Staying Profitable: Home Improvement Marketing Trends

Posted November 28, 2023 by Regions Home Improvement Financing

We’re all familiar with the economic struggles of the past three years — and we’ve all had to make adjustments as we prepare for whatever may be ahead. We understand that the success of your business relies on having a good view of the future. Now, we may not have a crystal ball, but we do have an excellent research department, and together we’ve put together a helpful infographic for you.

It includes our take on some overall homeowner spending trends, the trends on discretionary spending, impacts of inflation and the supply chain, plus a view of the housing market as we head into 2024.

You can download the market trends infographic here. Here are some questions to ask yourself as you ponder the infographic.

What’s the Impact of Inflation?

With inflation causing consumers to spend more on the same basic things, consider how might this impact your home improvement business. When the cost of living puts a squeeze on groceries and utilities, homeowners may opt to put off non-emergency improvements. They’ll also be willing to shop more for a better price, or at least a better payment arrangement. That’s where it can come in handy to be offering flexible financing.

How is Debt Affecting Sales?

Americans on average have more debt than before, and that can impact their willingness to use high interest credit cards or variable-rate home equity lines of credit for renovation projects. Additionally, with student loan payments resuming, homeowners may be feeling the weight of extra monthly bills. Offering low-interest loans or same-as-cash options might make a difference for your sales.

Do You Have a Business Plan?

Having a business plan can help you be prepared to stay profitable in this economic environment. Take a look at how putting all your ducks in a row can reduce your worries as we head into the next year.

Do You Know Your Numbers?

Take a close look at your previous sales numbers and your sales projections. Knowing this information can help you decide how you need to price your services going into 2024.

What Are Your Overheads?

Take a look at how much you’re currently paying your staff. Labor is a commodity — given the effects of inflation, will you need to increase staffer pay? What about your other standard costs, such as office rent, utilities, vehicles, or other components of your business?

How Do Things Look Going Forward?

Think about what the market demand looks like for your specific home improvement industry. Consider how this data outlook might impact your flow of business in the coming months. Keeping the big picture in mind can help you pivot more easily when needed.