A tough economy is not a new economy.
The market constantly fluctuates, which means it can be difficult to know what’s next. However, it also means that we can take advantage of the past to prepare for the future.
As someone who provides valuable home services, what can you do to improve your staying power, expand your reach, and prepare for the future?
Keep Your Funnel Full
Having a large sales funnel filled with a variety of potential clients means that business can still flow while consumers take their time to make a decision. Economic uncertainties can sometimes mean a slower sales cycle, making it all the more important to maintain a constant intake of potential and current clients. So, how do you keep your sales funnel full?
Send out those postcards, make those phone calls, and knock on those doors. Your sales funnel can expand as much as you need it to so cast a wide net and capture as many potential clients as possible.
Get an Early Yes
A changing market means that you may have to rethink some of your strategies. Customers may be inclined to hold their wallets close making it difficult to close the deal.
By adjusting your approach, you may be able to get an early yes, securing a new client who has the potential to grow into a loyal customer. Existing customers are cheaper to sell than new customers. In fact, new customers cost up to five times more than working with an existing client2.
Getting an early yes with a discounted product or inexpensive starter package and then providing reliable and empathetic customer service, gives you a better chance to sell them on bigger items in the future3.
Go the extra mile for your prospects.
- Find out how a new roof can affect their homeowners insurance. Some insurance companies show a decrease in premiums if their roofs are outfitted with regional safety precautions like hurricane strappings or waterproofing4.
- Check into local electricity rates and see how the installation of solar panels can change their bills. Know who you are selling to and provide concrete examples.
- Someone living in a 2200 square-foot home will not have the same electricity bill as someone living in a two-bedroom 1200-square foot house. They may both benefit from going solar but you need to show them exactly what that benefit will look like for them.
- Insurance companies love a good paper trail. Offer to take pictures and document the process of installing that roof or putting in those panels so that your client has something tangible to present to their insurance agent when they want to make a claim5.
- By creating a larger funnel, working on that early yes, and adding value to your service, you can work toward increasing your ability to weather any storm and be prepared for the market no matter what state you might find it in.
A tough economy is a great time to look in the mirror. Do you have the right product for the right audience? Are your marketing and team on point?
Download our FREE Business Plan Health Check to find easy places to tune up your business so you’re in fighting shape to sell into this tough economy.
2Leninkumar, V. (2016). The Effect of Service Quality on Customer Loyalty. European Journal of Business and Management, 8(33), 44-49.