From Home Furnishing Business
Editor’s Letter: It’s Game Time— Time to Get Your Pitch On
2020 by HFBusiness Staff in Business Strategy, Industry
By Bob George,
With fourth quarter up 7.2% over the same quarter last year (2018), it is a time to be bullish. As will be discussed in this month’s feature article on advertising (page 10), a signifi cant percentage of consumers are on the Internet or in the stores (13.36%) actively shopping. These consumers have already focused in on the 2+/- retailers they plan to shop and what product they plan to purchase. It is time to believe your merchandising team has selected the right product and that your retail sales associates will convince the consumer that your store will be the place to trust for this important purchase.
As a marketing executive, it is time to focus on the next opportunity — those consumers that are “thinking about buying furniture.” Currently, that equals 30%+ of the population that you can infl uence. The decision on how to proceed with engaging these consumers is the question. The media mix varies signifi cantly by the demographics. The message is totally infl uenced by the lifestyle (psychographics). No matt er the strategy, a feedback loop to measure the results is essential.
Most retailers cannot aff ord an advertising expense as a percentage of revenue at 33% as reported by Casper. Financially, 6% is the target. In other words, every message must count. The details around this discussion are contained in the feature. Call to discuss your experience.
And fi nally, to you, the owner or representatives of the owner — the chief executive offi cer: your challenge is more long term, especially in that your company is competing for the consumer’s discretionary spending. Today there are many competing ways for the consumer to spend money. For some discretionary spending is perceived as a necessity. The following recent research presents your challenge.
You can find hope in the emerging generation of furniture purchasers – now make it happen.