How will you earn more than your share of sales when retail consumer electronics stores reopen? And how would you beat a longtime entrenched competitor in consumer electronics?
Gaining market share takes more than a better product; it takes smart, agile execution and the right collaborative partner. Here is a not-so-hypothetical example how one semiconductor manufacturer moved from an industry me-too to the go-to winner with a killer retail consumer electronics launch and a little help from a crack retail services team.
1. Sell Experience (vs. “Speeds & Feeds”)Customers come into consumer electronics retailers because they want expert advice to meet their specific needs. When sales associates know what questions to ask about what they are trying to accomplish, they feel heard. They purchase a product that better fits their needs.
Smart car shoppers know “YMMV” – “your mileage may vary” means manufacturer’s miles per gallon claim is just one data point to consider when buying a car. A luxury car driver cares more about appearance and creature comforts. An outdoor lover cares more about ruggedness.
Consumer electronics are harder to “test drive,” than cars, which is why so many retail sales associates tend to over-rely on “speeds-and-feeds.” Training sales associates on who specifically your product is designed for and what you’ve done to make it perfect for them is far more effective. Gamers want laptops that eliminate stuttering while gaming, and multimedia designers need 3D rendering powered by multiple threads.
It takes time to change market perceptions and sales associates need to be sold, too. If there’s a past perception your products are slow, or were largely unknown, don’t assume your initial training will convince sales associates that’s no longer true. Don’t forget the impact of a long shut down on the sales associate’s ability to recall your specific selling points. You’ll want to check and correct any misperceptions with additional proof-based training.
Timing for stores reopening is dependent on state and local regulations and thus will be erratic. Timing is going to be critical for success. If your product demo isn’t on time, powered up, working, or your stock doesn’t make it to the shelf all your training and marketing efforts could be wasted. A logistics nightmare unless you have the right partner. You’ll want a partner who can handle both the logistics and scheduling as well as product training to alleviate disasters before it’s too late.
While demos and distribution monitoring require a critical eye, monitoring sales associate’s ability to seal the deal requires extra ears. Are there barriers to the sale? Whether they’re based on fact or fiction, they’re real sales-killers when they’re ignored.
It takes time to change market perceptions and sales associates need to be sold, too. If there’s a past perception your products are slow, or run hot, don’t assume your initial training will convince sales associates that’s no longer true. Check and correct any misperceptions with additional proof-based training. Having ongoing team members in the channel listening to the real-life questions and sales interactions can catch and correct misconceptions.
Sometimes there’s partner compatibility or other problems discovered post launch. Transparency and a rapid response will win the day far better in the long run than denial, or worse, ignorance.
The most vocal fans often come from niches. If your product meets a special need especially well, it’s far easier to get the word out to a targeted audience than to try to please everyone. In this era of interconnection, opportunities abound by choosing the right influencers, events and social media that make your product sing.
“Move fast. Speed is one of your main advantages over large competitors,” emphasizes tech wunderkind Sam Altman. Agility and ultimately success comes with great partners. Start simple. Stay connected, Learn together. Grow.
Do you want to get your fair share in consumer electronics retail?
Contact MTI’s Global Services Team to get the real scoop behind this not-so-hypothetical retail consumer electronics example and how they can make your next retail launch your best ever.
