And fortunately, there are lots of them for home improvement businesses looking to conduct market research. In this article we are going to discuss five market research techniques that are quite helpful and recommended to businesses in the home improvement sector.
Customer satisfaction surveys are frequently the first thing that comes to mind when brands think of market research. And with good reason. We can assess preferences, disapprovals, potential growth areas, competitor comparisons, and other key performance indicators using this market research methodology.
Making changes based on data-driven decision-making is essential, particularly at a time when businesses are rapidly evolving and adapting to new health regulations.
The following are the most typical customer survey formats used by home improvement businesses:
- Online surveys (often conducted via email)
- Phone surveys
- Mail surveys
Each method of gathering customer feedback has benefits and drawbacks. For instance, phone surveys are more expensive than online surveys, but both can yield more detailed insights.
Management of Online Reputation
Creating an ORM process encourages more favourable online reviews on well-known review sites like Google. Do favourable online reviews matter at all? Absolutely.
Customers are willing to pay 31% more for a business with excellent reviews, making positive ratings essential for home improvement businesses to promote their services.
It’s essential to create top-notch content marketing deliverables like blog articles, tutorials, video testimonials, and infographics. Why? Today, almost all consumers (97%) look for local services using online media. The best way to improve your online visibility is to create content that is SEO-driven.
However, home improvement businesses find it challenging to find the time and funding necessary to produce content for their websites that generates leads. At such times, they can take the help of contractor lead services that have ideal solutions for all your problems related to promoting your home improvement services.
Analysis of Competitors
An immense 94% of business owners are making investments in competitive assessments, according to the latest 2020 Report. Companies’ awareness of the increased level of competition in their industries is probably what motivates them to invest in CI. Without a doubt, this applies to the home services industry.
Along with regional rivals from other independent businesses, you also face competition from other well-known national brands that support do-it-yourself home improvement projects. Because of this, home improvement businesses are increasingly in need of competitor analyses. It enables them to more accurately anticipate and swiftly respond to local competitive threats.
With the aid of this market research methodology, businesses can better understand how they stack up against one another in key areas like service offerings, pricing analysis, marketing and advertising strategies, websites, and social media.
The Client Experience (UX)
A type of qualitative market research known as user experience (UX) is centred on a website, application, or even other digital platforms. Although home improvement companies complete their work in person, the connection with their clients begins online. It aids businesses in developing products that are ideal for both current and potential clients. Home improvement businesses also gain data to support their sales and marketing strategies.
You need to have the right market research strategies and the right service providers to help you, and then you can take your business to new heights.