The Power of a Diversified Digital Portfolio

Diversification is something that can be a powerful strategy in the financial world. It is also the best digital marketing approach for the piano industry.

Let’s examine some realities about the piano industry that mandate how much sense a diversified digital marketing approach makes: In any given six-month period, about 4% of the national population is searching online for piano information. The makeup of this pool of individuals is diverse in and of itself; some are traditional, some techie, some a combo of both. This prospect pool has a plethora of budget capabilities and many levels of understanding of the instrument. Many are just entering their discovery process and are desirous of a trusted concierge but wary of sale people in general… and deservedly so.

Since different items provide more or less motivation and hot spot for prospects, (to use an outdoor recreational analogy) you need to have different spinners and baits in your tackle box depending on what you are fishing for.

Here is an example of a well-thought out mixture of prospecting methods:

One that cashes in on the worldwide favorite search word “used.”  This method/bait accommodates the largest online pool of piano info searchers, so this school of fish is most successfully attracted by this key word. This is not advice or conjecture, but a reality dictated by the marketplace.

One that creates interest at the top of the market and promotes premium piano sales. Let’s face it, premium piano sales make a dealer’s profitability strong. Sure, in today’s world most dealers must move used and entry level pianos as well to fill in the revenue gaps, but the institutional sales and larger residential sales that include the larger units with the higher ticket prices are the life’s blood of a dealer’s “good year.”

One that sells technology or “enhanced technology” pianos. The importance of this segment can’t be overstated. The existence of smart pianos that can be given commands from a tablet or phone opens up a brand-new marketplace segment. The advent of pianos that access the net and stream TV brings into play wealthy, socially active buyers who don’t necessarily even play the piano! It shouldn’t take anymore mention than this because we all know how the tsunami of technology has changed our lives and how much it means to millions of consumers.

A fun match game or survey on your home page. This allows you to have a home page optimized for conversion, where a percentage of customers can raise their hands digitally and share what types of pianos they may be in the market for. We encourage clients to pay attention to the inquiry experience that their local prospects experience. Fun and engaging is the best way to present yourself… simply getting down to the point is, well, just plain boring. Remember to “sell the sizzle, not the steak.”

A new home-owners program.  Be sure to position yourself as the “go to” place for all things piano before your competition has the chance; be the information “headquarters” in town. New homeowners don’t typically purchase inside a short time window but do indeed purchase twice as much or more than any other segment inside a 24-month window. With survival instincts running rampant, short-term ROI thinking rules the day, but as an old Texas businessman once advised me, “If you don’t plant seeds for the future, you may not have one.” Building new homeowner relationships is a fantastic way to “build more of tomorrow’s business today.”

There are other important COI (centers of influence) segments to address but the above listed categories are the main categories for which you should have strategies in place. Over time, if you do and your competition doesn’t, the market share is sure to shift dramatically in your favor. Having a mousetrap set for these different types of suspects, which gives them good cause to evolve into being prospects, is serving the entirety of the online pools and its diverse nature. Having a well-rounded diversified digital marketing portfolio that touches the main types and segments of those who buy is just plain common sense. That is how we ended up espousing its power and value. True marketing success in today’s world is the sum total of several targeted and well thought out strategies. I trust that this seems pragmatic to you as well.

We believe that if you simply serve people and position yourself as the best available concierge, you will be doing the marketplace, your income and your company the best possible favor. Here is a quote by Rand Fishkin that embodies our current sales and marketing philosophy. – “The best way to sell something – don’t sell anything. Earn the awareness, respect, & trust of those who might buy.”

When we began Prospects International, we were simply helping piano dealers access the wonderful world of online piano interest in the short-term by supporting their events through our first application – EventFlow. Today we endeavor to help our client base get so good at “day to day” lead follow up that events will be totally optional and not needed to make their annual numbers.

We operate exclusively per market with our three programs: EventFlow, LeadFlow and New Neighbors. If you would like us to help you examine how efficiently your digital approach is positioned, we would be glad to visit with you. If we aren’t already obligated, we would be honored to consider being your digital marketing partners.

Happy Selling and I’ll leave you with one more quote, this one from Ann Handley. – “Even when you are marketing to your entire audience or customer base, you are still simply speaking to a single human at any given time.”

Jack Klinefelter
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1 thought on “The Power of a Diversified Digital Portfolio”

  1. Happy New Year Jack,

    Thank you for this well written commentary reminding us of these excellent points; what a very good way to start out the New Decade.

    Happy New Year !
    Mark

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