One of the most profound things you can do to reinvent your mattress retail business and boost sales is also one of the easiest things you can do, since all it requires initially is a broadening of the way you look at your business.
Because it’s a foundational concept that will be a part of every future issue of Renegade Mattress Retailer Weekly I wanted to dedicate this entire issue of how most mattress retailers have the wrong focus when looking at their business.
So if I asked 100 independent mattress retailers the question, “What is the biggest problem you have in your business?” I believe 97 of them would say, “I don’t have enough customers.”
It’s almost like a knee-jerk reaction to only focus on “the customer”, and when you talk to retailers they tend to incorrectly label every person is “flows” through their business as a “customer.”
However, as I am about to show you, this is narrow-sighted and limits your ability to make the amount of money you want to make.
After studying the most successful businesses in the world, I quickly realized in order to capitalize on all the opportunities in my stores each day, I needed to broaden my view of how people interact and flow through my business.
The result is that my mattress retail business and YOUR mattress retail business actually has five different types of people who are interacting in it on any given day.
These five types of people are Leads, Prospects, Customers, Fans and Friends.
Leads are individuals who have responded to your marketing, typically making an information exchange with your business (their contact info for your educational info) but have yet to visit, or have an in-depth phone call with you or your staff.
Prospects are Leads who have visited your store but have yet to make a purchase.
Customers are Prospects who have made a purchase.
Fans are Customers who refer, review and/or give a testimonial.
Friends are Leads, Prospects, Customers and Fans who we are staying in touch with over months or possibly years with the intention of moving them forward to getting them to make a repeat purchase. It’s not their job to remember us. It is our job to remember them.
When you look at your mattress retail business through this wider lens, you quickly realize you have five unique audiences you can be marketing to at any given point in time. You also realize that each type of person offers unique profit opportunities that aren’t tapped when you only think in terms of just “customers.”
Throughout our time together, you will hear me refer to Leads, Prospects, Customers, Fans and Friends, so it’s important you understand this concept and what it means to the future of your business.