As we are in the midst of an economic downturn, things may be starting to look a little less unsure. In the past two years, more and more stayed home or moved to new homes, which resulted in plenty of work for home renovation contractors. People staying indoors also meant more repairs around the house, which also led to an increase in demand for handyman services and other jobs like plumbing, electrical repairs, quick installations of gadgets etc. However, as people are slowly starting to get back to work, they are not in need of as many maintenance jobs as the previous years. However, according to our Reno Report 2022, 75% of homeowners who renovated their homes in 2021 are also expected to work on home projects in 2022. This translates to more opportunities, spread throughout the year, even though we may be witnessing a downtime now.
During these uncertain economic times, you may be tempted to cut down on marketing costs including advertising, due to fear of a decrease in leads generated for your business. However, marketing during an economic dip is extremely important and here’s how HomeStars can help you during this uncertain economic climate:
HomeStars Can Help Add Trust And Reliability To Your Online Profile
As a premium account holder on HomeStars, you are actively building your business online, without any extra effort. With HomeStars features like Star Score, Reviews and Best of Awards, you are adding to your online reputation and credibility, which can help earn the homeowners’ trust. Nowadays, there is hardly a commodity or service that people would try before reading reviews online. HomeStars has taken this power of word-of-mouth referral online and built a website for community-reviewed pros like yourself which gets over 8 million visitors every year – so you would want to get in front of these project-ready homeowners all through the year. You can do this by simply following the best practices for developing your HomeStars profile.
HomeStars Can Help You Get Leads Throughout The Year
Another mistake that many business owners make is looking only at monthly data on their HomeStars dashboard during the economic shift. The premium membership at HomeStars is spread out over the year and one should look at the annual performance rather than just the monthly one. Even if you face downtime in the slow season, your business can make up for it by taking on more jobs during the peak season. In our 2022 Reno Report, we also looked at the average costs of home projects and found that the average spend on indoor projects was about $13,000, as compared to 2021 when it was $8,260. Outdoor project costs also went up by almost $2,000 and were $6,600. In 2022, the average spend is expected to double, which means there could be fewer projects but higher costs, owing to the labour shortage and the rising cost of materials.
Your dedicated account manager can also provide you with information on leads and their seasonal demands, location, category and much more in order to help you tailor your profile for the best-qualified leads. You can use this information to display a featured ad on your competitor’s profile on HomeStars to convert leads into opportunities even during downtime.
HomeStars Can Help You Connect With Homeowners For Future Jobs
It is a well-known fact that homeowners can take months to come to a conclusion about the company they want to hire. This is especially true for bigger jobs, but we have found that even for urgent projects, customers take the time to do their research. This is even more true in the present economic climate when clients are extremely conscious about every penny spent. In fact, as per our 2022 Reno Report, 27% of Canadian homeowners said that they would need financing options for their home projects, which could also signify why homeowners are taking a long time to come to a decision. That’s why HomeStars has partnered with Perch, to offer project-ready homeowners re-financing options. If your client is turning away from a project due to a lack of funds, share the Perch calculator with them to get refinancing against their home equity to complete their dream home renovation. HomeStars helps you stay on top of mind for the homeowners, by helping you showcase your business profile on HomeStars Toronto Deals, relevant reviews and even featured ads.
HomeStars Helps You With A Dedicated Account Manager For Understanding Industry Insights
As a premium HomeStars account holder, you are also connected with your dedicated Account Manager who can help by offering insights into the industry and consumer behaviour. The Account Manager can give you a better understanding of the industry which can help you decide your next steps. As we are in the business of growing yours, we are also always working with homeowners to better understand their needs and the season’s demands. All these insights can be used to tailor your business for a more productive year. You can also make use of all our marketing tools and resources, outlined in our blog, to grow your business during this time. Your Account Manager will also help you build a strong HomeStars profile, develop a sales funnel, inform you on best practices for getting leads and much more – you can use their expertise and dedication to grow your brand even during downtime.
HomeStars Can Help Your Marketing Efforts During The Downtime
It has been proven in the past that marketing efforts and strategies should be increased, rather than decreased, during an economic downturn. People may not be hiring during the time, but they keep an eye out for the best pro for their job. They use the downtime to shortlist pros who have good reviews, fit their budget and of course, excel at the task they have at hand. This can lead businesses to more opportunities once the economy recovers. Marketing and working on your business during a slow season can actually have far-reaching effects in the future. By partnering with HomeStars, you are ensuring that your business stays active and visible at this time, so homeowners are more likely to hire you when they decide to launch their home project.
With a premium account on HomeStars, you can make the most of the economic downtime by preparing for the days ahead. Marketing your profile in front of 8 million website visitors every year and building your profile to gain homeowners’ trust are some of the many ways that HomeStars can help you weather this economic downturn to come out stronger when the economy recovers. To know more about how HomeStars can help you, get in touch with your dedicated Account Manager.
