How to Stay Prepared: Home Improvement Market Predictions
Your business sinks or swims based on a number of factors: the quality of your work, your reputation, your understanding of business principles, the resources you put into marketing, consumer demand, the cost of doing business, and external market factors.
Some of those things are in your control — such as your work quality and your know-how — while other factors are realities you just can’t change. But knowledge is power, so it makes sense to arm yourself with the data about current market forces, so you can be prepared no matter what comes your way.
Lucky for you, we’ve done some of that work for you! Our experienced research team has analyzed the data and taken a look at what’s coming down the home improvement pipeline.
You can download our market trends infographic, here.
Once you’ve seen what’s ahead in the market, you’re in a better position to:
- Review the details of your pricing to make sure you’re competitive and profitable, but charging enough to cover increased costs. Check out this blog post for a primer on how to do that.
- Maintain a stable customer base. It’s important to keep in contact with previous clients so you can stay ahead of your competition. Often, when trouble hits the market, it can put the squeeze on your leads and hurt your margins. Be sure to keep the lines of communication and trust open with customers, so they keep coming back.
- Make use of available tools that can boost your business strategy. For example, our digital marketing blueprints and brand guide can be beneficial.
- Use payment options. Including financing choices in your marketing and sales process can strengthen your position in the market.
A few points of interest you’ll discover in the market trends infographic include: overall homeowner spending trends, where discretionary money is going, the impacts of inflation, the outlook for the supply chain, and what the housing market looks like heading into 2024.
Check it out, and let us know what you think!
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