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The current situation regarding both the kitchen and the sink and tap market is looking somewhat diverse. This makes for exciting and, at the same time, somewhat worrying times ahead for our sector of the KBB industry.
Customers are tending to move towards either the higher end products where style, quality and individuality are the key factors, or to the lower end, where the key factor is cost and very little else. This leaves the mid market with both a dilemma and an opportunity.
The dilemma is that we could be entering a type of “no man’s land”, whereby products don’t have the kudos or image to compete at the higher end but are too expensive to compete at the budget end. So how do we square this circle? That’s a tough question.
To tap into this mid market opportunity we need to produce broad spectrums of products to suit all markets, but also try to educate our customers on the benefits of trading up, where sometimes a small extra spend can mean an infinitely better product. Where this is impossible due to modest budget, what we have to sell is style, quality and overall value for money.
Products need to be marketed sensibly but also with creativity and flair; prices need to be considered carefully and strategically and markets need to be chosen with thought.
A good product range should and can suit all markets if we are careful in our approach. The mid-market is the most exciting place to be at the moment if we are prepared to look at it simply as one where we drag upwards those customers who think that cheap is best, and convince those looking to spend money to consider alternative brands that offer the same quality, style and features as their better known competitors.
Take a look at the Volkswagen Group as an example. The Skoda Octavia is basically an Audi A3 but which would most people prefer? The Audi, of course. But consider this – ten years ago hardly anyone bought Skodas yet we now see thousands on the roads. Is brand really more important than absolute quality and value for money?
Budget market, mid market, high end … really it’s all ONE market, there to be exploited with good products, sound marketing and some creative but honest business strategies.
For further information telephone 01260 280033, e-mail sales@reginox.co.uk or visit www.reginox.co.uk
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