Although it is not often the first thing that comes to mind when one thinks of an office, no office is complete without desks, chairs, and a water cooler. Though office furniture seems to have remained more or less unchanged in the last twenty years, there has been a great deal of innovation and growth in the office furniture market. Standing desks, for instance, are a relatively new fixture in offices and are perfect for those who prefer not to sit for extended periods of time for health or comfort reasons. In addition, ergonomic chairs and desks are perfect for combating back and wrist pain which plague so many office workers.
The United States is home to the largest office furniture market in the world, generating over 15.4 billion dollars in revenue in 2018. The U.S. office furniture market is expected to reach a value of 14.3 billion dollars by 2025. Some of the leading office furniture companies in the world are from the United States in Steelcase, Herman Miller, and Haworth. Steelcase generates the majority of its revenue from systems and storage products such as file cabinets and desks, while Herman Miller’s sales are driven by seating products.
The value of furniture imports to the United States amounted to over 54 billion U.S. dollars in 2017, making the United States the leading importer of furniture in the world. In terms of office furniture, the majority of the import value comes from wooden furniture rather than metal furniture. The United States exported about 168.6 million U.S. dollars of wooden furniture and 215 million U.S. dollars of metal furniture in 2018.
How could United States Office Furniture Market address the COVID-19 concern?
Due to this global pandemic, people are advised to stay home and work from home if needed, this increases the sudden demand for the office furniture during this pandemic. While most of the industries are closed it is difficult to manufacture furniture, this impacts the sale of the furniture in United States. “One area where we are selling pretty well compared to others is office furniture, People are working from home and they have identified needs in their homes for it.” said Henrik Elm, global supply manager at brand owner Inter IKEA Group. Similarly, Best Buy is experiencing an increased demand in office furniture for people working remotely.
Further to enhance the market most of the furniture manufacturers are investing more on the advertisements to increase the sale during this COVID-19 pandemic when people are sitting at home and working from home. Overall furniture ad spend has dropped since the COVID-19 pandemic hit the US, but companies seem to be taking it in stride by switching up their ad creatives. The first three weeks of March saw a 52% reduction in overall ad spend. Some of this may be seasonal. In March 2019, overall furniture ad spend was down 25% compared to the first three weeks of February 2019.
However, some furniture companies are advertising these products more, just with a subtle messaging adjustment and a nod to people’s new realities. For example, Raymour & Flannigan released new creative in the last couple of weeks, promoting “The Comfort of Home.” They put additional dollars behind the creative and boosted TV investment. In March they spent USD 1.4million on TV promoting the spot, compared to USD 658,000 spent in February.
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But before we dive into why and how, let’s first talk about what it is.Social media audit can be defined as a process that involves analyzing your business metrics to evaluate growth, opportunities, and steps you can take to optimize your social presence.Now that’s a fairly reasonable thing to do.
In essence, a social media audit helps you find out where your business currently stands, whether or not your existing strategy is delivering the desired results, and what you should do next.The primary reason businesses run a social media audit is to find out:The total number of followers they are gaining every month viz.
That’s because it relies on what your audience sees as “valuable” to receive from your brand.For instance, depending on the nature of your business, value to your target audience might mean:Getting free sample productsReceiving free trials of your product or serviceUseful information or suggestion that facilitates your target audience to achieve somethingOr perhaps something as simple as entertainment, like humorous contentFinding out the social media posts that have received the highest engagement (likes, comments, shares, saves) will help you determine the type of content your audience likes to see the most from you.Having this type of information at your disposal is not only useful for you to know but also to employ across the board and not just in your social media strategy.Keep your target audience in mind while building your content and ads.Now that brings us to our third and last metric we discussed above, i.e., whether you are earning or losing more money from your current social media strategy.
We think the reason this metric is essential is relatively self-explanatory.But you would probably be surprised to know how many businesses fail to gauge this metric in reality!It is pretty simple – if you are putting in your time, efforts, and money into a social media strategy, of course, you’d like to find out if it’s paying off or all that is going in vain.This again brings us back to our main question – how do you do this?HOW TO RUN A SOCIAL MEDIA AUDIT?We will discuss several ways you can perform a social media audit.
Simply go to your page and at the top spot the “Insights” tab and just click on it for in-depth insights into your overall performance and engagement.TwitterTo access your Tweet Activity dashboard on a desktop or laptop, visit www.analytics.twitter.com and log in to your Twitter account.
For example, Facebook Ads Manager (for both Facebook and Instagram), LinkedIn Campaign Manager, Twitter Ads, and Pinterest Ads.So that was all about where you can obtain all the required information.
