Entrepreneur IOT Symphony: marketplaces, a lever to test the international market

IOT Symphony: marketplaces, a lever to test the international market

Listening to streaming music on our good old hi-fi systems and their traditional speakers is the promise of Octavio Stream, a product developed by the northern start-up IOT Symphony. Associated with a mobile app, the small box (199 euros) connected to wi-fi connects directly to the speaker of your choice. The assembly of the device is carried out in Esat (establishments and services of help through work) at Tourcoing using components mainly from Asia.

Since April 2021, the young company which employs six people, founded by Victor Guignon and David Minard, sold 1,500 copies. Its goal is to sell 1,500 more by the end of the year. For the moment, online sales account for 60% of turnover, the rest being made with stores specializing in the sale of hi-fi equipment.

Reach a complementary audience

On the Internet, the start-up did not hesitate to play the card of the Amazon marketplace. “We deliver the products by the dozen to Amazon, which takes care of the shipping. For the end customer, delivery costs are free in mainland France,” explains Victor Guignon. Orders were there, with the Amazon channel accounting for 30% of individual customers.

For the start-up, it is above all a means of reaching a complementary public, more “mainstream” than that of specialist shops, made up of majority of audiophiles. Then, going through Amazon, an active service on the planet, allows you to taste the international immediately. “We can thus test certain markets in which we believe to have very good potential, such as Germany”, specifies the manager. On condition, however, of devoting a marketing budget to it. To develop its visibility across the Rhine, the company has planned campaigns on social networks.

Notoriety booster

From an economic point of view, selling on marketplaces is rather advantageous, the commissions paid being lower than the margins left for physical distribution. Finally, the fact of being visible on Amazon has a reassuring effect on some consumers, the American logistician being perceived as the guarantor of a quality standard. The omnichannel strategy has worked well so far.

At Christmas, the device, a victim of its own success, found itself in sold out. To make the public wait, the tricolor company organized presales on its own site before resuming distribution at the end of February.

But if the American marketplace represents a notoriety accelerator significant, physical channels should eventually take over. Victor Guignon justifies: “Our specialized stores play an important prescribing role with ‘early adopters’. A role that will continue with the expansion of the range already started. The company has just released an amplifier and other products aimed at reviving vintage hi-fi equipment are in the boxes.

In the meantime, new funding was obtained last March. Or 80,000 euros of capital contributed by business angels, supplemented by 375,000 euros in the form of convertible bonds (French Tech Seed) and advances and repayable loans (Bpifrance). Enough to fuel commercial efforts, online and with its resellers.

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