Retail Observer

January 2015

The Retail Observer is an industry leading magazine for INDEPENDENT RETAILERS in Major Appliances, Consumer Electronics and Home Furnishings

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JANUARY 2015 RETAILOBSERVER.COM 63 consumers spend approximately three months doing independent online research they have a base knowledge already in place. Furniture sales people need to be aware that their consumers are already entering their store having done months of independent research and are only walking into the stores when they are ready to seek further knowledge and close a deal. When the furniture sales person comes off as professional, genuine, caring, knowledgeable, polite, and friendly then the chance of the consumer walking out with a purchase greatly increases. The power of this process lies within the retail sales person. The retail sales person hold in their hands the power and integrity of the store by being well versed in their knowledge of the store and the products. • Extended Service Agreement… The Easy Add-On: Extended service attachment rates are rising. Consumers are looking for assurance that the products they purchase will function and maintain structural integrity. Their buying decision is being influenced by the availability of all of these assurances. Knowing that the retailer offers a program to cover the cost of maintaining a product and more importantly, to provide that service by qualified specialists will build confidence. With management commitment and minimal training, many retailers are achieving better than 50% attachment rates at better than 50% net profit. No program can cover every issue that arises. Fortunately, a properly managed extended service program will cover most problems and provide the funding required to cover the accommodations that fall outside the norm. There is no better vehicle to "tie" the customer to the store. If they have a problem they must come back to you and you get to be the "hero" that makes the problem go away! It is an essential component of exceptional customer service. • Maximize Bedding Sales With Top of Bed: In furniture stores the bedding department is typically the most profitable, are you maximizing this opportunity? There are many great products that could be sold within your store to the customer who is looking to buy a new set of bedding. Bed protectors, pillows, sheets, and comforters are all great necessities for the consumer to purchase along with their new set of bedding. After all, last year mattress accessories sales in the United States came to 5.5 billon dollars, so shouldn't you be offering these products by incorporating them into your presentation? • Say Yes To American Built Products: Today, there's an unmistakable mood among American consumers. It's a desire to support the American Worker and the American economy through the purchase of products that are built here. GE understands it, so does the Whirlpool Corporation, and Chrysler, and Walmart and more. These companies have done the market research and they've invested hundreds of millions in marketing campaigns that proclaim their support for American jobs and American-built products. By the way, they continue to do it, so it must be working. As independent businesses, Nationwide Marketing Group's member companies are a major component in the engine that drives the US economy. So who is better positioned to make a strong statement of support for American built products and the jobs they create? In early 2014, Nationwide Marketing Group introduced an exciting Nationwide exclusive product lineup known as iAmerica, featuring exclusive furniture and bedding from Serta, Jackson Furniture, Catnapper, and Vaughan-Basset. While we know that consumers are receptive to this American Built message, we also know that they are saying, "I want value, I demand quality, I expect service and I want it built to last." This "I", the American consumer, is at the heart of iAmerica. • Financing, Everyone is Looking: Consumer finance today is not an option but a must. The economy is improving, but many consumers are still financially challenged. Did you know that 1/3 of the population has no savings. Meaning you must be offering financing options to finalize the sell. Are you promoting monthly payments with packages? Show the customer that the room of their dreams can become a reality. Last but not least, are you offering secondary financing? Not all customers are credit worthy and secondary finance allows you to close the sale as opposed to letting the consumer walk out the door to your competitor, who will find a way to close the sell. • Putting Your Advertising Dollars to Work: This is one of the biggest challenges everyone faces. Do I use print, television, social media or a combination of; the answer is all of the above. The key is finding the right mix. Social media today has become a necessity, but you truly must put it to work. Helping retailers create the right mix is one of the many areas in which Nationwide Marketing Group excels. As you have read through this article, virtually ever topic discussed relates to advertising and marketing. Take a hard look at your advertising budget to be sure that your dollars are being spent wisely and generating the greatest possible ROI. After all, if you're not reaching the right consumer in the right way, then you are certainly not reaching your full potential. RO Bill Bazemore is the Vice President of Furniture for Nationwide Marketing Group. Call (770) 442-9726 or visit furniture@nationwidegroup.org.

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