Consumer Electronics Market Analysis

Cloud Media Insight specialises in providing social media monitoring and evaluation services for companies in a range of industries and this includes consumer electronics market analysis.

The consumer electronics market has grown massively over recent years and is constantly developing, with the launch of new products and features almost every day. Inevitably, customers who buy this technology are the people who are most likely to have embraced digital and social media and this makes it vital that any company operating in this sector makes use of social media analytics to drive its business and marketing strategies.

Cloud Media Insight is established in the field of consumer electronics market analysis and we have worked with a number of leading brands including global mobile phone manufacturer HTC. Our services help these companies to keep abreast of upcoming consumer electronics market trends, to see how their products are being received by consumers and monitor the progress of their competitors.

Consumer Electronics Market Trends – A Fast-Growing Sector

Over the last few years the consumer electronics market has evolved rapidly, with the growth of smartphones, including the latest 4G models, games consoles and tablets. In addition, new trends are emerging such as wearables, fitness tracking devices and a whole range of different TV streaming gadgets. In the future it is predicted that we will see more and more technology rolled out such as in-car computer systems, robots and drones. The focus on the ‘internet of things’ means that an increasing proportion of every day consumer products will be ‘smart’ and connected to the internet.

According to a UK Trade and Investment report, the UK is the largest market in Europe for high-end consumer electronics products with an estimated 18,000 companies producing these types of goods. This also provides opportunities across the supply chain, for example companies that develop related products and content such as software, apps and video games.

The level of competition in what is a global marketplace means it is essential to keep up with the latest trends and with what consumers want and need. There have been many examples of companies who have misread the market and found their new products aren't what consumers want. For example PC manufacturer Dell, which was a market leader in the 90’s, has been widely criticised for not keeping up with new trends in mobile technology and failing to break into emerging markets. This has often been down to poor usability, a lack of promotion and bad market timing when launching new products.

People buying consumer electronics are highly likely to be active on forums, blogs and social networks, so companies operating in these fields need to keep up with the conversations in these areas. By listening to these discussions they can get a clear overview of their marketplace and understand and learn from consumer behavior.

Consumer Electronics Market Analysis – by Cloud Media Insight

Our media monitoring and evaluation services incorporate all different areas of social and digital media, closely following what is being said about a company or product, both positive and negative. We also monitor and analyse traditional print media which still plays an important role, even for high-tech products, as many people decide which products to buy on basis of TV and radio broadcasting, newspapers and magazines.

Consumer electronics brands are the most suited to online content creation and tend to be very active online and on social media, aiming to build relationships with customers and get large numbers of followers. According to the Consumer Electronics Association approximately 24% of consumers looking to purchase an electronic item, ‘always or almost always’ refer to social media before they buy. However, consumer electronics manufacturers don’t only need to monitor the success of their own campaigns, but also need to follow the progress of rival companies to observe what they are broadcasting and learn from their successes and failings.

Consumer electronics companies face a constant challenge of trying to beat their competition as consumers are drawn to the latest feature or sleek handset. This also means that the industry is very fast-paced with a brief window to sell new products, so companies must ensure that their products meet the demanding criteria specified by consumers.

To support companies in this area, who are usually global in their reach, we work with language specialists to evaluate traditional and online coverage in a number of different languages. By offering this specialist service, we help businesses to monitor the effectiveness of their product launches in many different regional markets around the world.

To add value to our evaluation reports, we also provide a sophisticated analyst commentary with key findings, positive media quotes and headline facts which help our clients to easily track their progress, without having to trawl through graphs and spreadsheets. 

For more information on our consumer electronics market analysis service, please contact us.