Retail Observer

RETAILOBSERVER.COM OCTOBER 2017 50 A s a successful, progressive retailer your probably wake up every morning thinking of ways to improve your business. You provide your employees with the necessary tools to be successful, and feature the best products and services and work to drive your business to new heights. Opportunity comes in many forms and diversification is one of them. There are a multitude of opportunities to diversify your product mix without changing who you are or increasing your physical footprint. It's all about fine tuning your mix and offering your guests what they want, then presenting it in visually appealing way. Ask yourself the question, am I a furniture store that sells furniture or a home furnishings store that sells an array of products that complement the furniture and help to transform my customer's house into a home? Successful chains such as Pottery Barn, Restoration Hardware, Crate and Barrel and Arhaus are worth studying. These stores are visually stimulating and create "must have" packages. It's all about selling the sizzle and not just the steak. That bedroom suite is very nice, but when you add those incredible bed linens and decorative pillows, the bedroom suite takes on a whole new look and feel. Throw in the accessories, lamps, rugs, pictures, and so forth and you have now created a totally new and visually stimulating selling environment that results in increased average tickets and increased profitability. After all, when consumers begin the shopping process, they are first and foremost in search of what they want, and then price comes into play. The key is focusing on what YOUR customer is looking for and NOT necessarily what the average consumer is looking for. Then, market to those consumers who fit your merchandising price points, styles, and retail experience you offer. So, it's not just about diversification but differentiating yourself from your competition as well. You will rarely win the game with a "me, too" strategy. Simply emulating the "big boys" or your competition down the street by carrying the same products and going head-to-head on price doesn't provide a meaningful advantage. Why not create that "Purple Cow", that story, that something extra sets you apart from the crowd? Think outside the box and take the time to evaluate vendors you are not doing business with to uncover hidden opportunities that can lead to increased profitability. RO Bill Bazemore is the Vice President of Furniture for Nationwide Marketing Group. Call (770) 442-9726 or visit furniture@nationwidegroup.org. MAXIMIZING YOUR OPPORTUNITIES Standing out from the competition and using diversification to your advantage Bill Bazemore Furniture Trends

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