Against the backdrop of the toughest economic climate in years, why are some specialists thriving?Time and again recessions are shown to be engines of change, presenting both threat and opportunity to all businesses, and this recession is proving to be no different.
Consumers, who make more considered purchase decisions, seek either short term value - through the lowest prices - or long-term value, through investing in the best. Few independent specialists can sustain a business by competing with internet e-tailers, or by simply lending credibility to online brands by giving them retail space, so the challenge must be to attract new customers who are willing to pay a premium for authentic products and service.
Those specialists who have honed a razor-sharp product portfolio, who care passionately about what they sell and therefore build long-lasting customer relationships, are succeeding in selling higher value systems at greater profit, and generating word of mouth referrals, even in these lean times.
Now is the time for specialists to shine by demonstrating the difference between being a premium brand, service-led retailer and a multi-brand box-shifter, and to express this difference clearly through careful merchandising, so it is obvious to customers from the first second they step foot through your door that you are different and special.
This means fewer brands, carefully selected and clearly presented; an open and inspiring in-store experience with a direct connection between price and performance. And adding value through service - demonstration, installation and personal attention.
There is of course one more factor that is becoming critically important: Networkability. Interoperability of consumer electronics over a standard home network is the global megatrend that can neither be stopped nor ignored. Over the next three years, the global market for networkable products in the home is projected to increase three-fold; the sort of growth you can build a business on. By taking care that everything you sell is networkable, upgradeable and future-proof, then you will be able to provide customers with a vision for the future of their home.
In short, the specialists who are winning new business in today's current tough climate are daring to be different, living their passion, building great customer relationships and focusing unashamedly on the most profitable sales; they are proving that it is possible to define and build a sustainable place in the market, and be cleverly positioned to both seize the opportunities and weather the inevitable storms that no doubt lie in the months and years ahead.
The New Radio DS
Talking of networkable, upgradeable and future-proof, this month we launch the new Radio DS: But Radio DS is not a typical product. It is a software download for all Linn DS owners that upgrades their DS into a high performance radio. All of your favourite radio stations are available via the internet at the touch of a button. Internet Radio is made as easy as FM/AM, has a brighter future than DAB with mind-boggling choice and the ability to assign up to 100 presets.
Radio DS is the clearest example so far of how Linn is using Open networking to redefine expectations and delight customers. It gives all Linn DS specialists the opportunity to win sales from existing and new customers by offering seamless integration of streamed music and radio, perfect for the kitchen, bedroom and bathroom.
OTR 49 - May 2010