Part 2 of Does the Local HiFi Shop have a Future?
Part 1 offered a nationwide wide-screen view of the HiFi market.
In summary, the sales of HiFi products and services are strong and growing.
It profiled audio consumers by generation: Boomers, Gen X, Millennials, and Gen Z.
It stated that it’s the music enthusiast that drives HiFi audio sales, not the tech.

Part 2 narrows the view to the local HiFi market.
It does not offer answers.
It offers questions that can lead to answers.

However, this question does have an answer.
What is the foundation of a strategic/tactical business game plan?
Answer: It’s the Customer blockhead.

Target Customer

Our target customer is the HiFi audio consumer with a demonstrable passion for music.
They are the bedrock and compass heading of the strategic/tactical game plan.
All business effort, from the back room to the front door, should serve the customer.

National surveys frame our customer target by generation.
They cite Gen Z & Millennials buy significantly more Hi-Fi audio than Gen X and Boomers.
They also note Gen X and Boomers still have significant numbers with dollar-filled wallets.
But how does this data apply to your local market?
The Local Search

An AI-assisted online local search is a good place to start.
It might confirm what national surveys disclosed.
Although it may divulge that Gen X & Boomers significantly outnumber Gen Z & Millennials.
If true, you might establish Gen X & Boomers as the target customer.
However, Gen Z & Millennial numbers may be too large to ignore.
This may lead to a focus on all generations.
So far, the search is less than persuasive.
We need more data.

A smile & handshake on-the-street search can help.
Visit local businesses that cater to a generation (or two), and those who serve all.
Their floor traffic, product mix, and opinions may support or differ from online data.
They may also augment online data with detail that online search does not reveal.
The on-the-street search can reap a load of valuable data.
For example, how do customers interact with the businesses?
Do they seek personal service?
Do they get what they want and then go?
Are they experienced do-it-yourself types, or novices who want advice?
How does the business location correspond to local customer traffic patterns?
Your questions and the answers can lead to even more relevant questions.

Again, this does not offer the answers.
It offers questions that lead to choosing a targeted customer.
Ultimately, you make the call.
That’s It!

Next: Coming Soon: Part 3 drafts tactics to execute the game plan.
And check out these links.
Mounkes Method
Mikey Fremer vs Ask Paul
Paul McGowan
Joe Grado
Peter Jensen




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