Competing For Home Improvement Market Share? 5 Tips for Maximum ROI

Patty Brekke

Patty Brekke About The Author

Apr 13, 2021 1:45:00 PM

 

Competing For Home Improvement Market Share? 5 Tips for Maximum ROI

Right now, everyone seems to be spending all their extra time sprucing up their houses and making necessary repairs. With the real estate market continuing to be better than ever, homeowners are contemplating their options and preparing their homes to sell or make their everyday lives more comfortable and safe. This means the competition for market share is undeniably fierce. 

According to IBISWorld, the home improvement market size is as large as $169.0 billion according to 2021 reports. The industry is expected to increase another 3.6% by the end of this year. 

There should be no time wasted to improve your marketing tactics and maximize your home improvement marketing ROI. The market is saturated, and if you want your business to be a viable competitor, you need to get your brand name out there as quickly and efficiently as possible.

Here are some marketing tips to help you get your business where it needs (and deserves) to be:

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Run a Commercial

Screen Shot 2021-03-31 at 9.48.52 AMThere are several benefits to showing and telling what you can do through a commercial. Sure, word-of-mouth and referrals are an ideal win in marketing for increasing sales and ROI, but they are also the most unreliable.

Commercials, on the other hand, have a track record of making a significant difference. Despite what you may be hearing about the decline of TV advertising, Nielsen reports that TV viewers watch commercials. TV reaches 85% of adults daily, and viewers typically see 26 commercial breaks , or about 73 minutes worth, every day.

Host Video Testimonials

Hosting video testimonials on your website is another effective way to steal a chunk of the home improvement market share. Consumers love hearing what other people have to say about products before committing themselves to making a purchase.

Consumers consider you much more trustworthy and reliable when they hear directly from your satisfied customers than hearing you say you are superior to the competition. 

Video tactics have a 95% retention rate. In comparison, people only remember 12% of textual information, four times as many customers would rather watch a video about a product than read about it, and 56% of respondents found customer testimonials very helpful.

There's more than one way to deliver, as well. Consider hosting on your website, social, and within commercials to create more credibility and show your work firsthand.

Sponsor Lifestyle Segments

Screen Shot 2021-04-09 at 9.21.24 AMLifestyle marketing can be one of the key components you’re missing out on when it comes to getting a piece of the pie in the home improvement market. It brings more brand awareness and targets specific audiences that are directly relevant to your product or service. This means ditching the wasted spending on uninterested consumers and speaking to those who want to know more about your brand and what you have to offer.

Consider working with a media partner to host segments on their lifestyle show to offer tips, DIY's, tricks, etc. Chances are, lifestyle marketing is exactly what your business needs.

Create an Email Newsletter Series

HubSpot reports 3.9 billion daily email users, and 80% of business professionals believe that email marketing increases customer retention. Better customer retention means more returning customers when the time comes to make more repairs and renovations. 

With that being said, reaching out to existing clients and encourage them to add projects to their honey-do list can go a long way in directing homeowners to your business for their home improvement needs. They may have only thought about what needs to be done until that point — an email can remind them and encourage them to continue their research with your products.

Publish a DIY Series on Social Media

Screen Shot 2021-04-09 at 9.23.35 AMThe power of social media should never be underestimated, and neither should a good DIY series. Post DIY tips and tricks to create relationships and engagement with your target audience. However, you'll want to keep in mind that most users prefer shorter video lengths when creating your series.

Fifty-three percent of people reported watching two or more instructional videos per week, and 52% of viewers prefer instructional and informational videos between 3-6 minutes in length.

Consider using social media to post behind-the-scenes content of your employees, brand, and business. Users enjoy learning more about the faces behind their favorite products because it humanizes them. 

The Final Tip

It can be challenging to stand out from the competition when the market is saturated. Still, with the right marketing strategy in place, there's no limit to what your business will be able to accomplish.

Our final tip for maximizing your home improvement marketing ROI is to work with a media partner for more insight and resources. Reaching the right home improvement audience is complex, and you don't have to go at it alone.

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Topics: Industry - Home Improvement Business