In Q’s Views, I try to shine the light on what other companies are doing or talk about what’s going on in the industry. Today, I am going to share a little bit of my story.
We launched Spink and Edgar about a year ago with only a few retailers. We had a new brand working with raw materials that nobody in the United States has ever worked with before, with a coil construction that is very new, being built in factories that had never worked with anything like it, so we all thought that we should walk before we ran. Good thing too, because we learned some important stuff along the way. Not only did we learn about our own product, we learned about our retailers and who we should partner with going forward. Before I get into that, I want to share some of my thoughts on where I see the luxury segment of the industry and why I think we have the answer for the right retailers.
- You can DRIVE SALES by either spending more money to bring new people in (expensive acquisition cost), or you can sell bigger tickets with better margins to those already in the store. If you are going to do the latter, you need to have the product and story. But NOT the same old story.
- Consumers buy stories, that’s just the way it is. Great brands/products connect with people on an emotional level which serves as the inspiration to buy. (What’s your favorite brand? Why?) Our story is one of natural materials grown on our own farm in the countryside of Yorkshire, England, endorsed by the Queen herself, and constructed to have the most uniquely comfortable feels on any retail floor. Don’t you think rsa’s are a little tired of selling the same old thing? Ever heard of natural luxury before?
- The consumer experience matters. We have created a product experience that will feel entirely different giving the retailer a reason to carry our beds. We have created a point of sale experience that delivers compelling video content directly to the consumers smart phone giving the rsa some great marketing assets to facilitate the sale. (We don’t use QR codes because they don’t work!) We use technology that every age group uses every day to communicate to the people they care about. Intrigued? It’s proven to reduce the “be back” and help the rsa paint the picture in a very unique way. We have also developed a Virtual Reality experience that will allow the consumer to transport themselves to our farm in England to see our crops growing, and to meet our flock of sheep as they watch them run through our fields. All while standing in the store ready to try product. We have already tested this VR experience in England and we had a line of consumers waiting to put on the goggles. Can you think of anything in stores today that delivers that kind of excitement?
- You have to Differentiate or Die, or at least that’s what the book says. There is nothing wrong with Simmons Black, Stearns and Foster, or Aireloom. They all do a nice job of making beds but they say pretty much the same thing, a lot of people carry them, and they definitely don’t have our product feels, story, or in-store selling experience. If it matters to you that you have something special for your customer that isn’t the same as what everyone else is carrying, and is PROVEN to deliver big profits, then Spink and Edgar is worth a look.
- The bottom line is the profit opportunity. The two best selling price points for Spink and Edgar are $5,000 and $6,000 queen sets at very strong margins. How many brands deliver that? Your product and story must justify the price and what we have created does just that.
I need to ask you a favor now as we begin our national rollout. If you are a retailer, or know of a retailer that is interested in this kind of product and story, that is enthusiastic about wanting a change, that can sell big price points, and would be willing to tell our story in their advertising and on their sales floors, please share this blog with them. We are going to keep distribution very limited so that our retail partners can benefit from some exclusivity, so picking the right people is a big deal to us. We already know that this won’t work if the above criteria doesn’t exist so keep that in mind before sharing.
I left a perfectly good job at Leggett and Platt at the age of 46 to do this because I knew our industry needed something like it. My brother sold his company and the Ellman brothers jumped in after only a few hours of conversation because they knew that this product was something special. We have all been in this industry for 20-30 years and know that this kind of thing just doesn’t come along very often. Help us bring it to the consumer.
If you or someone you know wants a closer look have them e-mail me at firstname.lastname@example.org and thank you in advance from the Ellman’s and the Quinn’s.