GarminFurther enhance competitiveness in productsIn terms of competition, it can actually be said to be a good thing for Garmin. That is, we can see that some partners or peers have certain approaches, which might even stimulate us to take new actions. Regarding market competition, I think it can also be divided into the product aspect. On the product front, not only the innovative features mentioned earlier, but we also maintain strict control over quality. This ensures that the repair rate of our watches is far lower than that of our competitors. In this way, in the wearables field, as the saying goes, time reveals a person’s true heart. So, after long-term development, we will phase out some brands of inferior quality, and only those genuinely reliable products that offer customers assurance can survive. So that is also one aspect of our competition. Additionally, we will increase our promotional efforts, and there may also be more apparel offerings in the future.
Garmin and major sports apps have achieved a win-win effect through cooperation
This effect was actually something we hadn’t anticipated before, because we originally thought that there was a competitive relationship between us and these sports apps—either you run with a watch or with a sports app, and the two couldn’t be integrated. But through the collaboration, it really brought us a pleasant surprise. We discovered that there is also a social need with Garmin watches—they want to be part of running group activities, which serves as motivation for users. Meanwhile, members of running groups from these sports apps hope to improve aspects such as their speed or running technique through running. These are features typically found in high-end running watches. They also hope to enhance their skills by using an app along with a compatible running watch. For both sides, there is no contradiction. In the process of cooperation, it’s actually about expanding each other’s customer base, so it’s a win-win for both.
Through event services, sharing sessions, and other interactive forms, Garmin will further boost its status and desire to purchase among consumers
In 2017, we conducted some pilot initiatives, including subway ads, building ads, pre-movie ads, and advertisements at high-speed railway stations. These helped enhance Garmin’s brand image to some extent. However, there are two aspects to elevating our status in the minds of consumers. The ads may be high-end and larger in scale, but we also want to reach deeper into people’s hearts. Therefore, we will also carry out a series of grassroots marketing activities, including organizing sharing sessions, partnering with events, giving product and feature demonstrations during those events, and participating in event services. This helps actual users understand what kind of support Garmin can provide in their interactions with us. So besides going high-end and large-scale, I believe these grassroots marketing activities are indispensable—they can reach people on a more personal level.
Garmin will enter the mass market of health-conscious leisure consumers
The current market focus is as follows: we will consolidate our position in the existing areas, and in addition, we hope to expand into the segment of health-conscious leisure consumers. This group is not like our previous target audience—the so-called heavy-duty sports enthusiasts who love running and outdoor activities. These individuals are more casual about fitness—for example, they might occasionally go to the gym for strength training or yoga classes. They may not necessarily require the advanced technical features of high-end products. As long as the products can provide basic workout tracking and are stylish enough to match various life scenarios, that’s sufficient. Therefore, this year we will launch a series of products tailored for such health-conscious leisure individuals to meet their daily needs—essentially adding more mass-market products to our original sports-oriented demographic.
