Winning consumer's heart will win her dollar
Ray Allegrezza, Editor in chief -- Furniture Today, April 19, 2004
I know that many of us are here at market up in the air about imports, duties and the overall ramifications of the entire antidumping issue.
Even so, we need to keep both feet firmly on the ground as we go about the business of serving the ultimate customer: the consumer.
Leaving the sense and nonsense of the antidumping issue aside, our real issue is how well we are satisfying the home furnishings needs and wants of the consumer. That alone is a full-time job, akin to trying to hit a constantly moving target.
Sometimes I think we invest too much effort trying to steal market share from competitors instead of trying to steal the consumer's heart with furnishings she passionately wants. Note that I used the word "wants" instead of "needs." There's a world of difference in her mind between the two, and if you can't distinguish one from the other, you've got a problem.
Helping to complicate matters is the fact that you are not competing only against other home furnishings suppliers. Like it or not, you are up against virtually all of the other high-ticket consumable products tugging at both her heart and purse strings — automobiles, consumer electronics, apparel and more.
Take the auto industry as just one example. According to statistics from Automotive Women in Road and Travel, the female is in the passing lane of the fast track in her impact on this market.
Specifically, women buy more than 50% of all new vehicles, 48% of all used vehicles, influence some 80% of all sales and currently contribute more than $1.6 trillion to the national economy.
If that doesn't trip your check engine light, nothing will.
So, how do we get more of her discretionary dollars? We start by getting into her head. During market, you can do that courtesy of a seminar hosted by the National Home Furnishings Assn. on Friday, April 23.
Dr. Karen Wade of Karen Wade Associates is a psychologist specializing in designing customer experiences that she says resonate with women's needs and desires. She also is the creator of Home Spirit Workshop, designed to help consumers confidently complete their buying cycle.
While noting that elements are in place that should result in booming retail sales of furniture, Wade says, "We still sell furniture today the same way we've done for the past 40 years."
Her studies suggest there are five pathways retailers can use to more effectively engage the female customer's needs while she's shopping for furniture.
I'm intrigued. I intend to be there. You should too. After all, what do we have to lose except some outdated thinking?
