The Las Vegas Market, August 2011: A Recap

The recent Las Vegas Market confirmed for me that attending furniture markets is a great way to network, spend some quality time with current clients and learn about what is happening in the industry in terms of designs, trends, and general developments. Markets let you put your finger on the pulse of what’s happening in the industry, sample the moods and attitudes of various companies, and experience a realistic cross section of the where the industry is headed and why.  During the Las Vegas Market I gained some extraordinary insight, especially valuable to those affiliated with the furniture industry.

Me with designer Stanley Jay Friedman (L)

This time at market, there was one subject on everyone’s mind – the economy. With the US going through one of the most unpredictable periods of its economic history, most businesses remained cautious about their strategies, not venturing into unknown territories or investing in anything except the very essential. For furniture companies, this usually translated to focusing their resources on maximizing their ROI and hoping to weather through the rough patch. Even special guest speaker, President Bill Clinton, spoke of how we have to “get back to work on getting this economy started”.

Most companies at market this time were expanding their product offerings to distribute their risk. Manufacturers were offering a wide variety of products and styles to maximize their chance of business with retailers. Retailers on the other hand were also offering a wider range of products to consumers, so as to not miss a trend or fad in the market.

The obvious downside of this strategy is a severe case of brand dilution. If your brand is not focused, it makes it impossibly hard for you to communicate your unique values to your customers. Because of a scattered brand image, your customers will not be able to form a positive association with your company – essential for any lasting business partnership. The solution to this dilemma is a) understand your market and b) sticking to what your company does best. By offering a range of products that fall outside your brand values, companies risk trying to seem like doing too much and end up gaining little to no market share. Of course, this doesn’t mean that an outdated brand image must continue to be used. A brand must be relevant to its main customer base. If it is not relevant, there is little association with the brand and it must undergo and overhaul.

As bleak as all this may sound, this was not the case universally. Some companies sought to capitalize on the tumultuous market by solidifying their presence through innovative branding.

Oi Furniture - Environmentally Friendly, Modular Furniture

Oi Furniture, founded in 2006 focuses on making environmentally-low-impact cellular furniture. It’s pretty cool, but what’s cooler is the overall branding. From the the socially responsible business objective to the bright vibrant colors that adorn the product to even the name, a universal phase of catching someone’s attention. It should come as no surprise then, that Oi Furniture is a result of an internal project by a branding agency based in Canada.

In a time when no one is willing to spend, success lies in laying the seeds of brand recognition. By engaging your target market today using social platforms, you gain positive association. You also gain brand loyalists. These people may or may not have purchased your product, yet believe in what you have to offer and advocate it. And we all know how effective reference through WOM is.

One of many Quick Response (QR) codes used for engagement at Market

Eventually, the Las Vegas Market this August was in many ways at a crossroads. It remains to be seen whether companies will adopt social media, focus their product offering and branding – the sooner it comes around the better it will be for everyone.