I have owned a very successful furniture showroom in New York City (NYC) for almost 10 years and would like some ideas to increase my business. NYC has become a very tough and competive environment for high end furniture venues. Rents just have climbed to astromical levels and I need to increase traffic! I think that the NYC housing market at the median level is in big trouble. Any information on how we can increase our business would be greatly appreciated. We are not a chain store so we have to be frugal.
Jay’s Answer: The obvious questions are: What makes the furniture you sell unique (or is it available at other stores in NYC)? How can you justify the "high-end" label/price for it? You mention competition – are other stores having similar problems (i.e., is there a glut of stores) or is the problem specific to your business? Who is your target customer (age, demographic, etc.)?
Obvious suggestions include: contacting (by phone, email, mail) your previous customers. Based on what they purchased before, tell them something that might be of interest to them now. The holidays are coming up – think entertaining. Do they need a new sofa? bed? Invite the furniture maker (if they’re local) to present at a show – invite the public to your art/furniture show, serving wine & hors d’oeuvres. Co-market with art galleries, jewelry designers, clothes boutiques.
If you’re feeling the pinch from Ikea – then you need to advertise why it’s worth paying $$ for products from your store instead of Ikea.