Mike It Up

Since November, people have been asking us for our opinion on the rumor of Tempur Sealy acquiring Mattress Firm. In this episode (recorded 1/2/23), we outline our thoughts on the implications this would have — both for consumers and across the mattress industry. Subscribe to "Mike It Up" here on YouTube and through your preferred podcast platform so you don't miss an episode: * SUBSCRIBE on Apple Podcasts HERE: http://bit.ly/mikeitup-apple * SUBSCRIBE on Spotify HERE: http://bitly.com/mikeitup-spotify * SUBSCRIBE on Google Podcasts HERE: http://bit.ly/mikeitup-google Follow GoodBed on LinkedIn for more discussion of "Mike It Up" content, or to leave questions or suggestions for future episodes, by going HERE: https://www.linkedin.com/company/goodbed Follow Mike on Twitter here: https://www.twitter.com/mdmagnuson And be sure to check out more episodes of Mike It Up on FAM.news, where you can also find more great content from the mattress industry: https://bit.ly/mike-it-up About the "Mike It Up" Podcast: Hosted by GoodBed.com's Mike Magnuson and Jeff Cassidy, "Mike It Up" delves into the most strategic issues facing mattress companies today, revealing actionable insights that can help retailers and manufacturers grow and protect their businesses. A key focus area is the rapidly changing consumer journey, leveraging both soft and hard data derived from GoodBed's unique vantage point sitting at the intersection of consumers, retailers, and manufacturers for the past 12+ years. More details here: http://www.mikeitup.com About GoodBed.com: GoodBed is an independent information resource that is trusted by millions of consumers to help them find and buy the right mattress. GoodBed provides shoppers with expert editorial coverage based on the mattress industry's most comprehensive product testing framework, powerful search tools like the GoodBed Quiz, and access to more than half a million unbiased consumer reviews. For retailers and manufacturers, GoodBed offers cost-effective opportunities to attract new customers and to enhance the online reputation of their products and stores by leveraging GoodBed's industry-leading independent review platform. More details here: https://www.goodbed.com

Seth Basham is in as good a position as anyone to see where the mattress industry is headed. As an equity research analyst for WedBush Securities, Basham covers all of the pure-play public mattress companies — like TSI, Sleep Number, and Purple — in addition to a number of other companies in big-ticket retail categories with similar industry dynamics. In this episode (recorded 12/16/22), Jeff and Mike get his thoughts on the state of the industry, the competitive landscape, pandemic hangover, tactics that are winning (and losing) in the marketplace, the outlook for 2023, the future of Mattress Firm, and more. Subscribe to "Mike It Up" here on YouTube and through your preferred podcast platform so you don't miss an episode: * SUBSCRIBE on Apple Podcasts HERE: http://bit.ly/mikeitup-apple * SUBSCRIBE on Spotify HERE: http://bitly.com/mikeitup-spotify * SUBSCRIBE on Google Podcasts HERE: http://bit.ly/mikeitup-google Follow GoodBed on LinkedIn for more discussion of "Mike It Up" content, or to leave questions or suggestions for future episodes, by going HERE: https://www.linkedin.com/company/goodbed Follow Mike on Twitter here: https://www.twitter.com/mdmagnuson And be sure to check out more episodes of Mike It Up on FAM.news, where you can also find more great content from the mattress industry: https://bit.ly/mike-it-up About the "Mike It Up" Podcast: Hosted by GoodBed.com's Mike Magnuson and Jeff Cassidy, "Mike It Up" delves into the most strategic issues facing mattress companies today, revealing actionable insights that can help retailers and manufacturers grow and protect their businesses. A key focus area is the rapidly changing consumer journey, leveraging both soft and hard data derived from GoodBed's unique vantage point sitting at the intersection of consumers, retailers, and manufacturers for the past 12+ years. More details here: http://www.mikeitup.com About GoodBed.com: GoodBed is an independent information resource that is trusted by millions of consumers to help them find and buy the right mattress. GoodBed provides shoppers with expert editorial coverage based on the mattress industry's most comprehensive product testing framework, powerful search tools like the GoodBed Quiz, and access to more than half a million unbiased consumer reviews. For retailers and manufacturers, GoodBed offers cost-effective opportunities to attract new customers and to enhance the online reputation of their products and stores by leveraging GoodBed's industry-leading independent review platform. More details here: https://www.goodbed.com

As president of Michigan's largest retailer of furniture and mattresses, Gardner-White Furniture, Rachel Stewart has seen a lot in the past 9 years — and perhaps especially in the past 18 months. In this episode, Jeff and Mike talk to Stewart about the digital transformation Gardner-White has undertaken over the past decade, how the pandemic-driven “nesting trend” has changed the way people see their homes going forward, why diversity matters in the furniture industry, and what it's like to see your largest competitor file for bankruptcy…twice in the same year. Stewart also shares insights from Gardner-White's decision to carry both traditional and DTC mattress brands, their innovative strategic partnership with Best Buy, and the personal journey that ultimately led her to join the family business.

Many mattress companies are starting to take a closer look at their approach to product release cycles. Traditionally, product life cycles have been relatively short, with most brands promoting new lines and features every couple years. But does this approach still make sense today? Do consumers really care? In this episode, Jeff and Mike discuss the costs and benefits of product “innovation" in the mattress category, revealing some key insights derived from consumer surveys that GoodBed has done on this topic. What portion of consumers are looking for the latest mattress innovations? How many are simply looking to buy an exact replica of their current mattress? The answers may surprise you. Tune in to find out — and be sure to let us know your thoughts in the comments!

In this episode, Jeff and Mike catch up with Casper co-founder and CEO, Philip Krim. They chat about how Casper has navigated the uncertainty of the pandemic, highlight some of the most interesting segments of the evolving sleep ecosystem, and discuss Casper's new Snow cooling technology and how it fits into future product strategy. Krim also shares his unique insights on advertising, customer acquisition, and the value of a brand. What will the mattress and sleep industries look like in 5-10 years? What is Casper's long term retail distribution strategy? What does Casper look for in a retailer partner? What are their plans for future Casper-owned stores? If you want to know the answers to these questions and more, then this is an episode you certainly won't want to miss!

Just for fun, Mike and Jeff take a look back at some of the most memorable national advertising campaigns that have come from mattress brands over the past 20+ years, highlighting the ones that they think stand the test of time. Along the way, they discuss aspects of each campaign that were most instrumental to its success, and what can be learned from these campaigns for the benefit of future advertising in the mattress category. What you think of their list and/or their criteria? Which ads did they forget? Which didn't really deserve to be mentioned? Leave us a comment to let us know!

This week, Jeff and Mike sit down with Purple CEO Joe Megibow. In this lively discussion, Megibow shares deep insights about the confluence of data and action, about building and maintaining consumer trust, and about Purple's plans for the future. Along the way, Megibow talks about product innovation, adapting your marketing mix in an ever-changing landscape, and why he's the “black sheep” of his family. Join Mike It Up for this highly entertaining episode!

While the lines between online and traditional brands continue to blur, the strategies employed by the players in these categories haven't necessarily followed suit. So, what can incumbent brands learn from the online disruptors? In this episode, Mike and Jeff analyze the successful playbook that D2C brands have used to rapidly grow their share of both the market and consumers' attention, identifying which tactics can be successfully adopted by traditional brands as well.

How has the pandemic re-shaped priorities for brick & mortar retailers? What can you expect when you add online mattress brands to your floor? What will the winning retailers of the future look like? This week, Mike and Jeff are thrilled to talk strategies, principles, and more with Larry Miller — founder and CEO of Sit 'n Sleep, the largest mattress retailer in southern California. They also get the inside scoop on the origins of the now-famous retail tagline that has echoed across LA's airwaves for over 3 decades.

With the online channel surpassing 30% of the mattress sector in 2020 (up from roughly 5% just 7 years earlier), there is no doubt that online mattress retailers have had a lot of success to date. Mike and Jeff break down the biggest areas of opportunity for brick & mortar mattress retailers to adopt the tactics that have proven most critical in driving the market share gains of their online counterparts.

Mike and Jeff continue their discussion of mattress return policies, proposing a framework for what a sustainable "utopian return policy" solution should look like, and offering a road map for how to navigate the tricky path to get there. Part 2 of 2.

Mike and Jeff start an industry-wide conversation about mattress return policies — making the case for why trouble looms on the horizon, and why a change to current practices will ultimately be needed. Part 1 of 2.

Mike and Jeff finish breaking down the three key existential threats facing the mattress industry today, exposing the most insidious and least understood threat of all. Part 2 of 2.

Mike and Jeff highlight three huge existential threats facing the mattress industry today — illuminating the magnitude of risk and uncertainty posed by these threats, and explaining why each one puts the future of the industry in peril. Part 1 of 2.

In taking on the myth that brick & mortar retail is “walking dead,” Mike & Jeff map out a path that mattress retailers can follow to secure their future in today's rapidly changing retail landscape. Mike walks through his strategic framework for brick & mortar retailers — The 3 C's — and adds a 4th C that is particularly pertinent to independent retailers. The critical need for more efficient advertising and marketing, and how to do that, is also explained.

Mike and Jeff share proprietary metrics from GoodBed.com data that illustrate how mattress shopper preferences and behavior have shifted since March 2020, providing historical context for these metrics and then translating these changes into direct implications for retailers and manufacturers.

Mike and Jeff dive deep into the numbers from the Better Sleep Council's recently released consumer survey about mattress shopping behavior during COVID — uncovering some faulty and misleading conclusions in the published results, while also identifying some valuable and credible take-aways from the research.

In this introductory episode, Mike and Jeff talk about why they started the podcast and what they hope listeners will get out of it.