According to the National Association of Home Builders, existing home sales were up in 2013. The Remodeling Market Index (RMI) also held steady at 57 in the fourth quarter. This news is music to the ears of home improvement business owners, as the sluggish economy has hit them for several years. However, with the improvement to the numbers, it is essential that home improvement businesses make the most of them. This requires taking your business to the next level to see the benefits.
Developing a Marketing Plan
The U.S. Small Business Administration recommends developing a strong marketing plan that identifies your target market, your competition, advertising tactics, a marketing budget, and a timeframe. Once you have a plan of action, you know how much you have to spend, where you should spend it, and how to make the most of it. If you’re wanting to create and complete a plan of action for bettering your business within any key areas, it could be beneficial to start looking into pages such as https://www.thealternativeboard.com/blog/business-coaching or others similar. It also doesn’t matter what business or industry you’re in, planning is essential for success. For Construction Pros recommends identifying at least one new market to expand into, such as public works, government contracts, or new neighborhoods. The site suggests you should submit at least five new bid lists in the next two months that are outside of your comfort zone to grow your business.
Turn Old Into New
The best new customer is your old customer. The Contractor Coaching Partnership notes Top of Mind Awareness (TOMA) is crucial to success. TOMA makes the most of customers you already have. Contacting every customer you have worked with before through phone calls, visits, and emails enables you to update their information, and remind them about your business. Don’t be afraid to ask for referrals. Create and distribute flyers in the area where you are doing a job. Stay in touch and stay on top of your customer list so you are the first person they think of to call for jobs or recommendations. There are many ways to stay in touch with customers, such as efficiently running texting software to allow for unique customer relations and targeted marketing strategies all in one place.
Let Technology Work For You
The technology available today can make your job much easier in many ways. Your smartphone may be the most important tool you own, according to the Mason Contractors Association of America. Using your smartphone can give you your calendar, call recording, texting, a photo gallery, camera, as well as keep you in touch by phone. Offering the option of mobile credit card processing makes collecting payments easier for both your clients and you.
Build a Solid Team
Customer service should be a priority for every staff member with an eye towards repeat business, referrals, and recommendations. Construction Business Owner reminds you that the attitude of your business starts with you. Keeping a positive attitude will reflect on your team and your business. Staff training is also essential. Teaching your staff how to find prospects, evaluate profitable vs unprofitable jobs, and close the deal can increase profits. Offer incentives to increase morale and motivation. Fine Home Building put in place a split savings plan where any idea that saved money was split between the employee and the company. Employees were motivated to find ways to save money when they knew they would get half of the savings.