Andy Bell, Managing Director of CEDIA® member company Trusted Technology, discusses the significance of market research and the benefits of taking part for home technology industry.
In order to capitalise on the future it takes investment, so it’s important to ensure that investment is made in the right way. I’m sure like many CEDIA members the investment is made from the business owner’s own pocket so it’s vital to ensure we invest well and focus on the right area of our business, as well as reaching the right audience.
Market research affects the business decisions that we make. Whilst gut feelings are a valuable barometer, nothing beats the facts. Someone more intelligent than me once said “without data you’re just another person with an opinion” and I think that statement stands very tall with market research and CEDIA’s Size and Scope survey.
At Trusted Technology, we have a commitment to all of our Engineers that we will invest 20 days off the road for training, which costs us as a business around £50k per annum. This investment isn’t taken lightly, and those 20 days of training are given to what the business feels is going to be the next ‘curve’ in our industry. This is why market research is so important to us – we want to be ahead of the competition.
CEDIA Size and Scope Survey
CEDIA is welcoming companies within the home technology industry to take part in the CEDIA UK Size and Scope Survey following a partnership with futuresource. We have a commercial arm of our business at Trusted Technology and have taken part in something similar before, which did assist the business in investing in projects and training we maybe wouldn’t normally have.
We wanted to take part in CEDIA’s Size and Scope survey this year as we felt it was the only way we could understand the direction our industry was heading. It is also a good way to see what, for example, the average ‘Home Theatre Install’ is in the UK.
I’m really excited to see the result. This survey should give an invaluable insight into where our industry is heading and, of course, where it has been. We are investing heavily into our business and whilst we have made these investments on how we personally see the industry, it will be great to get an insight into a genuine piece of market research, if nothing else for our sanity.
My personal predictions on the outcome of the survey are that there will be a huge rise in the amount of manufacturer-led apps installers are increasingly being asked to integrate. I personally see this as only a good thing as they generate awareness for our industry and makes technological advancements even more accessible. I also think that as people spend more time with family and friends in their homes as opposed to going out there will be a surge in home theatres and outside audio and visual installations.
Have you made your mark yet?
The more people that complete the Size and Scope Survey the more accurate the data will be which allows business owners to make more informed decisions instead of ‘best guesses.’ I would definitely encourage other industry professionals, both CEDIA members and non-members, to give up 20 minutes of their time and take part in the survey. It will be for everyone’s benefit.
Click here to take part in the survey.
Featured in the August issue of Essential Install.