Marketing in a Down Economy
Guest Blog: written by David Becklean | Owner of Music City Digital Media
Home service-related businesses may have a tough time remaining competitive in 2023 for various reasons. The housing market has seriously slowed down, and with fewer houses trading hands, there is less urgency for renovation and upkeep than usual. As long as this trend continues, you can expect an increase in cost per acquisition and a decrease in the amount of overall available leads within a given Market.
Remaining competitive in a down market can be challenging, as consumers may have less disposable income to spend on maintenance, repairs, home improvement, and remodeling. However, there are still several general marketing strategies that can be effective in driving sales and attracting customers:
Focus On Value
In a down market, consumers may be more price-sensitive and looking for the best deals. Make sure you are clearly communicating the value of your products or services and highlighting any special offers or discounts you may be offering. One way to do this in Google Ads is to use headlines to highlight your UVP as well as qualify the users reading your ads to make sure they are a good fit for what you have to offer.
Utilize Content Marketing
Content marketing can be an effective way to attract and engage potential customers without spending a lot of money on advertising. By creating valuable and informative content, you can establish yourself as an authority in your industry and drive traffic to your website. Look at your website and also your geographic areas of operation, is now the time to expand to another city or county? You may have to cast a bigger net to drive the same revenue in 2023.
Take advantage of social media: Social media platforms can be a cost-effective way to reach a large audience and engage with potential customers. Use social media to share updates about your business, promote special offers, and interact with your followers. I spent several years working in Social Media for an Area Developer of 2 major restaurant brands, Capriotti's Sandwich Shop, and Papa John's Pizza. I feel like social media was more valuable in terms of reach and owning your own audience way back in the 2010s however, it still works to a lesser degree. If you are all in on your marketing channels, it has to be accounted for. Social Media can be very time intensive, so try batching content and scheduling it ahead of time, so you are not bogged down day-to-day.
Utilize Email Marketing
Email marketing can be an effective way to stay in touch with your existing customers and attract new ones. Use email to send newsletters, promote special offers, and share updates about your business. Tried and True email marketing will never go away, no matter how many spam filters and opt-outs you complete. Emails that are hyper-specific to users and what they are interested in usually yield better CTRs and overall conversion rates.
Offer excellent customer service: In a down market, it's more important than ever to retain your existing customers and encourage them to continue doing business with you. Make sure you are offering excellent customer service and going the extra mile to keep your customers happy. You should always be striving to offer positively outrageous service to your clients but doing so when clients are working with tight margins makes it that much easier for them to justify paying your invoices in a timely manner.
Stake Your Claim
One of my big painting clients swears by putting up yard signs in a client's yard while a job is up and as long as the client will allow after. He easily picks up 2-6 jobs per month by doing this one simple, ancient marketing technique.
In addition to these general marketing best practices, it would be a good idea to ensure that businesses are ready for the transition away from Universal Analytics to Google Analytics 4. For users that are unfamiliar with the switch, due to changing privacy laws, Businesses of all sizes must adapt to this change by installing Google Analytics 4 on their website to provide first-party data directly to Google as third-party data being provided from Universal Analytics installations will be discontinued in July of 2023. Without data coming back to your website, running paid ads is a complete and total waste of time. This data is even more important for any paid advertising effort as it is critical to understand which users completed an action on the website after clicking an ad.
As Wayne Gretzky is noted for saying, “You Miss 100% of the shots you don’t take.” As long as home transactions are depressed and consumers' incomes are eroded, we will continue to see a competitive and expensive PPC Market. By following these strategies and staying flexible, you can continue to market your business effectively, even in a down market.
Ever wonder what a $180K in Google Ads looks like? Check out this article: linkedin.com/growing-home-services-google-ads
About David Becklean
Music City Digital Media, owned by David Becklean, provides process-driven digital marketing through pay-per-click advertising, web development, SEO optimization, and Social Media marketing. For the last 15 years, David and his team have helped a wide range of businesses from small home repair companies to large restaurant chains, automotive businesses, real estate companies, and organizations within the music industry. With 8 Google Ads/Analytics Certifications and 2 LinkedIn Certifications, Becklean is a top-tier SEO or PPC service provider. For more articles that are Google Ads Specific, follow David on LinkedIn at linkedin.com/in/davidbecklean.
About Contractor Accelerator
Contractor Accelerator is a leading mobile software provider for residential contractors that seamlessly integrates job estimates, digital drawings, customer management, appointment scheduling, and more features in a single platform. The Kansas City based company focuses on creating easy-to-use technology for contractors in foundation repair, fencing, painting, flooring, landscaping, roofing, and other residential repair industries to help them organize and automate their business and become more efficient to grow without sacrificing work-life balance. For more information, visit Contractor Accelerator at contractoraccelerator.com.