The consumer electronics market has seen the fastest growth in competition as disposable income increases and overall prices for individual products become affordable. With multiple companies fighting for the same consumer demographics, you need to boost your marketing to gain that edge over competitors. The good news is that the Internet is here to help. Sales-Promotions takes an in-depth look into the current marketing trends for 2017 that reap the biggest benefits:
1. Video Reviews are the Way to Go
For the longest time, consumer electronics have been the main product category to drive customers to physical stores. Well, this is no longer the case. Current studies place close to 70% of all consumer electronics purchases to be made online. Video reviews contribute to at least 20% growth in sales conversion, and it all boils down to:
- Customers are more likely to research and compare product options before they commit. Watching video reviews gives them the opportunity to check if the product works as advertised.
- Customers can view product performance in real life. This allows them to see if the exact model meets their specific needs.
- There’s an element of trust and communication that makes the product, and the brand as a result, safe to buy. Video reviews turn customers into brand ambassadors.
Don’t believe us? A simple search on YouTube reveals a vibrant community of influencers that are creating publicity, consumer engagement and tastes.
Capitalise on customer-generated video content with the following two campaigns:
Review Contests: Incentivise customers to create, post and share video reviews of your products online for the chance to win a prize. Set it so that customers are required to provide their contact details in order to submit a review. The review that receives the most likes and/or shares wins the prize. This type of activity allows you to gain visibility, gather valuable customer information and move products off the shelf.
Test-Driving Campaigns: Consumer electronics are usually high-investment purchases. One way to ease the decision-making process is to lease the product free-of-charge for a specific period in exchange for a video review. You have an easier time selling a product to a customer who has already integrated it into their life. At the same time, you generate a buzz around your product and gather valuable customer information through the registration form.
2. Trade-in Campaigns Maintain Customer Loyalty
Consumer electronics are long-term purchases, but you can easily capitalise on already existing customer groups by offering trade-ins. It pays to keep detailed records on warranties and tracking when they expire. Once the expiration date is within sight, send an e-mail. Remind the consumer that there is a better offer on the horizon – a better product, a lower price. Trade-ins have been credited to almost 80% growth in sales.
Let’s take a look at the hottest sector right now – the smartphone market. Forbes recently shared an illuminating poll that gives insights about consumer habits. The poll found that half of iPhone users and near half of Android users would upgrade their phones as soon as their provider allows them. Companies are making the most of this opportunity. Samsung has a static landing page offering trade-ins for the new Galaxy S8 and Note8 models. Apple, on the other hand, pushes campaigns on several fronts through partnerships with the biggest mobile carriers – Sprint, Verizon, AT&T, T-Mobile.
This trend is not market-specific. It means you can sell any consumer electronics product and have this campaign work in your favour. Shorten the average buying process and retain customers with a repeat purchase at the same time.
Sales-Promotions reveals to you the shortest and most efficient way to reach out to your customer base with a tailored trade-in campaign. Our team chooses the method of delivery (social media ads or a straightforward mass email campaign) and builds your campaign from the ground up. We help you refine your message and broadcast it through the most effective and reliable channel.
3. Try Before You Buy – A Surprising Hit for Retailers
Remember when we talked about video reviews, and noted that customers commit to a purchase easily when they see it in action? Every person wants to know they’ve made the right decision, but when it comes to consumer electronics, sometimes it’s a guessing game. “Try before you buy” is a tried-and-tested method for clinching the deal. Car dealerships have known that the fastest way to sell a car is to let the customer put the pedal to the metal.
Now other industries are following suit to deliver high return on investment. Best Buy have tested the try-before-you-buy waters with a partnership with Lumoid. Customers can essentially rent any device they want for certain periods and then earn credit for their purchase, effectively lowering the price. In China, an app allows customers to virtually try out jewellery. The TIY overlays images of the jewellery over user-submitted images to determine the best fit.
There are two main benefits to try-before-you-buy campaigns:
- Customer behaviour insights: Run your product through the sincerest sounding board and have customers describe their experiences testing your device. At the same time, document demographic information and consumer habits. You get your focus group, and pay nothing for the insights.
- Increased sales volume: Once your device finds itself in your target group’s home and is an undividable part of their daily lives, it’s easier to land a sale. At the same time, you’re building brand loyalty and cement your image as a generous company.
It takes no time to set up a campaign either. Sales-Promotions utilises flexible baseline templates that are specifically tailored to your promotion requirements. You work with our team to set the goals and rules of participation. Our end-to-end service supports you throughout the entire process; from initial planning and set-up, to validation, fulfilment, customer service and post-campaign analysis.