Phil Hansen is back for more insights to the world of Hi-fi and as operations and Marketing manager for BADA, the British Audio-Visual Dealers Association he knows what he is talking about!
THE GREY MARKET
It is probably true that our traditional hi-fi customer is getting older and we’re not doing as good a job as we could to attract a younger audience. So, if we’re used to dealing with an ageing consumer, why not widen the net and target non-customers in your locality who happen to be over 50?
According to government statistics, 19 million members of the population are over 50 years old (that’s 40% of all adults) and this demographic is the holder of 80% of the disposable wealth in the UK. According to SAGA that disposable income pot is worth a staggering £175bn, which is 30% more than the under 50s hold.
The sold called ‘Grey’ market are the first generation to have been continually advertised to thoughout their lives and so are therefore ‘advertising aware’ – i.e. not easily swayed by advertising. Age Concern say that three quarters of ‘grey’ market consumers don’t relate to advertising at all. One thing that is known is that older purchasers take more time researching their purchases, so approaching them with clearly stated product benefits and facts will aid the decision making process. So, we need to find ways of convincing them that our offering is worth taking a look at. What stands in our favour is their generational appreciation of quality – “they don’t make ‘em like they used to!” They are pre mp3 and pre the throw-away society – quality has a value. So it looks like the emphasis on quality is key here, together with an appreciation of the available wealth of this consumer group. Where are the wealthy older people in your catchment area and what are you doing to target them?
The BADA Code
In today’s ‘rip-off’ culture buying from anyone who you don’t know can be dangerous – buying from a BADA member means that as a consumer you have an unprecedented level of support.
Any BADA retail member must meet and exceed industry recognised levels of service and expertise – members and their facilities are regularly checked to ensure that they can provide expert, impartial advice and support on all aspects of Hi-Fi & Home Cinema.
To Find Out More About BADA Click On The Video Below
All members provide
TOTAL CUSTOMER CARE:
Expert, impartial advice on all aspects of audio & video, given by trained staff
Products specially selected for quality, performance and value
Personal demonstrations – Listen before you buy!
A home delivery and installation option – for optimum performance
TOTAL PEACE OF MIND:
A 10-day exchange for hi-fi and home cinema separates
(Goods to be returned as supplied and excluding special orders)
BADA’s free extended 2-year guarantee on all hi-fi separates (excludes vision products)
If you move, your Guarantee is transferable to any BADA members nationwide