Product Diversification: Identity. Develop. Deliver. Repeat.
As quickly as consumer electronics products, technologies and trends emerge, accessory manufacturers adapt to remain one step ahead of demand. They closely monitor the pulse of the industry to identify emerging consumer and rapidly develop new products that address those trends.
As such, accessory manufacturers and CE retailers have a lot in common. We’re both always trying to anticipate what the consumer needs at a particular moment in time, and always trying to figure out how we can quickly and successfully ride the waves of the latest market hot spots. Twenty years ago it might have been dust covers for VCRs. Ten years ago it might have been blank CDs. More recently it might have been iPod skins or docks or mounts for flat panel TVs.
As much as we’d like to, it’s impossible to jump at or support every market impulse. But we can always improve our responsiveness to market trends. Specifically, an honest internal evaluation that examines your company’s core competencies, the product lines you sell and your underlying mission will make it crystal clear what product segments you should and should not pursue. A proper and consistent diversification of your product portfolio is a key ingredient to building and maintaining relationships with customers, sustaining your profitability and achieving longevity. As always, accessories are a big and lucrative part of that diversification process that presents lower risk to the retailer than some high-ticket items do.