Stand out from your competitors
As a furniture retailer, there can be a wide range of challenges that come your way. Some of those challenges can include, dealing with fierce competition, trying to get more foot traffic in your store or finding a way to get people to spend more on high-ticket items. Either way, the end goal is geared towards increasing conversion rates. Here are 4 innovative ways that can help furniture merchants generate more sales.
1. Build a brand that people search for
Content marketing comes in all different forms, there are blogs, webinars, social media posts, and more! When consumers come across your content they are meeting you for the very first time. It’s important to be light, educational and helpful to anything you think they may need that is related to your brand. Content marketing generates demand and there is a low-cost per acquisition. Take a look at this example, the brand Purple, a successful mattress and bedding company has reached great fortune through content marketing. OverthinkGroup reported that every month there are about 250,000 Google searches for the word “purple” and there are a bit more searches for the word “mattress” however, “purple mattress” is researched on Google 400,000 times a month! There are more searches for the direct brand name compared to generic product names or categories; 71% of Purple’s organic traffic comes from branded research!
Digital strategies have become an essential part of every retailer’s playbook but it can drive up costs, fast! According to Retail Dive, Google’s CPC has risen 14% in the last year. Keywords such as “best couch” or “best dresser” are no longer effective.
You may be asking yourself, so what?
Purple’s marketing content is consistent, in fact, they have over 150 blogs posted on their website. This number doesn’t include PR or social media posts either. Each article provides insightful information that’s both, directly and indirectly, related to their products. Creating consistent marketing content brings awareness to your brand and expresses the goodwill your company has to offer. All consumers use the almighty search engine, Google. To maximize your organic traffic become a brand consumers search for through your unique content marketing efforts.
2. Add coupons or a promo code page
Costs for furniture can range anywhere from a couple of hundred dollars to a few thousand dollars. At checkout, whether in-store or online, consumers are always looking or asking for some type of discount code. You’ll typically find customers quickly conducting a Google search before checking out to see if they find any promotional codes available online or they’ll use extensions like WikiBuy which is a platform that hunts the web instantly for discount codes. Instead of having this happen, capitalize on it!
Think about creating a page on your website where consumers are able to receive exclusive promotions or discount codes just by signing up for your newsletters. According to OverthinkGroup, Purple’s discounts and promotions page was one of their top three valued SEO pages. A promotions page will be beneficial because you have the opportunity of providing interested shoppers with discount codes, but even better, you have the opportunity to inform them about your products through newsletters and creative email marketing.
3. Send out catalogs
You may be thinking, “Catalogs, they’re outdated!” Nonetheless, it is an addressable channel that helps with one to one targeting which can be very effective for furniture retail. Catalogs play an important role in fueling brand growth beyond Google, Facebook and Instagram as these channels are pretty saturated already.
In recent studies from the Data & Marketing Association, response rates for catalogs have increased over the years. Partly because less mail is being sent out, especially for Millennials who currently happen to like catalogs more than any other age group. It’s a unique approach because this generation has received less mail than any other. In fact, American Catalog Mailers Association, Hamilton Davidson said half of all Americans order from catalogs even if they do not immediately flip through the mailers.
Did you know sending out catalogs are inexpensive when ranked against other forms of marketing? Davidson discusses how web shoppers are price-driven while catalog consumers are generally brand enthusiasts. It’s important that catalogs be sent out to those most interested in your brand. In fact, Data & Marketing Association’s O’Keefe stated, Costco prints catalogs regularly and the content inside differs from consumer to consumer making it unique to a person’s shopping trends. Catalogs are another avenue of opportunity to catch consumers who are interested. Now imagine combining this with your digital marketing strategy!
4. Offer Point of Sale Financing at checkout
Point of sale financing is for merchants who want to offer their customers financial solutions at the point of purchase to assist them in buying the products or services they need whether they are everyday needs or big-ticket items. POS Financing is an immediate and convenient credit granting process for consumers that is seamlessly embedded in the checkout process. At the point of checkout, whether the consumer is in-store, online, or completing an over the phone purchase they would have the option to select the financing option. It is offered alongside traditional payment methods such as Visa, Mastercard, Discover etc. The consumer then continues to fill out a short financing application. The application is then checked among the lenders available and once approved, financing options appear. The consumer then selects the option that best fits their needs, the financing is applied directly to their checkout. The best part? Consumers are able to enjoy their products immediately!
Did you know one of the biggest hurdles eCommerce merchants face across all industries is cart abandonment rates? 81% of consumers abandon their carts online! Consumers may be overwhelmed with their order value, the checkout process may be too complex or there may be a lack of payment options available. Point of sale financing can help combat all of these issues, it is simply a different payment method that helps consumers reach the same purchasing goal.
Let’s paint a picture:
Heather wants to furnish her new apartment which has a fantastic view of the San Francisco skyline. The sofa she wants is a Dresden Sectional Sofa costing $3949. Heather hesitates to charge the amount on her credit card as the interest rates vary from 18-29.9% additionally, there is no set pay backdate. It may take a year or it may take two years for Heather to pay her credit card off while being hit with high-interest fees. Heather notices a financing option available at checkout. Heather fills out the financing application directly on the merchant’s website which takes about one minute of her time, then once approved, a variety of financing options appear. Heather has the opportunity to finance the sofa over a period of 6, 12, 18 and 48 months with 0% APR if terms are met. Heather decides 18 months is the best option for her, the monthly fees will only be $219! Heather is satisfied with the amount and decides to additionally purchase a Truman Coffee Table costing $849. Her total is now at $4798, Heather still sticks with financing both products over a period of 18 months, the monthly total will now be $266.55! Through consumer financing, Heather increased her order value without thinking twice! She has the instant gratification of using the products immediately all while having a personalized payback plan. With the flexibility point of sale financing has to offer, it is easy to understand why consumers are more drawn to the alternative payment method.
The furnishings industry allows consumers to make their desired space truly their own. Incorporating multiple ways to generate sales in your business will help your company reach its fullest potential. This generation of shoppers like brand transparency and accommodation. Don’t just fuel your business to grow, motivate your shoppers to make the best purchasing decisions to fulfill their needs.