Pam Danzinger, top gun at Unity
Marketing recently published a newsletter about the 'Home
Furnishings' marketplace.
The value of the marketplace ($264 Billion) certainly caught my eye, but she
didn't include the service side of the lawn and garden industry ($45 Billion).
OK, so the total is a $309 Billion dollar of products and services marketplace
called 'Home and Garden'.
WOW
!
Digesting that number, knowing that we are ineffective at advertising our products and
services (to get an earned share of consumer discretionary spending). That
number exists even so.
To clarify, when I say ineffective, I’m not blaming our businesses. The
advertising vehicles our businesses have had in the past have not been
measurably effective. However, we have no excuses going forward because of the
Internet.
Here is how Pam describes it:
"But the real power of the Internet comes from its ability to
influence the shopper. Home shoppers turned to the Internet first when they
wanted to learn about new items to buy to decorate or remodel their home.
The Internet ranked ahead of in-store displays and sales associates,
word-of-mouth and magazine ads in terms of influencing the shopper. So
the Internet plays a much larger role than many marketers may suspect simply
from looking at raw online sales data alone."
Here is another part of her
newsletter:
“The big take-away? Home furnishings and decor marketers
must offer a robust online presence, packed with data that includes price,
product details, brand information, and customer reviews and feedback.
These elements are part of the 'new customer service' that the Internet offers
and which truly influence purchase," says Danziger.
As manufacturers, we have to get over the desire to have all product
information and eyeballs come through the manufacturer web site. This product
information needs to be everywhere consumers are looking. That means the web
sites of the retailers, publisher marketplaces, search engines, etc.
Retailers (more than 50% don't have web sites) need to engage the web and find
ways to give their web audience what they are looking for.
What are they looking for?
"data that includes price, product details,
brand information, and customer reviews and feedback."
This is no small task I know, but it is a lot easier than we know.
MANY marketplaces are already doing it.
It will be done - the consumer is demanding it. The question is: Who in our
industry is going to remain on the island of non-participation?
Steve