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Music Business in Recession?


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Hey everyone. I recently started an online music store (no link posting allowed plus I'm not trying to sales pitch) and I feel that it's very user friendly, easy to navigate, etc. I've been asking a few other forum groups about why my sales are non existant as well as my traffic count is ridiculously low (on average about 3 hits a day) and the general reply is that the music industry is just plain slow over all. I'm trying to hit all of the forums that I can to find out if this is true or not. Any input would be awesome.

 

Thank you!

 

Greg

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For sure the music biz is going through the same general recession as the rest of the economy and, as far as I know, unlike other sectors and some geographic regions, there doesn't seem to be much sign of recovery in it.

 

Of course, the overall music biz was already in trouble in terms of dropping revenues when the economy started tanking in 2007. Of course, the overall music biz comprises considerably more than the music gear business... but there's still a shakedown. When label revenue goes down, the amount of money spent on gear for recording studios and performing musicians goes down. Tour money goes down. And, because of the general recession, expenditures by amateur musicians has also dropped rather precipitously, leading to massive price-cutting in the music retail sector.

 

 

Let me ask you this? If you have a general product line-up, how do you compare with first-to-mind outfits like Musician's Friend, Zzounds, Sweetwater, Sam Ash, and so on? Are your prices lower? Or do you offer things or services they don't?

 

If it's tough to compete with those outfits (and I can't imagine it isn't), you may need to find yourself a smaller niche market that you can compete in. For instance, the outfit Mercenary Audio grew out of boutique sales of vintage and high end recording gear. (I have no idea if it remains viable. I just know it's survived now for some years.)

 

 

Anyhow, one thing's for sure, it is definitely not your imagination. I think that's both the good news and the bad news. ;)

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With my site, the visitor count always plunges if I don't keep people continuously updated via Twitter of what's available on the site. Even if I miss a day of marketing this happens.

 

Until my site has enough content (and in your case gear) to keep people returning to the site, such will be the marketing requirements. Building buzz takes time.

 

The presentation of your website is important. How easily can people find what they want? Do they perceive your company as an expert in helping them find useful gear? Is the return policy clear in case they have an issue?

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