Consumer buying behavior has changed due to the pandemic, a hot housing market, and a growing interest in home improvement. The following seven in-home selling trends show that the demand for home improvement products and remodeling services is expected to keep growing.
Manufacturers, distributors, and remodelers can all take advantage of the opportunities these trends present.
Consumer buying behavior has changed and will continue to evolve in 2022. In-Home Selling companies and Remodelers must become more customer-centric throughout their entire revenue generation process.
We discuss seven key in-home selling trends seen in the home improvement industry and discuss how companies can capitalize on them to increase and accelerate their revenue streams.
The pandemic prompted many people to put their dollars into home improvement. One result is that home-improvement stores both in-person and online are seeing more traffic. The in-home sales experience is compared to online catalogs, product configuration, and exceptional visual interactions. To compete your company must use a revenue enablement model to give every customer the best experience possible with strong visual CPQ, well-trained sales and service, and consistent messaging.
With customers stuck at home during the pandemic, many homeowners used the Internet as their primary tool in the buying process. As a result, searches for renovation, kitchen remodeling, and general contractors increased 100% from 2020 to 2021. Collaboration amongst departments will ensure the customer has a positive experience with the brand across multiple channels. These searches are prospects. Having an integrated technology approach with aggregated data leads to accelerated lead generation and more information about those leads.
From initial advertisements to post-purchase interaction, the customer experience is quickly becoming the most dominant factor in purchasing decisions. This is true for both individual and business customers. Customers want making a purchase to be easy, with numerous tools at their disposal. By using automated systems, easy product configuration, and customization, customers can get the exact product they need with less hassle since revenue enablement techniques remove redundancy and bottlenecks. Giving customers a seamless purchasing system contributes to a positive customer experience that can turn a customer into repeat business and an active referrer to others.
Integrating a visual CPQ into your sales process lets customers visualize what they are purchasing and what their final project will look like. Visual CPQ can be especially helpful for bigger projects like a kitchen or a bathroom remodel. Depending on the product or service, you may choose from 2D, 3D, AR, or VR technologies so that customers can better envision their product configuration and completed project. To develop a visual CPQ that is genuinely beneficial for customers and will be used by sales reps, multiple departments need to work together to ensure a seamless experience.
While many new homes are being built, more than 50% of American homes were built before 1980, with 12% built between 1970 and 1980. This is significant because major components of a home, such as the foundation, electrical, plumbing, and framing, should last more than 50 years, but they are quickly reaching the age where they will need to be repaired or replaced. This is great news for the home improvement industry. As with many of these other trends, however, measures must be taken to ensure a positive customer experience to capitalize on this potential opportunity. Companies that fail to focus on the customer journey will struggle against competitors that provide a seamless, positive purchasing journey.
With the current housing market having low inventory, moving to a new home can be a hassle. Rather than deal with high home prices, many homeowners are opting to make repairs instead. It is estimated that 52% of homeowners will spend at least $15,000 on home repairs. Companies must focus on the customer journey to make the most of this opportunity. If a competitor provides a more seamless experience, your opportunity for revenue growth will be lost. By focusing on revenue enablement – which by its very nature is customer-centric – there is a greater likelihood of providing a positive customer experience that allows the company to capitalize on this trend.
The volatile economy over the last year has made customers apprehensive about taking on unnecessary debt. It is estimated that customer credit utilization has decreased by 30% from 2020 to 2021. When a company can provide a cohesive customer experience due to various departments collaborating, customers often have more confidence in their purchase decision. Having a solid visual CPQ can also help customers be more sure about their decision before purchasing. With an exceptional financing process, companies can make that decision easy and quick.
Each of these various trends offers opportunities for growth to companies in the home-improvement industry. However, taking advantage of these opportunities means being willing to shift from a mindset based on sales and functional silos to a customer-centric mindset that relies heavily on collaboration and is designed to provide customers with their optimal experience. Ready to learn more about how revenue enablement can transform your organization and help you see revenue numbers grow? Talk to one of our strategists today.