Mattress Lux, founded by industry veteran Matt Wolf, has disrupted the mattress shopping experience with its unwavering commitment to customer education and satisfaction. Recognizing the prevalent confusion and misinformation in the industry, Mattress Lux offers a unique in-store process that guides customers through the intricacies of mattress selection, debunking common myths along the way. With a focus on personalized attention and empowering customers to make informed choices, Mattress Lux has garnered accolades for its remarkably low return rates and exceptional customer satisfaction.
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Chris Choi: Hi Matt, thank you for joining us today. It's a pleasure to have you here.
Matt Wolf: Hello, Chris, thanks for having me. I'm excited to be a part of this interview.
Chris Choi: Great! Before we jump into the details, could you please share with us the intriguing story behind the inception of your company brand? We'd love to hear about its history, mission, and the values that set it apart.
Matt Wolf: Absolutely. Thank you for having me. To give you some context, I have been in the mattress industry for about 20 years, working in various roles such as building and designing mattresses, retail management, and training. However, I reached a point where I realized I didn't want to spend my life climbing the corporate ladder. I wanted to prioritize my faith and family. So my wife and I made the decision to either leave the mattress industry or start our own business.
That's when we started our LLC, initially called Georgia Mattress Brokers. We noticed that the industry was underserving customers, and there was a lot of misinformation leading to customer confusion. Online mattress brands like Casper, Purple, and Nectar became popular because the in-store experience lacked the necessary guidance. So we decided to create a unique in-store experience where customers would be educated on sleep, stages of sleep, and how a mattress contributes to their sleep quality. Our goal is to teach customers how to shop for a mattress and find the right one for them, even if it's not one of ours. We firmly believe that this education is crucial in reducing the high return rate and customer dissatisfaction prevalent in the industry.
Through our approach, we have achieved an 80% lower return rate on comfort exchanges compared to the industry average, and about 98% customer satisfaction with their mattresses. We focus on showing customers how to make informed decisions, rather than relying on brands, prices, or technology claims. The discrepancy between the $20 billion spent on mattresses in the US and the number of people expressing dissatisfaction with their mattresses led us to the conclusion that customers lack the knowledge on how to shop for the right mattress. Our mission is to bridge that gap and empower customers to find the best mattress for their individual needs.
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Chris Choi: That's a fascinating journey and a valuable mission you've undertaken. Moving on, could you share some of the challenges you faced when you launched your company and how you overcame them?
Matt Wolf: Certainly. We opened our doors in February 2020, just before the COVID-19 pandemic hit in March. The timing was definitely challenging. However, we had already adopted an appointment-only model, which worked well for us during the initial phase. It was just me running the business, so low overhead and careful management allowed us to weather the storm. Additionally, we stumbled upon some products that drove traffic to our store without needing extensive marketing efforts.
Chris Choi: It's impressive how you managed to navigate through such a challenging time. Now, I'm curious about your marketing and distribution channels. Could you tell us what has been the most effective marketing channel for your business?
Matt Wolf: Currently, Google and YouTube have been the most effective marketing channels for us. YouTube videos have proven successful because they allow us to establish authenticity and connect with potential customers on a more personal level. It's easier to promote what we believe and create buy-in through videos compared to shorter ads. People tend to prefer doing business with those who share their beliefs, and YouTube enables us to showcase ours effectively.
Chris Choi: That's an interesting approach, and it's great to hear that it's been successful for you. Have there been any standout moments since launching your brand, such as significant sales growth or the implementation of successful strategies?
Matt Wolf: Yes, there have been a few standout moments. One of them was when we introduced customizable mattresses as a niche product. Our store's focus on spending time with customers and offering personalized solutions made these mattresses a great fit for us. Unlike big box retailers who prioritize quick turnover, our approach allowed us to build value in personalized mattresses and educate customers about their benefits. This unique offering attracted a niche customer base who couldn't find similar products elsewhere, leading to significant growth in our third year, with a 140% increase in sales compared to the previous year.
Chris Choi: That's remarkable growth, congratulations! It's evident that your personalized approach has been a key factor in your success. On that note, could you tell us a bit about your team and any plans for expansion?
Matt Wolf: Currently, our team consists of just me and one other person, Gabe. Gabe handles marketing, graphic design, and sales, while we both run the store together. However, our next step is to hire someone part-time so that I can focus on the business's growth and spend less time in the store. Our goal is to partner with chiropractors and physical therapists in the community, offering educational resources on sleep to their clients. By serving these professionals and their clients, we aim to grow our customer base while also building relationships within the community.
Chris Choi: That sounds like a fantastic plan for expansion and community engagement. It's great to see your commitment to serving and educating your customers. Moving on, what would you say is the biggest risk you've taken so far in your career or with your current business?
Matt Wolf: Starting my own business, especially during a pandemic, has been the biggest risk I've taken. Additionally, relocating to a larger store and investing a significant amount in inventory and redesigning the space posed considerable risks as well. However, calculated risks are part of entrepreneurship, and I believed these decisions would lead to growth and success.
Chris Choi: It takes courage to venture into the unknown, and it seems like your calculated risks have paid off. Now, I'm curious to know what you love most about your job and what keeps you motivated in running your own business.
Matt Wolf: My family is my primary motivation. Starting this business was driven by my desire to spend more time with them, prioritize my faith, and be involved in my local church. Being able to fulfill these aspects of my life while running the business has been the greatest benefit. On the business side, the most rewarding aspect is receiving thank-you cards and messages from customers expressing how we have helped them improve their sleep. Hearing that we've made a difference in someone's life and provided a unique experience is incredibly fulfilling. I also find great satisfaction when customers come into our store expecting just another pushy salesperson but leave amazed by the education and guidance we provide.
Chris Choi: It's wonderful to see the impact you're making in people's lives and how it drives you. Finally, what advice would you give to someone who is starting their own business?
Matt Wolf: My advice would be simple: don't give up. Running a business is a roller coaster ride with ups and downs. There will be moments of success and moments of doubt. But if you can persevere and survive through the challenges, you will have the opportunity to grow and make a difference. The longer you stay in the game, the more people will become familiar with your brand, and that is how you build success.
Chris Choi: Thank you, Matt, for sharing your insights and experiences with us. It has been a pleasure learning about your journey and the values behind Mattress Lux. We wish you continued success in your business endeavors.
Matt Wolf: Thank you for having me, Chris. It was a pleasure sharing my story. I appreciate the opportunity.
