Consumer Durables Need Digital – Eaglepoint of View #6

We have spent considerable time here discussing the impact that digital is having on retail. But its becoming obvious that consumer durables need digital — that consumer durable manufacturers (CDMs), most of whom primarily supply retail, need to address the digital revolution taking place with the consumer. Simply put, the growing power of the consumer affects even those who don’t want to sell directly to them!!

Q: What % of home improvement shoppers did their research online before coming into the store?
A: 27%

And growing. The web is increasingly the first and last step before entering a store.  The full impact of digital is estimated at 40% of total retail spend.

Why this matters:

Even if your product can only be bought at retail, the web is increasingly the front door to the purchasing process. Is digital presence as rich and robust as your retail presence?

Q: What % of people are bypassing the contractor and hiring the trades people themselves?

A: 37%

Why this matters:

And again growing. Digital is not just having a pretty website. Your product information and training guides must be increasingly visual and designed for an educated consumer. Like ministers and speech writers, CDM’s should be producing material at an 8th grade education level — with lots of video. Sites like Youtube and Vimeo are becoming as important as the company website to educate the consumer.

Q: What % of people are more likely to share their service experience with the brand than they were 5 years ago?

A: 58%

What this means:

Online reviews matter. Bad or mediocre reviews hurt badly. Now where is it more true than digital that “You don’t get a second chance to make a good first impression”. You don’t even know how bad it is because you get no feedback except less revenue — plain and simple.

Working with and managing review sites like Yelp and Google+, your social media sites (Facebook and Twitter) and your product reviews on distributors like Amazon and are more and more critical to ensure a good first impression and continued interaction.