Don’t Slash Your Prices To Fix The Economy – It Won’t Work
No one can deny that the economy, and especially the real estate market have taken a hit in the past few years. However you if think waiting to fix the economy will be the answer for your remodeling business you’re wrong.
How Is The Economy Bad?
The real estate market took a bigger hit than it had seen in decades and the remodeling business did as well. However for those in the remodeling and replacement contractor industry there is still a lot of business, it’s just a matter of knowing how to get it!
When the economy is hurting it is the natural response of most replacement contractors to panic a little. Many consider every option including cutting back on the cost of doing business and slashing prices and lowering the margin in hopes of beating competitors. Unfortunately it is not the bid on the job that brings in customers, in fact, many of the contractors who have remained busy during the slump in the economy are the most expensive in their area.
Trust Your Replacement Contractor
It is the natural reaction for many people to distrust their replacement contractor. Too many people have been victim to poor quality workmanship or even a replacement contractor that walks away with their deposit money. Slashing your prices makes people question the quality of your work and become fearful that you may not be the best choice for the job.
When a client is looking for a replacement contractor, they need the work done in a timely manner and they are looking for the best person for the job. This doesn’t change in a down economy, the need is still there. What does change is the tactics by the most seasoned and successful business owners. These contractors are not waiting to fix the economy, they are being aggressive and stealing business away from those that have become nervous and conservative.
Fix The Economy
The answer to competing with the top replacement contractors in your area is not investing extra money into marketing. In most cases this can be achieved by reallocating unproductive marketing dollars and investing them online with a focus on building a strong reputation, brand and personal positioning marketing platform.
If your ready to grow your business it’s time to take a good look at your remodeling marketing strategies. Building a professional website showcasing your work and filling it with informative content, strong customer reviews and discount opportunities is a great first step. The internet is replacing the yellow pages and if done correctly online marketing can grow your business exponentially.
Don’t wait to fix the economy, start by fixing the way you spend your resources. It will make all the difference in the success of your replacement contractor business.