2025 PNW Plan Final Draft
Market Overview
Retail and Market Share
Tempur-Pedic (TPX) and Stearns & Foster (S&F) gaining market share at retail.
Year to Date Performance (YTD)
RCW and BedMart Index is at 96 vs previous year (PY).
TPX Index is at 104 vs PY, indicating growth in market presence.
Luxe Estate has a 130 index against PY, and Reserve is at 137.
According to Sizemore market share update, an increase of 620 basis points (BPS) in market share compared to 2022, with TPX as the main growth driver.
Sales Performance Insights
Amplify Program
17 Deals YTD propelled by Jonathan Payton and Chadd Larson leveraging PNW Prospecting Principles.
Ongoing personnel transitions influencing future personnel structures in PNW.
Current Sales Analysis
Ergo Smart Bases: 400 BPS increase vs PY but overall sales running at 91 index.
Pro Adapt: 93 index, steady compared to PY.
Adapt Flat: maintained steady, indicating consistent performance.
Breeze Collection: 73 index w/o samples, 90 index with samples.
There's a notable trade down from Pro Adapt to Luxe Adapt but also trade up from Pro Adapt within TPX customer demographic.
Customer Base Performance
Top vs. Non-Top Customers
Mid Major and Itty-Bitty customer base is outperforming top five accounts, which see an 84 index.
Outside of top five accounts perform at 97 index vs PY.
Top customers aren't fully utilizing 'click to brick' strategies or problem-solution advertising.
Financial Health of Dealer Base
Several Conlins SD locations closing, leading to increased prep-pay customers and recorded $200k loss year to date.
Team morale reported as steady but fatigued amid competitive environments.
Competitive Environment
Sales Pressure and Marketing Strategies
Sealy is facing difficulties, analyzed at 80 index vs PY, heavily impacted by economic conditions.
Sherwood, on the other hand, is at 185 index vs PY with YTD sales at $340k ISLR.
Competitive Strategies: SSB's free floor samples and aggressive offers from third-tier manufacturers present immediate challenges.
Current need identified for a new entry-level base to regain competitive pricing.
Future Outlook and Challenges
Upcoming Strategies
Delay of open house with 45 customers confirmed for October could impact Sealy's sales momentum going into 2025.
E-commerce trend reveals customer struggles to execute the 'click to brick' strategy.
Missed Opportunities
Notably, three top five customers are contributing 100%+ to year-to-date miss, primarily through the Sealy brand.
Focus on strengthening product mix and enhancing brand communications in upcoming events.
Key Initiative Strategies
Sales Growth Strategies
Key Strategy #1: Maximize Brand Portfolio
Aim to gain share through product launch excellence and brand optimization.
Key Strategy #2: Grow Share Profitably
Target new account prospecting and land grabs to promote brand visibility and share in specific markets.
Mid to Long-Term Initiatives
Advanced training for team leaders and boosting morale through collaborative recognition trends.
Emphasis on performance development plans to encourage talent retention.
Detailed Performance Summaries per Customer
Customer Performance Insights
Several lists of customer performance, outlier observations on Sealy share loss, and recommendations for future commerce.
Highlight accounts needing focus: Mor, Romaines, Express, and Mattress Superstore which have varying impacts on overall sales.
Competitive Landscape Shift
Future projections for various accounts based on market landscape developments, focusing on identifying correct growth opportunities for under-indexing markets.
Personal Development and Team Building
Training and Development
Importance placed on mentorship and cross-collaboration initiatives among various teams.
Plans involve using quantifiable measures of success and mentoring newer team members.
Leadership Development
Encouragement of a team mindset; creating curiosity and proactive responsibility in cultivating new leadership potentials among team members.