Furniture First: Sharing ideas
By Furniture Today Staff -- Furniture Today, March 28, 2004
HOWEY-IN-THE-HILLS, Fla. — HOWEY-IN-THE-HILLS, Fla. — The three-day Furniture First symposium here focused primarily on bedding as a profit opportunity. Here's a sampling of ideas presented at the buying group's meeting:
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Graduated commission structures lead to higher average tickets. A couple of Furniture First members said a scale that rewards big-ticket bedding sales with higher-percentage commissions has proven to be a significant winner.
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Advertise specialty items. Electric beds, visco and latex bedding are items that some consumers want, but don't always know where to buy. These big-ticket items are selling well for many retailers, but they have to be advertised regularly.
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Don't neglect pillows and other top-of-bed items. Pads, pillows and comforters are frequently purchased soon after a new bedding set, said Reg Bergman of Pacific Coast Feather. Instead of conceding that business to Wal-Mart, furniture retailers should have their own lines on display and ask for the sale from every bedding customer. With quality pillows priced from $25 to $50 or more, top-of-bed can be a profitable add-on, Bergman said.
Discussions weren't limited to bedding. Keynote speaker Bob Langdon recommended dealers apply the 80-20 rule to expense management. If 80% of costs are concentrated in a few large line items, focus on those expense categories rather than smaller items where savings won't amount to much, he said. Langdon is a professional speaker with a background in accounting.
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