Keeping Up With The Times

I run a second-hand music store, specializing in older music like 60s and 70s rock, jazz, classical, blues etc. in a fairly trendy part of my city. I'm having a problem in that my customer base is getting older and smaller, and while I could probably be a bit more profitable if we carried more modern music, I think this goes against the reasons why I went into business. Does anybody have any advice on how I can bolster my diminishing clientèle and generate a bit more money from an aging business?

Well, you would still be "older" if you dealt in 80s and 90s music, too! -- and you'd attract younger customers.

You might bolster your customer base by selling on Ebay or opening an online store of your own. Some legitimate businesses actually generate more revenue online than in-store.

Also, you might want to do as Puck suggested and branch out a little to gain more customers. You said you went into this business for several reasons, but I am sure one of those reasons was to provide income.

Hey Puck, sorta like "you'll be older too" (When You're 64)

Dinosaur
help me out with this wil'ya -

I’m not clear just what you are selling here. Do you mean that you are selling second-hand LP’s? Are you selling them as collection items, or as musical assets – do you your clients mostly listen to them, or shelve them?
I had a friend that had a very similar problem in that he run a store that sold LPs and like you, his market was also diminishing as CDs became more popular and modern music stopped being pressed on LPs. His solution was to start a moderately successful word-of-mouth campaign, the grand coup of which was a story about his store in the newspaper which greatly bolstered his sales. While you may be feeling pressure to keep up with the times, I don't think your business has seen it's day..yet. All you need to do is figure out better ways to access your market which is becoming smaller and less accessible.
Which brings me back to the question I started with. If it is a collectibles market, and you are buying and selling, then maybe you need a partner that can bring in E-Bay and technological assets to your business. Treat it like an antiques dealer would… The other advantage is that you can actually rip the asset to digital, and add that to the sale for your prospective client. There may even be some way of rating the quality of the used item. In any event, like dingo says - the entire internet world is your potential market here…

Wow good responses guys

I thought about doing something like that using Ebay...if i can find someone I know who is computer literate enough to that, then I will probably move ahead on that...

Dreaminon, with regards to my customers..its actually a bit of both. I do get customers who are just collectors and I also get customers who are just looking for LPs...I also get the occasional DJ looking for something a little older to sample...

I like the anecdote about the newspaper story too, does anybody know how I could go about getting that to go down?

Thanks

You can do Ebay yourself. You do not need to be overly computer savvy. Ebay will guide you, because it is in their interest to sell as much as you can, since they get a percentage. You just need to try it and learn as you go.

You can get your store in a newspaper if it does something newsworthy.

If you are still looking for suggestions I would definitely develop a website that allows for downloads or even online commerce. Or even getting into blogging might help attract the clientel you are looking for.

There are tons of things you can do online to gain that customer share back. Websites, online stores, extra...

Selling music and DVD's on ebay has been crowded for a number of years, and the overall industry is shrinking dramatically due to increasing popularity of MP3, itunes and all the downloading sites. So although an eBay store is a good starting point, and an excellent tool to get you into doing business online, you have to be prepared to work extremely hard.

Opening your own online business, however, is not only useful but a must in my opinion. You will want to create an online community within your niche, and find opportunities there. Best of luck!

I would do a search for competitors on Google and see how they are doing it.

Online selling is also cool. Also advertising your business marketing and giving some freebies if you can or some promo.

well if you feel 60-70's music doesn't work in your area, you better go with the trend in your area...in that way you'll be profitable with your business good luck with everything..

Well being unique is one thing and staying to your grassroots means everything. Business wise, I think keeping up with the current trend right now is probably the best thing to do, because it generates more money. But if you want to stick with what you started in the first place I think the consequence is that you will have a relatively small crowd. Up to you mainly.

Its all about making a profitable business so you should do what you need to do to make it a profitable businesseven if its something you don't like, like in this case changing your music selection

I agree with opening an e-commerce site. You can have access to millions of potential buyers as well as create a marketing niche for a steady flow of clientele.

There are tons of things you can do online to gain that customer share back. Websites, online stores, extra...

Yes you can do lots of things along with lots of stuff online.

I believe that you have loved music so much that is why you started a business like that. But since your music is old and is definitely will cater old people, you will not be as competitive as the others. Nowadays, people who loves music will go to a music store with everything in it. Like, music from the pas and modern ones. I think you will profit more if you have some modern music in your store for more choices.

Following are the steps that be could be of help to your aging business:

Step 1:
Launch a Web site. Web sites provide your company with worldwide exposure and give your customers convenient access to your services and products.

Step 2:
Host a grand re-opening of your business. Invite local business owners and residents from surrounding neighborhoods. Provide refreshments, drawings for door prizes, free merchandise samples, and have plenty of business cards and company brochures on hand.

Step 3:
Monitor the quality of your services and products constantly. Satisfied customers who spread the word about your business are the best source of new customers. Pay attention to pricing, customer service, product availability and prompt delivery.

Step 4:
Explore various types of traditional advertising methods such as classified ads, yellow page ads, television and radio spots, and display ads in magazines and on other Web sites. Go with what meets your budget and best reaches your target group.

Step 5:
Distribute fliers and business cards door to door, place them under car windshield wipers and tack them to local apartment, college and community center bulletin boards.

Step 6:
Maintain a visible presence within your industry. Participate in trade shows, attend community events and offer to speak on your area of expertise at seminars.

All the best............

Bieng a DJ myself and also relatively young i can tell you with confidence that there is still a demand for what you are selling, old viynl are becomming much more popular. The ebay idea is good as people go on thier looking for old & rare viynl, another idea is Discogs.com which is an online market place for hard to find records. The good thing about doing this is that as well as you selling some stock your also getting your company name out there. I don't think there is any problem with demand in your case its just that you need to let the right people know about your buisiness. Hope that helps in some way. Also where is your shop based?

In business you must know how to go along with the changing environment and what the customer wants.As an advice i think you can still have the music but make it more modern like those of 90's and above.