by Fellow mattress moguls, inflation might give us the sweats, but fear not! We’re not just in the sleep business, we’re in the dream business. And even when the economic lullaby hits a bum note, we can still help our customers slumber soundly (and boost those bottom lines!).
Hero mattresses and value sleepers:
- Shine a spotlight on your champion mattresses. Highlight the features that justify the price, like innovative tech, premium materials and epic warranties. These are your sleep superheroes, ready to convert lookers into snoozers.
- Don’t forget the budget dreamers! Offer a selection of comfy, supportive mattresses at budget-friendly prices. Remember, even an affordable mattress can be a hero to the right customer.
Targeted price twists:
- Inflation exposure. Analyze each mattress. Did its cost see a 5% or 15% jump? Tailor price increases accordingly. Don’t punish a mattress with a slight cost bump with a 20% price hike.
- Customer willingness to pay. Research your market. Are budget-conscious dreamers still out there? Keep those $199-$399 benchmarks strong. But, are luxury snoozers flocking to your store? Maybe those $1,499+ mattresses can handle a 15% bump.
Strategic margin boosters:
- Foundation and frame frenzy. Inflation is pushing up metal and wood prices. Pass it on, but strategically! Bump foundation and frame prices by 10%-15%. They’re often seen as add-ons, so a moderate increase won’t wake the sleeping giant (aka, customer outrage).
- Delivery dreamland. Gas isn’t cheap! Revise your delivery offers to be tiered. Offer free-to-the-door delivery with no minimum, but offer premium services to increase profitability. For example, offer platinum adjustable base delivery for $199 or charge a surcharge for each floor the drivers have to go up. Create an a la carte delivery menu. It’s a tangible service, customers understand rising costs and it keeps your margins comfy.
Price anchors and sweet spots:
- $499-$999 Mattress Marvels. This is a sweet spot for many customers. A 10% increase keeps them competitive, protects your margins and doesn’t turn them into discount-seeking zombies.
- $999-$1,499 Mattress Majesty. Leave them alone! This is a sensitive price point. A price hike could send them mattress-shopping elsewhere. Focus on strategic upselling foundations, frames and delivery to boost profits here.
Longer-term financing finesse:
- $1,499+ Mattress Masterpieces (Non-MAP). This is where you can work your magic. Non-MAP means you have more pricing flexibility. Bump these up to 20%, but only for non-MAP models. This offsets your longer-term financing costs and keeps your bottom line singing.
Universally appealing offers:
- $0 down dreamland: Moving is a financial beast! Let first-time buyers breathe with $0 down on any mattress, no minimum purchase.
- 60 months of snoozing bliss: Spread out payments and make that dream mattress feel effortless with 60 months of interest-free financing.
- Bundle up and save: Offer package deals on mattresses, pillows, protectors and sheets. It’s like a sleep starter kit, and everyone loves a good deal!
- Free delivery. Take one more stressor off their plate. Free-to-the-door delivery shows you care and makes the whole process a snooze.
Level up your sleep financing gain with flexible payment options:
- Lease-to-own powerhouse. Negotiate like a boss! Don’t just accept the standard lease agreement. Partner with your lease-to-own lenders and work your magic! Lower initial payments, longer terms and juicy rebates for hitting volume benchmarks or going exclusive — these are your sleep-selling superpowers.
- Vendor magic. Partner with your mattress and accessory vendors. Convince them to buy down your finance fees in exchange for increased sales. It’s a win-win! You offer sweeter deals, they move more products and everyone sleeps like royalty.
Become a data-driven dream weaver:
- Collect every contact. Cell phones, addresses, emails — they’re your goldmine! Use them to send targeted direct-mail pieces and personalized emails.
- Remarketing magic. Show them they’re not forgotten! Send followup calls or mailers based on their purchases. No power base with their mattress? Remind them about your current promo!
- Back-to-school bonanza. Got a family with kids? Send them flyers close to back-to-school time with deals on twin and full mattresses. They’ll be thanking you come September!
Digital dreamworld domination:
- Shoppable social media. Make your mattresses Insta-famous! Use high-quality visuals, engaging captions and influencer partnerships to capture attention and drive traffic.
- Virtual sleep consultations. Break geographical barriers! Offer video consultations to connect with customers, answer their questions and close deals from the comfort of your pajamas (or office chair).
- Omnichannel magic. Blur the lines between online and offline. Click-and-collect, online appointment booking and a seamless inventory across platforms — make it easy for them to shop their sleep dreams.
Lean on your local community with partnerships and events:
- Team up with sleep clinics, chiropractors or yoga studios. Cross-promote, host joint events, and build valuable partnerships.
- Community engagement. Sponsor local teams, donate to sleep-related charities or host educational workshops. Be a good neighbor and build goodwill.
Remember, you’re the sleep expert:
- Educate, don’t just sell. Talk about sleep hygiene, different mattress types and the importance of quality sleep for overall health.
- Become their trusted sleep adviser. Be transparent and address concerns head-on. Explain price increases and supply chain issues. Highlight the long-term benefits of your mattresses and how they outweigh the initial investment.
Inflation might be tossing and turning our industry, but we’ve got the tools to sleep soundly through the storm. By offering universally appealing deals, leveraging data, dominating the digital world and building community connections, we can ensure that everyone, regardless of budget or credit, gets the good night’s sleep they deserve.
So, go forth, fellow mattress maestros! Let’s turn this economic lullaby into a symphony of sweet dreams and happy selling!
