Technology Can Drive Sales

Hello everybody. I am in Las Vegas attending market, so when I come back next week, I will have plenty to report. In the meantime, please check out this article that I wrote for ClickZ about augmented reality.

shutterstock 116051263 Technology Can Drive Sales

We saw some great new initiatives here from the Simmons Bedding Company using this technology to educate consumers about what is inside of their products.

I hope you are somewhere cooler than I am, as we hover at 104 degrees today. Can someone please contact the Vegas market officials and ask them to change the summer dress code to shorts and a T-shirt instead of suite and tie?

Thank you!

Tempur-Pedic Hits a HOLE-IN-ONE

Tempur-Pedic recently announced they are the official mattress of the PGA Tour, which makes this its first national sports sponsorship. I think this is a brilliant move by the Tempur Pedic Hits a HOLE IN ONE company and here are a few reasons why:

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Arrogance Can Cost You Everything

A softball field full of little girls taught me another life lesson last weekend. If you regularly read this blog, you have probably heard me talk about my daughter’s 11-and-under softball team. There are nine scrappy kids from three states that make up the Battitudes team, and when they put on the uniform they come to play. For a few different reasons, we decided toBattitudes 300x225 Arrogance Can Cost You Everything play in a state tournament last weekend that didn’t have an 11-year-old division, which forced us to play with older girls. 14-year-olds! Before each game, the coaches told the girls, “Nobody thinks you should be playing in this tournament except for you, your coaches, and your parents. You have nothing to lose, so just do what you know you can do.”

A few things happened I think are relevant to the business world: Continue reading

When Is Exclusivity a Bad Thing?

When I first started out in this business working for Stearns & Foster, I didn’t have a strong brand like my brothers and sisters selling the Sealy brand. (I use that hyperbole because we were related, but at the time the Stearns guys were the distant stepchildren of the family.) We had to work a lot harder to sell our line using other features to create value and leverage.

shutterstock 109381433 300x200 When Is Exclusivity a Bad Thing?

One of the things we used to say during RSA training was that Stearns & Foster was a great line to sell because our products were more exclusive in the marketplace. Translated, we didn’t have the distribution other big “S” brands did. I would ask the RSAs, “If I told you that I was going to give you a product as an exclusive in the marketplace with incredible features and benefits like 8-way hand-tied foundations and real foam-encased borders, would you be able to sell that line successfully?” They almost always applauded those comments because they were tired of being shopped to death on their other lines. Here is the reality, though…when people aren’t coming in to cross-shop you on popular products that are being heavily promoted in the newspaper, it is in itself a problem.

I was recently in San Francisco (more on that trip in a later blog), and we stopped in at a Tesla car dealership. We wanted to see what those guys were up to because they are changing the way people make and sell cars. I asked our salesperson why Tesla gave away all its patents so that anyone could develop on their platform. Her answer? “We wanted there to be more competition.” How often do you hear that?!? They know that if other car manufacturers start designing more cars that run on electricity, then more charging stations will get built, making their technology more and more relevant and accessible. In this case, competition is a GREAT thing.

I know that more often than not, competition makes it tough on your top and bottom line, but there is a lot of good that comes from it. Competitors make you better, stronger, more innovative, sharper on pricing and cost-cutting, and overall, more aggressive. Companies like Tesla are so confident that they are willing to just open the doors to all takers, essentially saying, “Step up, pretenders. Even when I give you my playbook, I am still going to kick your butt because we are just better than you and will always stay one step ahead of you.” That is pretty tough, if you ask me.

So where are you when it comes to competition? Does it fire you up or give you heartburn? Share your thoughts in the comments section!

 

 

 

Shorten the Cycle, Stop the Madness

I think most people in our industry accept that consumers shop for a new mattress roughly every 10 years. So much conversation surrounds that statistic and how we can drive consumers into the market more frequently. And where does that conversation almost always go? Warranties.

shutterstock 165270023 293x300 Shorten the Cycle, Stop the MadnessDo you think the teams at LG or Callaway Golf sit in their boardrooms and talk about how the industry has to lower warranties on televisions or golf clubs so they can sell more products? I really doubt it. They are hard at work driving innovation into the pipeline to create compelling products people want to actually buy. (See Scott Smalling’s article on innovation featured on Sleep Geek today, it is a great read.) This is, in my opinion, the key to getting consumers in the market more frequently! Think about how much time we talk about this reality versus warranties. I know what some of you are thinking: Electronics and sports equipment are “want” items and much easier to innovate around and convince people to buy. I call bullshit! Our products can help people look better, feel better, lose weight, improve memory, and reduce illness. There is NO WAY that doesn’t inspire the consumer, so the question is what do we do with it?

To shorten the cycle, we need to stop all of this conversation around warranties. Here are a few things that can really drive consumers into the market and grow our top line and share of consumer dollars:

1. Innovate new products with REAL technology that actually improves people’s sleep.
2. Drive the biometric conversation around sleep and how we can learn about and improve sleep when using our products. Consumers love to measure almost everything and there are only a few brands connecting to this growing trend. If you want to create the need for better sleep, show people how bad THEIR sleep really is. Remember that technology is sexy and people want more of it in every aspect of their life.
3. Change the way we talk about our products. I realize I am a broken record on this, but everybody in the industry has to invest in telling our story and by that I mean the tangible and intangible benefits of products that help you sleep better. All of this product-for-a-price nonsense is never going to get us the love we are looking for.

If we just do these three things, we will make huge improvements in the purchase cycle and make ourselves more profitable at the same time. Remember, we are in this together and if we work at it we can make the sleep products we sell more of a priority, therefore placing ourselves at the top of consumer’s MUST-HAVE list.

What do you think? Did I over simplify things? Tell me in the comments section!

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