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Steinways For Peace.

11/8/2016

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Pictureimage © by Brian E. Faulkner
There is uncertainty afoot in the land. Confusion reigns: political confusion, economic confusion and often just plain life confusion. It was in light of all this certain uncertainty that I found myself musing about a most intriguing bit of information that crossed my desk recently: that of all the people who buy Steinway & Sons pianos, something like 25% of them are physicians.
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Consider two possibilities that may draw so many doctors to the piano in general and to Steinway in particular. ​​First, physicians tend to be achievers, and achievers take on multiple challenges, even as children. So you can imagine more future doctors taking piano lessons than the rest of us and achieving a respectable level of competence, showing early on the perseverance it takes to make it through eight or ten years of medical training.

Pictureimage @ by Brian E. Faulkner
And second, physicians tend to be extraordinarily busy people entwined with the needs of their patients, research, teaching, etc.  And since they are not made of stone, it isn’t always easy for them to let go of their day’s work.  Clearly, some docs relax on the drive home, cocooned within their luxury automobile, while others wind down with a cocktail before dinner - or even a soothing cup of chamomile tea. But a surprising percentage of physicians turn to the piano for relaxation. Just placing their hands on the keys can have a cathartic effect.  And then the music takes them away.

What is there about a piano … especially a Steinway … that can move someone so profoundly? 

For the most part, it has to do with the touch and tone crafted into each instrument. A Steinway simply gives back more, reaches out and connects at a deeper level (people say) than other pianos that cost as much or more. Which makes what a doctor may experience while playing his Steinway at home not much different than what Lang Lang or Martha Argerich may experience onstage.  A concert performer’s experience occurs at a more rarified level, to be sure, but may be no less heartfelt. 

“It’s immersive -- and such good therapy,” one Steinway-playing physician told me.  

Where does this highly personal resonance between player and piano come from?

There are, of course, many design and manufacturing variables to consider in the creation of a Steinway.  But what it comes down to most is … wood … the care with which each piece is selected and the way in which all 12-thousand or so endlessly fussed over parts connect with one another and then speak to the player with a single voice.  The most shaded nuance, the most passionate fortissimo is given birth in a touch of the key and strike of the hammer, then is amplified in the piano’s soundboard heart and shaped by the massive maple rim that helps enrich every note.   

But it is here we must stop and return to the world and its worries.  For it is in that context that a Steinway rewards most eloquently, whether doctor, lawyer, corporate chief -- or even a blog writer.  It’s a great escape for busy minds and weary bodies … and so peaceful.

​Expensive?  Yes.  But for those who can afford it, worth every dime.

​As that same physician says, “It's such good therapy.”
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TakeAway:  If your brand touches the heart and improves people's lives, there always will be demand for your product.

© 2016 by Brian E. Faulkner.  All rights reserved.

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What Price Luxury?  The Limitless Appeal of Veblen Goods.

5/14/2015

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Picture- Image © by Brian E. Faulkner -
Tags:  Steinway & Sons, Veblen goods, Apple Watch, Pam Danziger, HENRYs, Mercedes-Benz CLA, BMW 2-series, '55 Ford, '57 Chevy, Ford Victoria, Chevy Bel Air

It’s said that one man’s luxury is another man’s necessity.  

I recall some years ago hearing of a serious music student who slept underneath a huge Steinway & Sons concert grand that barely fit into his Manhattan apartment, which otherwise was adorned with furnishings constructed from painted cinder blocks and cheap shelving.  The 9-foot piano was not a luxury.  It was a necessity, a critical key to furthering his career as a concert pianist.

“Luxury” gets sliced and diced any number of ways depending on how you view it.  There are luxury homes, luxury cars, luxury wines and luxury vacations, some of which cost millions and others only hundreds.  You might be able to afford a luxury cruise (short of commissioning your own yacht) but hard-pressed to spend more than your annual salary for a mid-sized Steinway to encourage your average 12-year-old to stick with her piano lessons – although during my time selling pianos, I have seen parents stretch to make that kind of purchase for their talented, truly dedicated offspring.  I would classify these folks as need-based buyers.  At the same time, I’ve also seen want-based buyers purchase expensive instruments to set in their living rooms.  Though they didn’t play a note, the piano matched their furniture and the brand name on its fallboard spoke eloquently of their luxurious lifestyle.

The notion of luxury gets tangled up somewhere between need and want.  Some things are luxurious because we can’t afford them but want them, while other things are luxurious because we want them and can afford them.

Around the cusp of the 20th century, an American economist named Thorstein Veblen observed in Theory of the Leisure Class that the demand for certain commodities was proportional to their high price.  In other words, if you really want some uber-expensive indulgence, you’ll gladly pay the price because it enhances your status in a conspicuous sort of way.  At that level of net worth, of course, money isn't much of a problem, although these days a million doesn't go as far as it used to ... $100-million if you live in Manhattan. 

Thus, Veblen goods.

At the other end of the luxury spectrum is what marketing consultant Pam Danziger has dubbed the HENRYs, the High-Earner-Not-Rich-Yet “mass segment of the affluent consumer market” with annual incomes of $100,000 to $250,000.  Which means they’re doing better than nearly 80% of Americans.   It’s these folks that Tim Cook & Company appears to be targeting with their Apple Watch and clever luxury launch.  It will be interesting to see if Apple’s new entry into the watch marketing space can straddle the fence between need and want (especially among Millennials) while creating demand up and down the luxury ladder and dipping down into the middle class.

High end automakers like BMW and Mercedes-Benz have become adept in recent years at driving desire for their luxury brands down through the HENRYs to the middle class (Danziger’s middle class appears to top out at $99,999). Mercedes now offers the price-seductive CLA pegged right at the average outlay for a new car in the U.S. ($31,000), and BMW’s sporty new 2-series can be had for just a bit more. 

Of course, today’s average new car is ludicrously luxurious compared to those of 60 years ago, which weren’t so well equipped – or efficient or safe.   Back in 1955, a sparkling new Ford or Chevy cost under $2000 and probably didn’t have air conditioning or maybe even an automatic.  But in those days the average American worker only took home $5,000. Today’s average salary is more than ten times that, although it’s interesting to note that the average new car costs less relative to income (36% of the average salary now vs. 55% sixty years ago). 

Picture- Image © by Brian E. Faulkner -
But, irony of ironies, some well-kept original or recently restored automotive icons from way back then, such as Ford Victorias and Chevy Bel Airs (primarily the two-door or four-door hardtop models), now are back in demand in a big way, and the better ones can easily top $31,000.  There’s a ’55 goldenrod yellow and raven black (bumble bee) Ford Victoria for sale nearby that I would love to have.   But I still can’t afford it. 

So thanks a lot, Thorstein Veblen!

Content © by Brian E. Faulkner



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    sample blog:

    This is a sample blog  for writer Brian E. Faulkner.  It presents stories about brands that do (or don't) communicate competitive advantage effectively. Stories have been gleaned from the business press, personal experience and occasional interviews. New articles are added from time to time, and every so often there will be a post of general interest -- about things like success, passion, social trends, etc. 

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    Brian Faulkner is a writer and strategic communication consultant who helps business clients explain their competitive advantage in compelling and enduring ways.
     
    He also is a five-time Emmy award winning Public Television writer & narrator for a highly-rated and well-loved magazine series.

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