In this exclusive Inside Track interview sponsored by Therapedic International, Gerry Borreggine sits down with industry expert Dave Perry at the High Point Market to discuss a surprising finding from Better Sleep Council research.
Transcript
Gerry Borreggine
Hi, I’m Gerry Borreggine of Inside Track, sponsored by Therapedic International. And I’m here today, live at the High Point Market with the one and only Dave Perry.
Dave Perry
Great being here with you. Spring is a season where we’re excited about the future. And let’s talk about some Better Sleep Council research that may be challenging for the industry. According to BSC research, consumers expect to pay a certain amount for mattresses, and what they’re actually spending is less. So there’s a gap between what they expect to spend and what they are spending.
That strikes me as a missed opportunity. What do you think?
Gerry Borreggine
It’s also a surprise to me because I would expect the opposite. Usually hear sticker shock because retailers have a propensity to advertise low price points. And when the customer comes in, we show them significantly higher priced goods. So what you’re explaining is the reverse of sticker shock, which surprises me. So that means we’re missing something, we’re doing something wrong.
If that’s the case.
Dave Perry
Expect to spend about a thousand, and they’re spending, you know, a couple hundred less than that.
Gerry Borreggine
Whatever the number is, if they’re spending less than they expect, that means we’re underpromoting our category, but we’re certainly underselling it.
Dave Perry
What are some things retailers can do to maybe make up to reclaim those dollars?
Gerry Borreggine
I would think they need to be better storytellers.
Dave Perry
I was going to say storytelling is a great word.
Gerry Borreggine
I think they do need to be better storytellers. If they’re leaving money on the table, that means they’re not selling the story of better sleep, better product and a better investment for better health.
Dave Perry
Well, one of the things you’ve talked about a lot is the importance of consistency in advertising. Times have been business has been a little bit soft lately. Isn’t it really important for retailers to keep their foot on the throttle when it comes to advertising?
Gerry Borreggine
I believe that. I’ve always believed that always advertise, keep advertising. You know, the negative thing is when you keep advertising, sometimes you’re just going against the wind. No amount of advertising is going to produce business in certain weeks of the year for various reasons, whether it could be weather-related, stock market, or so many things.
Gerry Borreggine
But my thing is consistency. If you are consistent, you’re going to win consistently.
Dave Perry
Sounds good. Well, look, I appreciate your insight.
Gerry Borreggine
You too, Dave. Thanks for joining us.
Tips by Gerry Borreggine, CEO and president of Therapedic International. For more Inside Track tips, click here.
