta go check the place out,” is the gold standard for growing a business.
“I think any independent retailer can set themselves apart from the Guitar Centers, and now the Best Buys, through guerilla marketing,” Jon Kluiter says. And he and partner Pat Redd have certainly made their case with Funky Munky. The unusually named store, located in Shawnee, Kansas, a suburb of Kansas City, looks like your better-than-average store at first glance, but dig a little deeper, and innovative, fresh initiatives make this shop anything but traditional.
The question is this: What to do in a down economy, especially if you’re in a smaller market? At the last NAMM show, I spent several evenings over wine and dinner with different retail owners, all sharing and brainstorming for ideas. I took several suggestions away and since have instituted each and every one of them with success.