Furniture Biz 101
Uncommon Common Sense #7
I believe that common sense is the most effective attribute any marketing person, in fact any business person, can possess. I have been posting some Common Sense examples on my blog for about 6 weeks now. They are not necessarily mammoth in scope; just examples of common sense ideas that might help any retailer's businesses but of which I don't really see much. If you have missed any, please go back to earlier posts. If you disagree with my views, that's fine. I, at least caused some consideration about them. This is Example #7.
Common Sense Example #7 Strategic Alliances. Working with other non-competing retailers or service providers might reap benefits for both companies. I have noticed a few retailers allying with Best Buy, for instance, to supply the TV sets that are given away. This might be the tip of the iceberg which might benefit both companies. There are any numbers of ideas to capitalize on alliances with other retailers. Displaying each company's products in the other's stores might be one (TV's and audio and entertainment centers or computers and computer furniture?). Coupons and other promotional materials available in both showrooms, another. Joint advertising might provide each with double exposure for the same advertising dollar. Giveaways or significant discounts with a purchase in each other's stores might be effective. An alliance with an upholstery cleaning company to sell yearly cleaning maintenance on upholstered or leather furniture makes a lot of sense; an add-on sale with easy profit dollars.
A bedding promotion, for instance, might be greatly enhanced, for example, with a 30-40% off coupon for a sheet set from a big box bed, bath, and kitchen store with the purchase of a mattress and foundation. I would think that inasmuch as many of these stores already offer 20% off single item coupons, negotiating the extra 10 or 20% would be fairly easy. A scenario whereby the sheet set might even be free (with a dollar limitation) with the customer having to visit the linen store might be negotiated.
Pooling resources for the betterment of both only makes good, common sense, even though it does require a little effort. I just don't see much of it being done and I can't help but wonder why not.
Steve Lowsky, President/CEO of Middle Market Strategies on what makes a company great now