Marketing a Home Services Business During a Recession
Regardless of the economy, marketing a home services business can be challenging. During a recession, when consumer spending is low, inflation is high, and the dollar doesn’t stretch as far, it can be an even harder task. However, marketing a home services business during a recession isn’t impossible and there can be profitable growth opportunities for both big and small businesses during this time. Successful businesses think ahead and focus on new opportunities, marketing strategies, and creative solutions. If you are looking to maximize your effectiveness and increase sales during the recession, read on for information about marketing solar, HVAC, roofing, and landscaping home services.
Home Solar Systems
During a recession, homeowners are primarily concerned with saving money. Consumers will also be concerned about how to save money now while also securing financial stability for their future. Investing in solar is a smart choice for many homeowners because it can save them money in the long run. In your marketing plan, focus on informing customers of the long-term savings they will experience. According to Greenlancer, given the Federal Tax Credit for renewable energy systems, United States consumers could have saved more than $3,000 if they went solar in 2021 and 2022. With a 26 percent federal tax credit, consumers can save a significant amount of money and recoup much of their total system and installation costs.
You can also tout the electric bill savings consumers will enjoy. Their electric bill will be significantly lower, possibly even $0, and those savings compound over time given the increase in electric rates.
Marketing Your HVAC Business
Given the expected challenges that the HVAC industry will face during an economic downturn, it is crucial to make sure your company and team are prepared. There are a few proactive steps you can take to position your company to come out ahead. One important step is to play the offense with your marketing strategy. While your competitors are pulling back, take advantage of lower advertising rates and less competition. If executed correctly, your company can gain market share. Focus your marketing efforts on markets less affected by the economic downturn, including consumers in higher economic brackets, certain industries, and geographic areas.
Roofing in a Recession
The roofing industry is one of the few that have actually thrived during a recession. The market size for roofing contractors in the United States is $56 billion. Overall, the roofing industry is expected to continue to grow at a rapid rate over the next five years. The global roofing materials market was valued at $114.1 billion in 2021 and is set to surpass $142.7 billion by 2028.
The roofing industry is a little more recession resistant because it provides a service everyone needs, regardless of the economy. As you are establishing the key messages in your marketing plan, make sure to develop talking points for your sales team to help your customers understand how investing in home improvement during a recession can be a smart decision. You will also want to use technologyto your advantage and develop a mobile-friendly website that is optimized for search engines. Consider hiring a professional marketing company, such as Unimedia, to help you with those efforts.
Expand Landscaping Services
As consumers cut back on spending, there is a potential for landscaping projects to be put on the back burner. Large companies may put big-ticket landscaping projects on hold and residential jobs may decrease. With the smaller demand, landscaping companies can implement a few strategies to weather the storm. It’s more important now than ever to review your company’s budget and reduce your operating costs.
As the price of wholesale plant materials increases upwards of 16 percent, make sure to factor that increase into your bids. Consider shifting your marketing efforts to cross-selling maintenance packages to current customers. There is a great opportunity in obtaining long-term business and a steady stream of income by focusing efforts on developing customized long-term maintenance packages for your install projects.
Overall, while marketing a home services business can be challenging during a recession, there are actually several benefits you can use to your advantage. If strategic marketing efforts are executed correctly, your business can actually grow and come out ahead.