Why Getting Your Product to Market First is Essential
The world is an extremely competitive place. Billions of people are having ideas all of the time, and millions of those people are in a position where they can turn an idea into a product or service that can be sold.
In the world of retail there are buyers from stores all across the world that are everywhere trying to find the perfect food supplier, a unique designer or something that might give them the edge. How do you ensure that the product you want ends up in your store? How do you stop another buyer from stealing in? How do you get that product to the market first?
Being first to have the product will give you a competitive advantage and strong market share position. It will however also provide you with feedback from early adopters, perhaps before a competitor has launched the same or similar product. This gives you time to adapt, change or alter where required to improve, enhance or promote differently.
If you are the buyer out in Asia and the decision makers are in the UK, how do you speed up the process of sealing the deal? The answer is video conference.
Having real time meetings where everyone can see a product and collaborate on number crunching and stock without having to physically be there can cut vast amounts of time from the decision making process. Meeting may need to involve people from supply management, product design, marketing, engineering, quality control, sales and more. All these people can connect from wherever they are, from multiple rooms, endpoints and locations.
Air travel may have been the traditional route to market, as teams of buyers flew back and forward from source to head office with samples in hand. This out-dated process takes days rather than hours, inflating costs and giving other companies the chance to compete or make offers against the same product.
With advancements in technology such as improved broadband speed and capacity, and mobile technology becoming commonly used as end points, video conferencing has rapidly grown up and become prevalent within many industries. In sectors such as retail using video conferencing services can really have a positive impact on time; which of course equals ROI on any product. We have written a white paper on the seven benefits of using video conferencing in the retail sector, which you can read here.