… for the home improvement industry
It’s easy to get caught up in all the doom and gloom of Covid 19.
However, there is a prosperous upside for many in the home improvement industry.
Whether your business is curtains blinds and shutters, swimming pools, verandas, carports and patios, home additions and extensions, landscaping, or entertaining areas – there is a window of opportunity.
Traditionally over the last 30 years or so, whenever there has been a reason not to travel, people have spent their money on their “home lifestyle” rather than their “travel lifestyle”.
- The 2003 SARS scare saw home improvement enquiries and sales spike dramatically.
- The volcano eruptions in Iceland in 2010, 2011, and 2014 saw plane travel come to a standstill.
- Eruptions in Bali have halted the travel plans of Australians on more than one occasion.
On all these occasions sales went up!
People Love Spending Money
As a general rule, If people have money, they will spend money. And if they cannot spend it on their first choice (travel), then often the second choice is improving their home lifestyle.
Also, let’s not forget that unlike spending on travel, home improvements are a capital investment. They add a future financial value boost to our homes. This makes justifying the spend in these challenging times quite a lot easier.
Now I know this is nothing like we have seen in the last century or so, and many will suffer the loss of income and maybe even their jobs.
Likewise, many businesses in the home improvement industry will suffer loss and some will sadly close their doors.
However, there is also an exciting category of buyer.
A buyer who has stable employment and a much larger disposable income. This buyer has a budget for luxury and lifestyle purchases.
They’re looking for bargains and discounts, and to leverage the hard time businesses are experiencing.
Some good questions to ask yourself In the challenging time ahead
- Are you positioned to take advantage of these buyers?
- So, how do you position yourself for this?
If your business is aimed at the budget end of the market, then you may not have the numbers to play with that the higher end products and services do.
However, there will still be opportunities for you if you have the right strategy.
A few things to ask yourself for your sales strategy.
- What is it these customers are wanting at this time in history?
- How will you appeal to them?
- What is your specific point of difference and value proposition for today?
- Understand that price is Not the issue for them. (even though they want a bargain)
- How will you deliver over and above?
The attitude of this customer is: “I am happy to give you my money, but you have to earn it and show me why I should partner with you, more than ever”
If you keep doing the same things – you will get the same results, SO you need to approach things differently!
This could not be truer for your sales team. They need to adjust their sales approach and strategy, or they will totally blow this short-lived gold rush that is in front of them. Sales Training could be a game-changer at this point in time.
The right sales strategy is only half of the magical equation however.
The Other Half of The Equation
Most people have heard the saying, “It’s not just what you do that matters, but How you do it”
So, what messages are you sending your customer in the sales process and the sales conversation?
Your sales methodology has to be right in order to be on the same page as your savvy customers with that disposable income.
Are your salespeople speaking their language, or do they have a “one size fits all” sales approach?
Will their approach allow them to adjust to this opportunity that’s presenting itself?
Understanding this type of customer is vital.
Now, of course, you need to continue to tick all your business activity boxes like your compliance regulations, etc. e.g. work health and safety and in-house procedures. Don’t neglect or drop the ball on all the other things that have to be done.
To give yourself the best chance to survive these challenging times as a home improvement business, be ready and equipped to make hay while the sun shines. If you need help, as always, I’m here for you.
Working from Home or Remotely?
If you now have to work from home or remotely, check out this discussion I had with some of the best sales trainers across the world titled: Salespeople working from home can still be successful – BUT you have to change your strategy!