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Fender bender
Mon, Nov 23, 2020
It’s one thing to make music.
It’s another thing to make money.
With 2020 being its best year ever, Fender is making money while making music!
Fender was rocking and rolling until March when COVID-19 forced it to shut down its global factories.
Fender was looking completely strung up and, as a last resort, decided to make its learning app, Fender Play, free for 3 months.
With bored people at home and a $9.99 per month app being unlocked for free, Fender increased its app users from 150,000 to a staggering 930,000 in just 3 months.
Subsequently, sales of guitars and subscription revenue strummed to a record high!
This strategic shift let them acquire a totally new user base – younger users, more women, and people with more time at home – that tuned up record sales. This resulted in a struggle for Fender’s factories to keep up with the demand.
Users relied on Fender for ‘six-string therapy’ to keep them entertained in this season, and Fender met the market’s modulating need melodiously.
Takeaway
If this is a tough season, are you sticking to your course or shifting strategically? Drop me an email and let me know.