Adapting to changing demands as featured in Floor Covering Weekly
Monday, May 4, 2020
By Morgan Bulman
[Chesterfield, Mo.] The COVID-19 pandemic isn’t the only disruptive challenge the hardwood floor industry has faced. For the second day of the NWFA’s first-ever virtual Expo, a session tag-teamed by Emily Morrow Home CEO Emily Morrow Finkell and Anderson Tuftex’s director of brand strategy Katie Ford outlined how to stay steady with wood in an unpredictable marketplace.
Define your business
“Our industry is continually being disrupted,” shared Morrow Finkell during the online webinar. “We have to accept that change is constant and that it really is up to us to adapt and evolve.”
Some of the biggest complaints listed by Morrow Finkell included internet sales, fake wood, cheap imports and the uncertainty of a post-coronavirus retail market.
“Ask yourself some tough questions: What is unique to your business? Who are you hoping will buy your products? Do you know how others see you? What types of products best fit your business and your customers?” she posed, while offering listeners to review and define their value disposition.
Elevate wood’s qualities
Authenticity as a business is key, especially in order to sell an authentic product. Morrow Finkell revealed one of the most important qualities of wood is its natural authenticity, especially considering the current wellness culture consumers are living in, particularly in light of COVID-19.
And although industry professionals have a tendency to get hung up on who to sell to, whether its Baby Boomers or Millennials, “the wellness initiative is huge for every one of these demographics and will continue to expand,” she said.
In fact, Morrow Finkell referred to the Global Wellness Institute, which reported “health and wellness” is now a 4.5 trillion-dollar market and that 134 billion of that amount is devoted to holistic-oriented real estate. This can include anything from available exercise equipment to sustainable building materials like flooring.
“Designers almost always advise their clients to go with natural materials, nine times out of 10,” she noted. Wood has always been the top, coveted flooring visual, but as the market becomes oversaturated with lookalikes, Morrow Finkell believes there’s untapped potential in offering premium, high quality products consumers are starved for.
“Wood is synonymous with wellness,” she stressed.
“Hardwood is truly timeless,” but a great way to stay on top of changing market demands is to keep tabs on what customers are looking for. And, right now, there are three aspects to keep tabs on:
1. Light and neutral colors: Plaster, jute, wool, linen and muslin – this is what has inspired the light and ultra-matte colors of Emily Morrow Home. “Organic is a huge buzz word,” shared Morrow Finkell. Natural, organic and plaster-inspired color palettes are trending.
2. Dark statement stains: Interiors in general are trending light – white cabinetry, light fixtures, fabrics. For these home choices, dark woods offer a great deal of contrast, revealed Morrow Finkell.
3. Premium cuts and graining: When it comes to wood, quality sells well. “If you have a premium brand, you need to have a premium sample experience,”. To receive free samples of Emily Morrow Home Hardwood, simply text EMILY2 to 900900.