WAYNE BLANCHARD OPINION
they in the long run? The cost of creating and launching a new product can be substantial. And the likelihood of success – longer term, profitable success – is not great for many items.
FROM KING ARTHUR’S SEAT... A lot of my holiday time in Edinburgh is spent assessing the retail situation and comparing it to London and Glasgow. There’s a reason Harvey Nicholls picked Edinburgh over Glasgow and Selfridges landed in Birmingham rather than Edinburgh. For them, new products are at the core of their brand, and require steady streams of customers. Despite the link between fashion and music, I’m not sure if MI consumers are actively waiting for something new. Most players I know want something old… something vintage. But the right new gear is cause for excitement.
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their R&D team discovers they can make. Dealers can take the odd risk, but they shouldn’t be expected to gamble. Second, there needs to be a more
Identify the suitability. If it is right for the
store, then stock it. Wayne Blanchard
pragmatic approach all down the line, with dealers challenging the suitability of goods. Third, the industry as a whole would benefit from more strategic marketing. Marketing is about identifying what is needed, producing and packaging those goods, then creating demand by pricing and communicating them appropriately. Too many think marketing is advertising and press releases. No, it’s much
more, including those strategies that create brands and grow businesses. That is why dealers – and especially distributors – should know more about the support marketing behind any new goods.
You really are wary of new product releases, aren’t you? Yes and no. If it’s a better product, okay. New products can be a dangerous proposition, but the right ones can be exciting and stimulate sales. After all, every success story begins as a new product. But there are questions to be asked: 1. Why does this product exist? 2. Does it complement existing gear? 3. Who is the target audience? 4. Why should they buy it? 5. What marketing support is it getting? 6. When can I anticipate sales to kick in? 7. Why should I stock it in my store? These are my Seven Steps to Profit
Heaven. Keep them in the order book because the answers can lead to make or break decisions on any product.
So you’re not anti new product, then? No, I'm stressing the need for dealers, distributors and manufacturers to identify the real needs in the market, and to work more closely together as they do that. And don’t anyone celebrate the opening orders; save that for the re-orders.
But do those questions pit the dealer against the distributor? No, not at all, because sell-through is the goal of both. And the manufacturer will benefit too, once the word – positive or negative – gets back to them. The industry should welcome upfront dialogue, the insight from which can better the business model. I’m not certain the frontline people are warning the generals back behind the lines that their margins are getting slaughtered by slow-selling and marked- down goods. I don’t mean to sound melodramatic, but one gets a real sense of that in music stores where rusty-stringed guitars sit beside dusty psychedelic drum kits with coffee cup rings on the snare.
So what do you suggest? Manufacturers should not just go on what
WWW.MI-PRO.CO.UK
And what about new product at the store level?
Identify the suitability. If it is right for the store, then stock it. I recommend that suppliers provide dealers with a ‘Pitch Page’ to educate the staff and give them information so they can confidently sell that new product. Just the facts, the features and benefits… no hype. Give sales staff something they can readily use. I’ve seen too many instances – like at NAMM – where the media and visitors know more about the product than some personnel doing the demonstrations. Highlight the new stuff within the store… use your imagination or spend a few quid to display it in a proper setting. This sort of introductory showcasing and having staff with the right Information and the ability to deliver it convincingly can make or break a product in any store.
So you’re not blaming the manufacturers for new product? This isn’t about blame; it’s about suggesting there may be better ways to invest development budgets than design more new products… Like increasing the effort to market and sell existing stuff.
MARKET DEMAND: MYTH OR EXAGGERATION? With NAMM behind us and Frankfurt lurking, the media are loaded up with press releases, reviews, and all sorts of news about new products. How many new cymbals, guitars,
stompboxes, and drum sets can they squeeze onto their pages? The UpBeat Daily at NAMM was chock-a-block for four days with new product news. A lot of these goods apparently exist due to consumer or dealer demand. Is that demand myth or exaggeration? Possibly that could be answered if the dealers, distributors and manufacturers asked each other a few questions. After all, when was the last time anyone asked you what you really need to better your business?
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