The benefit of selling benefits
Ray Allegrezza, Editor in Chief -- Furniture Today, March 15, 2010
I recently got back from the International Sleep Products Assn. show, so my mind is understandably focused on mattresses.
I really have to tip my hat to this segment of our industry. Unlike some of the folks in other product categories, the boys and girls in bedding get the fact that the best way to sell bedding is to sell the benefits of what those products offer.
Sadly, some of the folks in case goods and upholstery are still selling their wares by the pound. Not only is that not exciting, it also really limits the conversation between supplier and customer that could lead to new opportunities for both parties.
By comparison, the bedding industry has done an excellent job of selling the benefits of a good night's sleep.
They've made the case that the consumer will feel better, be more rested, be healthier, more productive and yes, probably even have better sex.
Who is going to argue with that? Not me.
Compare that to, “Sofa and loveseat, $399 and you get a free end table.”
Excuse me while I yawn.
Jerry Epperson of Mann, Armistead & Epperson recently made the point that bedding, which represents 10.6% of total net sales, provides healthy margins of 48.5% and turns 3.5 times.
Looked at another way, according to our most recent Furniture Store Performance Report, bedding occupies about 11% of the retailer's sales floor but represents 14% of retail sales. That ratio is better than other categories, including master bedroom, casual dining and upholstery.
I know that we are still fighting off the impact of the Great Recession. I also am aware that the recession has really fueled the consumer's interest in sharply priced goods.
But the recession has also ignited the consumer's interest in home furnishings that offer significant value.
And that should be a green light for all sectors of the business.
For the longest time, we've all agreed that consumers buying home furnishings are getting the best values ever.
With that in mind, let's all take a page from the bedding playbook. Let's spend less time talking to each other about the great values, features and benefits we offer the consumer.
Instead, let's tell her.
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