a word from MERA
Welcoming in the New Year With Better Direction
T
CHRIS COOK PRESIDENT
his is the time of year when we all hope to be so busy taking care of customers that little else gets attention. It’s also the time of year that suppliers do their best
to move their goods from warehouse to consumers with your store as the channel. So what type of year has it been? Did your fourth quarter reveal much-deserved success? Are you destined for future success, determined to make it through or holding on for dear life as the New Year unfolds? Well, no one really knows what the future will bring; however, we can look for signs that make it a bit clearer. The past year has revealed much about the
economy and the mobile electronics industry. Some retailers and suppliers have called it quits while others continue on and still others strive for innovation with new products and services. Regardless of past success or failure, we should all be able to agree that it has been, and continues to be, a challenge to succeed. The mobile electronics retailer is still facing change based on consumer trends. While the economy has shown signs of growth, the reality of the new economy has forced retailers to promote more robust value proposi- tions to appeal to frugal consumers.
Retailers should be conscious of possible failure while providing real hope and new opportunities that follow growing trends. Look for product innovations in design and application.
Consumers have moved toward products that enable smartphones in the vehicle. Products de- signed to enhance sound quality are becoming an accessory to the carry-in and connected product. Safety and convenience are trumping sound qual- ity and rear-seat entertainment. Product sales and forecast data from several organizations show few bright spots for products in the mobile electronics category. The entire industry has moved from a traditional remove-and-replace model to an inte- gration-solution and service-based model. We can easily see that this shift in consumer demand has had and will continue to have a profound effect on the mobile electronics retailer. It requires more focused advertising outside of traditional areas. Social media has gone from fun to necessary when
marketing the retail experience. We should quickly and strategically focus on companies that want to reach the consumer with products that support the long-term trends toward integrated solutions that provide connectivity for information and entertainment. As a retailer, you must increase your perceived
value to consumers. Retailers should be conscious of possible failure while providing real hope and new opportunities that follow growing trends. Look for product innovations in design and appli- cation. Simply put, know that you have done your best to find products that both solve a problem and enhance a consumer’s lifestyle. This may require a shift in your product mix, selling items that support consumer trends. Mobile electronics retailers should always look at new markets and consumer trends. For example, using your knowl- edge of the smartphone category can provide the understanding of products and methods for connecting them to the automobile. Remember, it’s not always about the product; it’s about what the product will do for your customer. Many consumers are confused on what retailers have to offer and how they can benefit from vis- iting your store. Think about what your show- room is saying to the consumer. Think like your customer. When you walk into another retail store, think about what this store is saying to you. Now do the same when you go back to your store. Make sure your store appeals to the demographic in your area as well as your target demographic. Highlight the value of what you have to offer. Make sure consumers know your store is the place to get the solution they need. There are many marketing efforts meant to
draw attention to our industry and help re-connect with a new demographic as well as bolster our market’s appeal. At MERA we are doing every- thing we can to foster growth and new ideas. We also provide a great venue to bring us all together to learn better ways to grow our industry. If you make the trek to the International CES, look for products and services that could appeal to your customers and provide new revenue at your store. And make sure that come Aug. 19, you are in Dallas at the 2014 KnowledgeFest to learn the best ways to manage, market, sell and install those innovations! Have a great New Year!
66 Mobile Electronics January 2014
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