During the peak-COVID era, people spent more time inside their houses than ever before. Naturally, this led to a boom in the home improvement industry, as consumers not only had more discretionary income (due to a lack of entertainment and travel options) but also could borrow money against their home at historically-low rates. Now that things have returned to normal and the cost of borrowing has risen, we’re seeing a reversion to the mean. Fewer leads, more competition, more price-conscious consumers, and lower sales – all of which means less revenue for your company.
While Vacation Vouchers are one way to overcome these challenges, another is to tailor your presentation to more closely tie to what consumers are looking for. Here are a couple of things your team should keep in mind when both soliciting leads and working inside the home to close a sale:
- Increased Focus on DIY: Many consumers have been taking a do-it-yourself (DIY) approach to home improvement projects. This trend has been fueled by the availability of online tutorials, inspiration from home improvement shows, and the desire to save money by completing projects independently.
- Emphasis on Sustainability: Consumers are increasingly concerned about environmental impact, leading to a rise in eco-friendly home improvement practices. This includes using sustainable materials, energy-efficient appliances, and implementing renewable energy solutions like solar panels.
- Online Research and Shopping: Consumers extensively research home improvement projects, products, and services online before making a purchase. They compare prices, read reviews, and seek inspiration from various sources, including websites, blogs, social media, and video platforms.
- Customization and Personalization: Homeowners are seeking unique and personalized home improvement solutions to reflect their individual style. They are willing to invest in custom-made products, such as cabinets, furniture, and fixtures, to create a more personalized living space.
- Smart Home Technology Integration: The integration of smart home technology is becoming increasingly popular. Consumers are incorporating devices and systems that offer automation, convenience, and energy efficiency, such as smart thermostats, lighting systems, security systems, and voice-controlled assistants.
- Health and Wellness Considerations: The COVID-19 pandemic has emphasized the importance of health and wellness at home. Consumers are now prioritizing features like improved air quality, home gym setups, and spaces for relaxation, meditation, and self-care.
- Multifunctional and Flexible Spaces: As remote work and flexible lifestyles become more prevalent, homeowners are looking to optimize their living spaces for versatility. They are renovating rooms to serve multiple purposes, such as converting a spare bedroom into a home office or a play area.
- Aging-in-Place Modifications: With an aging population, there is a growing demand for home improvement solutions that support aging-in-place. This includes installing grab bars, ramps, and other accessibility features to improve safety and convenience for older adults.
It’s important to note that these trends change frequently and the best way to know what your customers are looking for is to listen carefully to what they are saying. Your call center, sales teams and installers should be funneling information back to your leadership, and your strategies should continue to evolve based on real-time data that’s unique to your market.
And, if we haven’t mentioned it already, one great way to differentiate yourself, add value to every transaction, and increase your average sale price is to use our proven Vacation Voucher program. Contact us to learn more, as it’s one more cost-effective tool for your sales, marketing and customer service team to use.