New York — The Anti-Defamation League’s National Consumer Technology Industry divisio
Joe Cavanaugh of Stereo West, Omaha, Neb., Mark Miller, owner of Westminster Speed & Sound, Westminster, Pa., and Jim Spoonhower, VP market research for the Specialty Equipment Market Association (SEMA), each led seminars on accessories at Knowledgefest. They offered the following advice to retailers entering the market:
Start with simple-to-install products such as light bulbs, air intake systems and shift knobs and then move to "level two" products that require an investment in special installation equipment. Level-two products include universal mufflers and exhaust systems. More advanced, level-three products include nitrous oxide.
Assess who your customers are and what they drive to determine what type of accessories to stock, including truck or car. Determine if you are in an area with a lot or water sports or off-road vehicles or soccer moms to help fine-tune your market.
Don't be afraid of working with distributors, which are an integral part of the performance accessories market. There are more than 1,900 suppliers and you can't stock everything.
Spoonhower ended his seminar with a quote from Will Rogers: "Even if you're on the right track, you'll get run over if you just sit there."
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.