We, like you, are struggling with the shutdown. In addition to having to close physical offices, many of our clients are experiencing significant cancellations of orders. The key is how to keep the business that you have and provide options to customers to keep them from canceling. If you are dealing with cancellations of projects, a drying up of your pipeline, and wondering where your next sale will come from, you are not alone. The steps you take next could determine survival during a prolonged recession or market downturn that we’ve not seen since 2008.
Here are 4 proven options that we’ve deployed with our clients that we want to share with you.
1. Offer Financing
The financial markets are unstable, consumers are losing their jobs and savings. The fear about their financial future is resulting in a surge of cancellations. We’ve instructed most of our clients to offer consumer financing to reduce cancellations. While this downturn will eventually end, and markets will stabilize, consumers will not want to part with their savings and will refrain from writing big checks. Financing reduces large investments in small monthly payments; this has a calming effect on consumers and allows them to get what they want but pay it off over time. Please consider financing, it will become a much bigger part of your sales offering going forward. Face it, it’s a lot easier to write a $100 monthly check than a $10,000 one/
PowerPay offers 100% financing through contractors and home improvement companies for their customers with low rates (8.99%), up to 15-year terms and no prepayment penalties. As an example, a $10,000 roofing project would cost only $100 per month. While I am a principal in this company, we are not suggesting that you use us, there are other options, but we’re the only company that does not charge you any fees. It’s a free service, will help reduce cancellations and will be a part of your future payment options – so please consider it. Here is an example of how a company is using financing on its website.
2. Offer Video Consultation
We are teaching many of our clients to offer video consultations. Since everyone is stuck at home you may be able to begin the sales process via video. Using an iPhone, iPad, or Android device, even a desktop, will all you to engage with your customers in a different way. Your clients can see you, get to know you better and see products and examples of your work. At the same time, you are building a rapport that can turn into a sale during the shutdown or shortly after. Having a backlog of business will help you recover more quickly. We work with several platforms including Zoom, Google Hangouts, and others and can help you devise a strategy that works.
We can help you set up your video consultation and integrate it into your digital marketing and website.
3. Update or Build a New Website
Consumers are at home, they will be considering new home improvement projects, but they will not be able to find you or website without searching online. Your website is now one of the few things that will distinguish your business. When times are good – your website’s importance is low, but when times are bad your website plays a major role in your ability to survive and ultimately thrive.
For home improvement companies just having a website is not enough. It’s a start, but there are so many elements beyond the look and feel that are critical. Workflow, SEO, content, hosting; the list goes on. The point is that now with the downturn, and most of us working from home – with little to no business, it’s a great time to reflect and start reinvesting in your business.
We specialize in building money generating websites. We are a small company and can only handle so many projects. Our general turnaround is 2-4 weeks. That said, we are offering to build a full-featured site for any countertop, cabinet, flooring, home improvement company at our cost. We are offering this for 2 reasons – first, we want to keep our staff working so any project can keep them employed. Second, we know that a website will help you generate income and build a backlog of business in the coming months.
Special Offer: We are offering a full-featured website for $129 per month which includes a website ($3,500 value), hosting ($40 per month value) and local optimization ($75 per month value). If you are interested, please schedule a time to discuss your project with me here. Take a look at some of our recent projects. If you’re interested, give me a call or email me.
4. Adjust and Adapt Your Digital Marketing
The natural reaction for most people in downturns is to cut off all advertising and marketing. In most cases, this should be avoided. Some new customers that need your service but will not be able to find you or know that you are or will be open for business. This is a time for adjustment and medium-term planning. Assuming our markets reopen in May or June, without any new leads or project backlogs you will be starting from scratch. It’s difficult to comprehend but even though you may not be open for business, it doesn’t mean you should stop prospecting.
You need to adjust and adapt to what’s new. Running the same old ads won’t convert but by integrating new modes of communication, live chat, video chat, etc. you can turn your advertising and marketing into a real lead generation which will convert in current sales or at a minimum – a backlog of customers that will help you recover more quickly. Digital marketing includes Google Adwords, Facebook/Instagram, LinkedIn and a variety of other local marketing techniques that will work well if integrated into new social selling. We can help any home improvement company adapt and adjust. We are here to help and will provide free advice to those who seek it.