Prince & Prince Sunday VD report #s don't add up
February 17, 2016 at 2:23 pm #14229
I love it. Thanks to all for posting. I invite others to tell how your holiday went, please.February 17, 2016 at 3:46 pm #14230
From Study the Market
RC . . . would you happen to know if any of those VD sales were made to “new customers”? . . . The last P&P chart released on LinkedIn shows a general build in VD sales over the years among “Minimal Floral Buyers” . . . P&P’s proxy metric for “new floral buyers” (P&P does not yet have a metric to define a “new floral buyer” in the survey).
It is likely, however, that much of the floral sales from “minimal buyers” occur at the mass markets . . . but a broad consumer trend may also be shown among traditional floral retailers.
Would also appreciate hearing from other floral retailers on this topic.
Study, We don’t track new customers but your suspicion that much of the floral sales from “minimal buyers” occur at the mass markets or perhaps National Internet companies is probably correct.
Our shop in Dayton has been in business nearly 100 years so new customers are more rare, but our shops in Cincinnati, Columbus, Indianapolis, and especially Louisville are all relatively new. It would be only natural these shops have more new customers, however, I’m certain most of our new customers would fall in the moderate to heavy floral buyer category, not the minimal floral buyer category.
Our business model focuses entirely on moderate and heavy floral buyers and not infrequent minimal buyers. Here’s why.
Infrequent minimal flower buyers buy out of obligation. They are less committed to their purchase and therefore convenience becomes a top priority. A florist will never be as convenient as the grocery store. It is much more familiar to the infrequent purchaser and the flowers may be sitting right next to the checkout lane. How much more convenient than that can you get?
The other convenient way for the minimal buyer to shop is the Internet, but the problem for the florist there is convenience comes at an extremely high price. Large floral Internet companies may spend $20-$30 per order on placement and advertising on the Internet. The typical florist model doesn’t allow for that kind of spending.
We decided a long time ago to focus solely on the true flower lovers, the people who enjoy sending flowers. Because we concentrate on product value, quality and service they naturally gravitate towards us. They actually seek us out because they’re always on the lookout for the better option. The poor guy who buys once a year at Valentine’s from whoever is at the top of the paid listings on the search engine at the time, we simply cannot help.
- This reply was modified 2 years, 3 months ago by rc.
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