Nabbing market share from the likes of Sony, LG, and Samsung as the new kid on the block seems almost unfathomable. Yet, since 2002, VIZIO has done just that—delivering high performance tech at budget prices. In 2006, the newbie earned an estimated $700 million in revenue. Today, sales exceed $3.5 billion.
As maker of America’s top-selling 4K HDR TVs and #1 sound bar, and consistently featured on best-of lists, including claiming a spot on Digital Trends Best TVs for 2019, the brand knows its products and knows its consumers.
Even after rebounding from a major PR, ethics crisis, they stand out in the marketplace by aggressively pricing solid, quality HDTVs, sticking to their brand-defined mission, and maximizing each of their digital touchpoints, plus a few more key strategies other brands should emulate.
Winning electronic brands know their market niche and stick to their mission
VIZIO’s mission is to “deliver high performance, smarter products with the latest innovations at a significant savings that we can pass along to our consumers.” This is clear, succinct, and actionable. It also outlines innovation, value, and consumers as priorities which are then translated into every VIZIO touchpoint consumers encounter.
Winning electronic brands embrace and promote consumer reviews
The brand is practically a digital native. Founded in 2002, VIZIO came of age during the consumer review era. It’s hard to imagine what the company would look like if the internet did not exist. Coming onto the scene with low-cost TVs, they relied on word of mouth to build their reputation and the risk paid off. To this end, they see the importance of consumer reviews and put them front and center.
Winning electronic brands chose retailer partners wisely
VIZIO didn’t simply opt for any retailer, although their products are sold many places. In addition to Best Buy, Amazon, and Walmart, they choose to sell their products where consumers are actively searching for a deal. Costco, BJ’s Wholesale, and Sam’s Club are some of their access points to people willing to spend, but spend within a budget. These retailers also have strong web presence and thorough product pages.
Winning electronic brands are embracing smart technology
From the outset, VIZIO has seen the promise in Smart technology. In their current TV lineup, Google Chromecast is built-in, viewers can browse the web on their TV and control the TV using their phone, and voice control the TV using Amazon Alexa and the Google Assistant.
Why is this important? VIZIO recognizes consumers use technology to research and be entertained when and where they want and encourage those non-linear digital journeys.
Winning electronic brands optimize and routinely enhance an online presence
With each of their digital touchpoints, VIZIO ensures the product details and media are current, correct, and thorough. They have fine-tuned their language to be discoverable and convert at high levels. Where retailers allow, they offer enhanced content to tell their brand story, promote their quality products, and remind shoppers of VIZIO’s value proposition.
This direct-to-consumer access is important because, as Forrester found, manufacturers’ and brands’ sites are a main source of research for 61% of US online adults, with 50% ultimately purchasing from the site. Making shoppers purchase elsewhere forces them off your site and out of your experience, potentially losing both sales and brand traction.
As proof, VIZIO was awarded spot 27 on the Gartner L2 Digital IQ Index for Consumer Electronics 2018.
