Having looked at the possibilities of segmenting the Options’ fitted furniture client base and having come to the conclusion that the only useful segmentation was by age; I want to look at how the age demographic might work in our favour and how Options as a company is set service to the various segments of the bespoke furniture market.
On a recent day, visiting potential clients, I explored the boundaries of our geographic marketing and some age demographics with interesting results. At my first call, in Oxford, I met a couple of retired ‘empty nesters’ who have since placed an order for living room, display and storage units in a real wood veneer to match some of their existing furniture, acquired over decades of family life. Very typical Options clients.
My next call was in Hertfordshire with a young couple of, first generation, African immigrants, hard working, aspirational and with a growing family. This call resulted in an order for a home study from our Simplicity range, half the value of the first call but, interestingly, within three weeks they referred some friends, from Bedfordshire, with an identical demographic who may spend nearly twice as much on a Simplicity fitted bedroom.
Call three was a young, single, professional flat dweller in north London who needed a very specific, bespoke wardrobe to fit an awkward space, and who insisted on a real mahogany finish in character with the Victorian house in which his flat is, the top end of our product range.
Typical Options clients? Yes, but about as diverse as it gets.
How are we set up to service such broad demographics? Well, the average age of an Options fitted furniture designer is 63, so we are all able to empathise with the first group and understand and interpret their requirements.
Back at the ranch, the MD is a young family man and the average age in the office is close to half that of the design team.
These are the people who control the product offering and interpret the designers’ designs and direct the production and installation crews to convert them into finished product.
What can we learn from my typically interesting and challenging day in the field and how do we use that knowledge to improve our performance? With such a diverse client base, and those three examples only scratch the surface, our strength is in diversity itself. We are not called Options for nothing! The demographic within Options is almost as broad as the client base and while our nationally based competitors hoover up a lot of business from customers whose requirements happen to fit with standard size, pre-manufactured product, falsely described as bespoke, we prosper by filling the gaps for the requirements of clients whose needs are more specific. In future posts, I will look at the particular segments that we service and how the diversity of our offering best suits their differing needs.