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23 May

Strategy and Tactics: Branching Out

Words by Jon Kowanetz

May 24, 2018 - Mobile Electronics magazine feature

Branching Out: How to mindfully expand your business into new categories.

We have been hearing about it for years in Facebook groups, trade shows and in the columns of this very magazine, and now we are seeing it reflected in our own P&L reports—the decline of the core car audio business. Like it was for me, that very part of the business is surely what ignited your passion so many years ago and kept that flame burning through all the late nights and early mornings while you built a career around it. But now, as we think about the average customer who walks through our doors, we see less excitement over sound quality than connectivity, and more discussion over product prices than specifications.

Now, if you’re anything like I was a year ago, you’re probably wondering, “Is this flame slowly flickering out?” While there are certainly exceptions to the rule, the broad answer is yes, it is flickering out. There’s still time to place some tinder around it and allow that flame to light some new fires, but you need to choose carefully!

When the profit center that you built your business around starts to erode, it’s easy to get caught up in the hype of a popular new category that promises revenue growth and new customer acquisition. Before you take on the challengen... [Click Here] to read the rest of the feature.

 

Last modified on Thursday, 24 May 2018 07:03
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