Working with a client or having a business in an eCommerce consumer tech industry is a challenge. Unlike many other industries, you constantly have to switch products, even before you might have gotten a proper handle of the data.
However, on the other hand, it’s an industry with great potential for growth, if you know what you’re doing.
And that’s the key, it’s an environment that punishes mistakes severely, by filling your warehouses with unsold goods, potentially cutting your sales because of one bad review, and a myriad of other issues.
So with this in mind, here are the main lessons we learned on our way to achieving 1982% growth in a single year, despite having to contend with a major world health crisis:
New product launches are very effective and should be planned out with care. In order to have a successful launch, you have to build suspense and focus on pre-sales. Once you do this, ensure you have enough stock, to be able to scale aggressively but don’t have such a large inventory for it to become overwhelming.
When new products are pushed out, expect older models to underperform. People will usually want the newer model. There might be some who want to buy the older ones, but they will be a minority.
Product quality needs to be top-notch. If people associate your brand with quality, then a good portion of the initial resistance to purchase your product instantly disappears.
External reviews are very important as people research products before buying them. High-grade consumer tech is not impulse purchase territory, so people won’t buy based on your first ad and will make their decision based on the data they find elsewhere.
Focus your cold acquisition ads on the best-selling products and don’t try to force ads to work for older models. You don’t control people’s purchasing decisions, and basing your plans around the assumption that you can, will just lead to disappointment.
Focus on the creative types that work best. We tried a lot of styles before realizing how, for the Indian consumer tech market, single product images and high-quality 3D modeling videos worked best.
Don’t go too narrow with your USPs, but try to appeal to the biggest group of people. If you have a limited budget, you have to make every message work for the widest possible audience. By focusing on the general concerns your potential audiences share, you can strengthen your campaigns and broaden their appeal.
Trust should be built and kept high at all times. Your reputation as a brand is essential in the consumer tech space, given how people stay loyal to brands for years to come. A good example of this are mobile phone brands, as people buy phones from companies they know and trust.
And there you have it!
These are the main lessons we learned throughout this exciting rollercoaster of a year.
We’re bound to learn many new things going forward, but it goes to show, even if you have an ad agency where it’s normal to have multi-million dollar campaigns, you can still learn new tricks!