How to better understand your customer?
Since the furniture fair is just till the end, we have met lots of our clients at that fair. There is no shortage of them being business owners, retailers, online shops, furniture buyers of the brand, so on. With the exciting conversation, we had a short interview with some of them to gain a helpful answer.
Most of them increased their engagement and sales last year because of their deep understanding of their audience and potential customers. This means that customizing sales strategies according to the audience’s specific characteristics and preferences will finally make a deal.
This article will share our Market Research Insights and offer some ideas that may help your furniture business.
Our sample is from Statista. For a better read experience, we will called “furniture and household goods purchase decision-makers” to just “decision-makers”.
Firstly, you need to know who they are.
Age Distribution:
Based on the research data, most decision-makers belong to the Millennials, 27-42 years old.
As the picture above, it includes 33% of Generation X (40-54 years old), 36% of Millennials (27-42 years old), 14% of Generation Z (11-26 years old), and 16% of Baby Boomers (59-68 years old).
For this result, what can we do based on the demographics of decision-makers?
Gender Inclusive Marketing Strategy
In this case, Gender Inclusive Marketing will be a good way. Firstly, developing product lines that cater to various age groups.
Try to create inclusive marketing campaigns that resonate with both genders. For example, using diverse imagery and messaging that appeals to the broad spectrum of customers, closing to the diverse roles and tastes within households.
This means we can introduce modern, trendy, or high-tech designs for Millennials and Generation Z.
Like charging coffee tables, trendy color furnishings, or furniture matches that always appear on social media, etc.
At the same time, it offers timeless and classic pieces for Generation X and Baby Boomers.
The report reveals that 37% have a medium annual household income, 35% a high income, and 28% a low income, providing valuable pricing insights.
Tiered Pricing Strategies
As 77% of customers actively seek special offers while shopping.
So we can consider implementing tiered pricing structures for the diverse income levels. For instance, offer budget-friendly options that don’t compromise on quality, ensuring accessibility for a wider range of customers.
Since the middle-income level customer is in the majority, this gives a reference for setting up a price for each product. Determining the pricing for the furniture you sell doesn’t have to be a complex task.
You have a few options: you can set the price slightly above the cost of goods sold or strategically position it below or above your competition. While these straightforward measures might help you stay afloat, investing more effort into your pricing strategy has the potential to boost your profit margin.
By considering factors such as word choice, structure, readability, and eloquence, you can optimize the product page’s quality to attract the ideal income-level customers more effectively.
Residential Distribution:
Decision-makers reside across diverse urban and rural landscapes, with 26% in large cities, reflecting a varied market.
Living-place Basing Strategy
As most decision-maker customers live in large cities, we need to think about what the residents of large cities need.
Technology-friendly furniture is worth considering since the report shows that 26% appreciate connecting home appliances to the Internet.
With technology increasingly becoming an essential part of people’s everyday lives, tech-friendly furnishings are emerging to make using high-tech gadgets and devices a lot more convenient.
What kind of product can be tried to develop?
Charging table or charging coffee table. As urban has a quick life flow, more people have higher requirements for efficient and convenient pieces. Whatever is in any home corner, charging furnishings always meet customer’s needs.
Storage furnishing: Fashion urbanites always need pieces of furniture with storage that can still be aesthetically pleasing. In this era of rampant desire and demand, the objects around us gradually become more and more, and they are difficult to abandon, so it will be a good choice to develop some furnishings that have strong storage properties but are also stylish enough.
Following the industry trend is always right. For instance, the Pantone color card will send out this year’s trending colors every year, and many well-known designers have predicted the following year’s style trends, and so on. Only by constantly tracking the trend of the industry and perceiving the known and unknown with a keen eye can we better grasp the direction and develop the furniture design products expected by the market and the public.
Psychology & Interest:
The research highlights that honesty and a respectable life are paramount for decision-makers who purchase furniture and household goods.
And their interests are mostly based on these terms:
Prevalent Interests: Home and garden feature prominently, with a higher likelihood of engaging in cooking and baking as hobbies.
Speaking of which, here we suggest a few strategies for these interests.
Home and Garden Integration: Enhance your offerings by curating collections beyond furniture, catering to the diverse interests of home and garden enthusiasts. Consider including outdoor furniture, gardening tools, and trendy home decor items that align with seasonal trends.
Cooking and Baking: Integrate kitchen furniture and accessories to cater to the needs of cooking and baking enthusiasts. Create a wholesome cooking and dining experience by bundling kitchen sets with dining furniture, giving your customers everything they need to enjoy their culinary endeavors.
Sports Engagement: A noteworthy 26% follow American football, presenting potential marketing opportunities.
Shopping Habits: the report shows that most percentage decision-makers always do some research on the Internet before a major purchase
So here we can try to spread brand awareness from browsers to each social media. It will enhance brand image and awareness and give a better brand experience in the next step.
Then, we can make the connection smoother. Create a cohesive brand experience by aligning the messaging and visuals across all touch points. From the website and social media presence to the physical stores, ensure that your brand identity is consistent, reinforcing customer trust and loyalty.
Eco-friendly Choices: 30% prioritize environmentally friendly options.
While we’re at it, here we found a few Environmentally Friendly Options:
Demonstrate your commitment to sustainability by developing furniture lines that are eco-friendly and environmentally conscious.
Utilize recycled materials, promote energy-efficient production processes, and offer incentives for customers who prioritize Eco-conscious purchases.
Influence of Celebrities/Influencers: 23% have purchased based on celebrity or influencer endorsements.
Here, we can try Influencer Collaborations:
Leverage the power of influencer partnerships to drive targeted marketing efforts. Collaborate with influencers to create exclusive furniture lines or influencer-curated collections, tapping into their reach and influence to expand your brand’s visibility and customer base.
Media Consumption Habits: Decision-makers regularly consume various media types, with a heightened awareness of ads through different channels, including search engines and mail.
Also, here we can try Media Integration:
Strategically utilize various media channels to ensure consistent brand exposure. Invest in targeted online ads, collaborate with reputable home and lifestyle publications, and explore influencer marketing to enhance your brand’s visibility and effectively engage with your target audience.
At any rate, understanding your target audience will harmonize market research findings with the evolving tastes of consumers, steering your furniture business toward sustained success in an ever-changing landscape.
Have you got the point from this article? If you want to learn more about this topic, feel free to leave valuable comments or share your ideas!
(Reference: Furniture&household goods purchase decision makers in the U.S. By Statista)
