This past year has been a bit all over the place. Let’s explore a few home improvement trends we may see in 2023.
Inflation is still with us and predictions are that we will be living with rising prices for at least the first half of the year. However, economically, it doesn’t look as distressing as it did this past summer. This, along with rising interest rates means consumers are less likely to borrow now. And many are opting to not sell their homes as home prices are also declining. The Home Improvement Research Institute predicts these factors will decelarate spending on remodeling projects.
Understandably this does not sound encouraging for the home improvement industry. However, HIRI also predicts the consumer market will grow by 0.6% and the professional market will grow by 3.6%. While this growth may not be as much as 2022, growth is still positive and may present an opportunity for the home improvement industry. We saw a surge in home improvement during the pandemic. A trend in DIY (do it yourself) was emerging as people were home bound with more time on their hands. Despite a continued large number of remote workers, people are back to demanding work schedules with less time to do things themselves. This implies customers are more likely to hire a professional.
What does this mean to home improvement professionals and what should their marketing strategy look like.
- Cutting marketing budgets may be tempting, but it is not a wise move. Customers are loyal to brands they trust. In this economic climate consumers may not be quick to open their wallets for large projects. However, they still want to hear from you as they continue to consider home improvements. Staying in touch through marketing will keep you top of mind.
- Find low cost ways to connect to your audience. Are you selling products online? If so, this is a good time to make sure your website is user friendly. Is the path to conversion easy to see? Are the product photos, clear and polished? Does the copy tell the customer everything they need to know about the product?
- This is a great time to refine your social media strategy. Take a look at a recent blog post to learn how to create a digital plan to reach your goals on social media. Put together an effective strategy that delivers content that will appeal to your audience. Content and continuity are vital to increase engagement and reach.
- Customer reviews should be an integral part of your marketing strategy. New customers will do their research and compare your company to your competitors. Make sure you are promoting your cutomer reviews.
- People are not one dimensional. The customer journey is not linear. Therefore, your marketing should reach your audience with multiple touchpoints. Working with a marketing professional can ensure you spend your marketing budget efficiently and are able to identify what works and what does not.
Finally, stay up to date on home improvement industry trends and marketing trends for your industry.
Alpha Media Digital works with many home improvement companies, of all sizes. We’d love the opportunity to help you define a good marketing plan for your business. Reach out today to talk to a digital marketing expert.