Location: 608 N. Broadway St., Milwaukee
Website: www.novamusik.com
Year Founded: 1999
Product or Service offered: Synthesizers and professional recording studio equipment as well as monitor speakers and PAs. We also sell a limited variety of guitar amps.
Projected 2010 Revenue: Not disclosed
President and owner: Tony Gral
Other key leadership members: Eric Olsen, general manager; Matt Caton, assistant manager; Chuck Coakley, sales manager; Katie Krajenka, shipping manager
Target Clientele: Everyone from the beginning electronic music maker/keyboardist to professional engineers and touring acts as well as disc jockeys.
Business Organization Memberships: North American Music Merchants and the Better Business Bureau
What has fueled your company’s growth?
“Every employee is passionate about the products that we sell as we are all musicians or engineers. The knowledge base is very deep with everyone who answers our customers questions. We also come up with custom product bundles that other stores do not offer. We carry a lot of boutique products that can only be found in one or two stores in the U.S., and design custom products that are unique to our store and the few dealers that we allow to sell them. All of the sales staff is non-commission as well, so we do not employ high pressure sales tactics. We also use YouTube and Vimeo for product demo videos as well as Flikr to keep our customers informed. Besides our home website, we also have store sites on eBay, Buy.com and Amazon.com. With these sites that have a lot of traffic we can direct people to our home site for future purchases. We also advertise in various magazines such as: Electronic Musician, Sound On Sound, Tape Op, Keyboard and Mix. We are also able to do everything in house. We save money by not having to outsource.”
What has been the biggest obstacle to your company’s growth?
“Manufacturers keeping other dealers in line with the minimum advertised price policies.”
Do you have any planned changes for your company in the coming months?
“We plan on expanding our product lines into more of the high end studio equipment as well as video equipment and concert/club lighting.”
Who are the business people, locally or nationally, whom you admire? What traits do those people exhibit that make you admire them?
“We admire any business that can grow from a start up to where they are successful and growing. We also admire those that embrace technology to further their business’ from the standard walk in store.”
What is the outlook for the business conditions of your industry over the next several months?
“The Music Instrument Industry was hit very hard by the recession. It is finally starting to turn around as people are starting to spend again.”
What has been your company’s key strategy for rising out of the recession?
“We have been doing well due to the low value of the dollar. It is cheaper for our international customers to purchase from us and pay for shipping as well as import duties than to buy locally. We also have great customer service which earns us a lot of repeat business. We are also able to change strategies rather quickly as we are internet based.”
