Big Electronic stores like E-Value, Radio Mundial and Talaulikar Electricals don't even have a website
They highly depend upon the location advantage and their set of existing customers and believe this as their biggest marketing advantage.
Will the advantages work
for players throughout?
I would say NO!
In big Cities, Companies like Tata's Croma, Vijay sales and Reliance Digitals have grown to become giants of this trade, they have established a brand name in this business and now command a strong pull from a prospective customer.
I am sure, that the trend of customers getting attracted towards big brands will fast be a reality in Goa also.
These big players must certainly be planning expansion of their outlets, and Goa too must be there on their cards.
When the local players face competition from this brands, the location advantage and existing customer base would not help. Below things will change for these local players then.
- Currently these outlets pull crowd from all section of the society. Customers looking at buying a 55 inches LCD TV and the low end customers who are looking at buying a 21 inches branded TV(budget product) are both visiting these outlets. Post entry of branded outlets, the high end customers will shift and slowly slowly the other set of customers would also start visiting this branded stores, These branded stores will be making big noise about them being a big brand, and this wave will be around Goa in no time. Most importantly we need to remember that all the outlets sell the same branded products like Sony, Samsung, LG, Whirlpool etc. So the only option to build competitive advantage is through building services.
- Secondly the Existing customers will get used to new ways and experience of buying electronic products. Like booking through websites, special treatment/discounts/HNI status for repeat customers, preferential services for after sales issues, continuous customer connect through birthday reminders, anniversary wishes etc etc. These will change the people will shop for electronic goods in Goa.
Some of the initiatives which our local brands need to start with are below.
- Establish a brand identity for your business. Build a personality to your brand through a good logo, consistent marketing material, a business friendly brand perception etc (refer to my article on brand identity on this blog. http://brandingingoa.blogspot.in/search/label/Learning%20About%20Branding)
- Build a website for their outlet on lines with these players. Try not to copy it exactly, add your essence and creativity to it. This will help you to connect with prospective customers and shall also ensure that you build a alternative class of customer (Techy) for your brand who certainly in all possibilities will consider your brand for their future purchases. As this guys will not limit themselves to visit only one website. It is a proven fact that a good web experience can be a lasting advantage and can help you retain and repeat customers in long run.
- Build Service offerings as part of your overall product, Eg. Customer care phone lines and complaint recording system. Once build, give continuous publicity to these services through various communications like advertising on media, letters/mailers/sms to existing customers, in-house ads inside the showrooms etc etc. This will help our players to make themselves count as a brand in the local market and shall help to soften the effect of the big brands entry to some extend. Please believe that all these shall be your investments for your future business existence and should not avoided now since currently everything is fine.
- If possible, hire a branding and marketing consulting firm to help you guide through this initiatives.
I am sure, these above inputs would make the current players in Goa think about importance of branding and hoping that they would take steps towards it.
Article by www.brandingingoa.blogspot.in
Article by www.brandingingoa.blogspot.in
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