Old Brand....New Marketing Strategy
It seems like the 163-year old piano maker is one of those brands that doesn’t need marketing. In truth, the venerable company hasn’t done much self-promotion in the past, aside from using a string of recognizable endorsers.
But the days of trading on reputation alone are long gone.
Recently, in a time where content and brand stories rule the day, Steinway launched the largest branding effort in its history: an integrated marketing campaign using influential celebrity tastemakers, a revamped website, and a new ad campaign.
Story, Data or Both?
Interviewed at CMO Club Summit about a panel topic debating whether “story trumps data,” Steinway CMO Darren Marshall responded that a balance was necessary. “I wish I had more data. I am glad I have a good story, but I’d love to have a bit of both.”
Fortunately, Steinway has a rich history to share. As Marshall explained, most people don’t stop to think about how pianos are made, the artistic expression they bring, or the emotional connection they can carry.
Competing During a Decline
Acoustic piano manufacturers have been facing declining sales for years. According to the National Association of Music Merchants, 17,000 grand pianos were sold in 2013, down from 35,000 in 2004. And that’s down from a high of 365,000… way back in 1910!
To make things more difficult, fewer kids are taking piano lessons these days, while electronic keyboards and lower-cost foreign brands have cut into Steinway’s margins and market share.
Built To Perfection, For Perfectionists
Steinway’s new marketing reminds consumers that its instruments are still relevant and still manufactured in New York City, as they have been since 1871. Viewers can take a virtual tour through the factory through new video content that shows a glimpse of the process that requires dozens of craftsmen up to a year to co