Why Piano Dealerships Fail:
Part 1 of 3

Blog Post - September 13, 2012.

Why Piano Dealerships Fail.

If you are a piano dealer, have you ever wondered this very question?

As a pianist of 20 years, piano technician of 15, and former "piano salesman" of a well respected [Yamaha] Piano dealership in California, I was once told by a manager of the number of pianos their dealership had sold,cumulatively, over the years - from this one dealership alone.

Now you can do the math.

-- If the average life expectancy of a piano is 70-80 years.

-- Multiplied by 10,000 pianos sold on average, per dealership.

-- Multiplied by {let's be conservative here} $10 per piano (and even more conservative...)

One (1) Annual Service Call.
$10 x 5,000 pianos (with a 0.5% retention rate)

That's $50,000 per year in residual income.

for... are you ready for this? ...

Tuning alone.

To be perfectly honest with piano dealers who are reading this article, and who may be struggling at this time, I ask you,

"Why are you choosing to allow money to leave your family?"

May I draw a comparison for a moment? We could compare this matter to marrying off one's precious daughter, to your ideal son in law. Grandkids are later born to you for your legacy, pleasure, and enjoyment. You gladly look after them, teach them, and care for them, because you are their grandparent.

Later, you find yourself thinking, "Fend for yourselves. You're not part of my original family."

After you have spent the best years of your life, raising your "precious daughter" [your dealership] why should your grandkids [the fruitage of a well loved piano] have to leave your family?

....

With 10s of thousands of pianos sold in the United States every year, approximately, how many piano dealers do you know of, who resemble this beloved grandparent?

.....

Consumers every year spend more money on fast food, movies, internet, TV, electronics, and other things unrelated to their musical growth and future.

Why should any money leave your "dealership family", because of a single minor oversight given to piano maintenance?

Piano dealerships fail due to (1) non-existent, (2) unsupervised, and (3) lackadaisical attention to back end marketing.

The big money is made up front - but don't let that be your only focus.

What is the lesson in all of this?

Keep the money you have worked so hard to earn, in your dealership's family.

... and remember to offer your customers a low cost, competitive, annual maintenance program. It will pay you rich dividends for years to come, namely, the entire lifespan of the pianos you sell.

By doing this, you will keep your 'piano family dealership' alive and well, free of any future economic downturns, dry spells, and untimely business failure.



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