In a sense, the home improvement world will never change. As an installer, you’ll always need to connect with suppliers, organize subcontractors and work closely with customers to make their home weather proof and energy efficient. The way you do that, however, is constantly changing
.
Keeping up with the latest industry trends can be difficult. This article investigates five trends affecting the remodeling industry and how you can use technology and new financing options to grow your business…
Here are the five trends to expect as we move through 2019:
TREND #1: RISING CUSTOMER EXPECTATIONS
Customer service is key to growing your business. You bend over backwards making sure your customers are happy with the projects. But that’s not enough in today’s always-on, 24/7 world. Homeowners now expect a digital experience-even from their contractors. They do research online, read reviews, and even chat online with your previous customers to make sure they are getting the best experience for their buck. They want to see digital plans and updates right on their phone or tablet. The customer experience goes beyond services. You’ll need to be involved in the financing process as well, placing affordable, easy options at their fingertips. By delivering on these rising expectations, you provide a seamless digital experience that delights your customers.
TREND #2: DATA IS THE LIFEBLOOD OF GROWING YOUR BUSINESS
When was the last time you looked something up in the phone book? We promise it’s been even longer for most of your customers. Promoting your business in the Yellow Pages or local newspaper may be missing the mark. The good news is targeted digital marketing-delivering the right message to the right person on the right device-really works, and anyone can do it. New digital marketing tools and services for small business are readily available to help you find and target new customers with personalized offers.
TREND #3: INTEREST RATES ARE FLUCTUATING
The US economy has seen both recent record growth and stock market volatility. According to the April 2019 CreditCards.comRate Report, the national average credit card APR rose to 17.69%, the highest since mid-2007. A credit crunch could dramatically affect your business. Easy access to credit means homeowners are more able to finance big home improvement projects. So be ready to grow your business, even amidst rising rates. Customers will be looking to you for more diverse financing options for their projects, and it’s important you meet these expectations.
TREND #4: MILLENNIALS ARE KILLING THE CREDIT CARD INDUSTRY
In direct response to the rising credit card rates, a generation of homeowners is changing course on financing. According to a Bankrate survey, Millennials are shunning traditional credit models and looking to new, technology-based payment and financing tools. And while Baby Boomers continue to make up the largest percentage of homeowners, it’s Millennials who makeup the largest percentage of home buyers-now 34 percent. As Millennials represent an increasingly greater proportion of your customers, it’s important that you provide these technology-savvy customers with the diverse payment and financing options they expect.
TREND #5: INSTANT IS THE NEW NORMAL
We’re surrounded by instant. Real-time video streaming. Food delivery. Up-to-the-second news reporting. And now financing. Home improvement companies haven’t traditionally been in the banking business. You’d show up on site, provide an estimate and then it would be up to the homeowner to access the funding-which would often take weeks to process. New financing tools allow you to sit down with a potential customer, outline project options and then immediately transition to hassle-free financing. Your customers can get approved for financing within a few minutes at the time of estimate, allowing you to close business faster, increase your average job size and grow your business.
The world of home improvement is changing, and you need to stay ahead of these trends to provide homeowners with the quality experience they expect and deserve. Contact Dividend to learn more about how you can offer zero money down instant financing to your customers today.
