October, 2012 - Music & Sound Retailer

ADVERTORIAL • OCTOBER 2012visit us online at www.namm.orgNote from JoeYour Company’s Elevator SpeechCan you describe why your business is unique in 30 seconds or less?There’s an old story fromthe Jack Welch days atGeneral Electric that hasstayed with me. As Jackvisited GE’s many branchesaround the world, hisemployees were often given the opportunity––sometimes in anelevator––to briefly describe what they did for the company andwhy it mattered. It’s been said that careers could be made orlost in those 30-second “elevator ride” conversations.Whenever my staff and I visit with NAMM Members, meetwith our partners in music education or speak with importantdecisionmakers on Capitol Hill, we’re often faced with a similarchallenge: How do we quickly describe the year-long activitiesof our global trade association? Fortunately, NAMM’s Circle ofBenefits business model has really helped us to communicate,in a fast and easy way, how the association works and whyit matters.TRADE SHOWGROWTHINDUSTRYGROWTHTRADESHOWINCOMEINCREASEDPUBLICAWARENESSOur 30-second elevator speech goes like this…NAMM produces trade shows (the best in the world in myopinion!) and reinvests the proceeds back into the industry tosupport its Members with professional development training,government lobbying, research and statistics, and the relentlesspromotion of music and music education to the general pubic.These efforts help keep music “top of mind” with consumersand increase support for music education in our schools,which in turn drives consumer spending on music and soundproducts, enabling NAMM Member companies to serve thisexpanding market and grow their businesses as well. As a result,manufacturing companies continue to innovate and bring newproducts for retailers to see at the NAMM Show and the circlerepeats, as it has for 112 years.So much has changed since the association’s founding in 1901:instrument categories have come and gone, as have iconiccompanies, and changes in musical trends continue to confoundeach successive generation of parents. What hasn’t changed isNAMM’s business model. And through recessions, depressions,world wars and technological revolutions, this cycle of industryreinvestment has been a critical component of growth andstability. This business model has served many generationsof Members, and with your continued support and guidance,NAMM will continue to do so for future generations.So what’s your company’s elevator speech? I believe one of thekeys to success is to be able to effectively communicate whatyou do (or what you don’t do) suscinctly and why it matters,enabling your customers to know exactly what to expectwhen doing business with you. In a competitive world, it’s thiskind of clarity and focus that will help a company to stand thetest of time.INCREASEDDEMANDJoe LamondNAMM PRESIDENT AND CEONAMM News October 2012NAMM News is published by NAMM. To keep up-to-date on thelatest breaking industry news, sign up for our NAMM News e-newsletterat info@namm.org.