RETAILOBSERVER.COM DECEMBER 2017
50
A
s a successful, progressive retailer, you 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 this 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 Hard-
ware, 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 in to
play. The key is focusing on what YOUR customer is looking for,
NOT the average consumer. Then, market to those consumers
who fit your merchandising price points, styles, and the 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
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