Are you in the mattress business or are you in the life improvement business? It’s an important distinction because they deliver much different margins and require a different approach in just about every aspect of your business.
That’s the topic of an in-depth report The FAM released called “The Sleep Store of the Future.”
“Mattress stores are concerned about getting to the transaction,” says author Mark Quinn. “Sleep stores are focused on helping the consumer transform their sleep life through a better understanding of their own problems and possible solutions.
“Mattress stores are fighting everyone else on price, driving margins lower. Sleep stores are playing their own game adding value to the sale and the consumer experience as an authority in the market, allowing them to drive margins up.
Here’s the thing: even the retailers pushing the “sleep delivers a better quality of life” message aren’t really in the sleep improvement business if you get right down to it. Because if they were, wouldn’t their store look different?”