Steinway pianos, often found in the leading orchestras around the world and known for being the most expensive pianos on the market, may just become the newest status symbol in China. The German-American company based out of Hamburg and New York City is looking to challenge Ferrari, which is the current top status symbol in China, with a unique marketing strategy.
Having an expensive piano sitting in your living room does little good if you don’t know how to play it. So Steinway & Sons has come up with a method that will easily teach huge amounts of people in the country of 1.3 billion how to play the piano within 6 months. Their guarantee is that within half a year, anyone will be able to play a piece of music on their piano without having to devote all of their time to the traditional finger exercises currently being used to teach the instrument.
So why is the worlds most prestigious piano manufacturer, with more than 125 patents and numerous awards, trying to develop an easy way out for learning the piano? The truth is that the European market that the company relied on for many years has seen the demand for pianos drop in recent years. In just the last few months, the European demand has gone down 10-12%, partially due to the fact that so many people in European countries already own a piano.
China right now accounts for 65% of Steinway’s sales, but in order to beat out the Ferrari as the status symbol for the upper-class, the company has some work to do. Unlike an outrageously expensive car, you can not parade your piano around the streets. But maybe if Steinway is able to add value to the musical instrument by teaching the owners how to properly play it, they may be on the right track.