We live in a rapidly changing world. The advent of the internet, social media, and digital media has altered the way we communicate, live, and work. For better or worse, these changes have greatly affected the way the business world operates. The home services industry is no different. As change comes, businesses must adapt to stay ahead of the competition and thrive in today’s landscape. To make the most of these modern opportunities, consider the following trends emerging in the home services industry:
1. Renewable Energy
In our quickly changing world, some of our bedrock ways of living are becoming obsolete. Consider coal. Once a dominant means of energy production, coal has been phased out in favor cleaner, more efficient means. As individuals, companies, and governments become increasingly aware of the damaging effects of climate change, clean energy is becoming a greater priority. Over the coming decades, this means energy sources like natural gas and oil will decrease in production and usage. In their place, clean and renewable energy sources like solar, wind, and hydropower energy will take their place.
Take a look at the graph below:
Since 1965, renewable energy generation has increased over seven times, from 941 terawatt hours to almost 8,000 terawatt hours. As technology advances and companies take advantage of the opportunities in the renewable energy market, it’s crucial for home service businesses to adapt accordingly.
Even though the private sector is making the leap towards renewable energy on its own, public policy will inevitably push industry towards clean energy. In the United States, the Inflation Reduction Act was recently passed, giving consumers rebates for heat pump systems, a more energy efficient way to heat and cool the home. This is a key piece of legislation for the HVAC industry, which will see increased demand for heat pumps and related systems.
On the sunny side of the street, the solar industry is projected to reach a valuation of 223 billion by 2026. These promising numbers indicate that solar installations, both commercial and residential, will have a dramatic increase in the coming years. Smart business owners will make the necessary adjustments to their business plans to keep up with demand.
2. Sales Software Implementation
When you think of “sales”, what comes to mind? Perhaps it’s an unwelcome visit from a cheap suit-clad man at your front door. Maybe it’s fancy dinners with account executives, wining and dining with a potential client. It could just be a boardroom presentation with a line graph showing (hopefully) exponential growth.
Regardless of any preconceived notions, a sales strategy is paramount for home service companies. Many businesses likely haven’t considered sales a part of their job process; instead just considering the entire process to be quoting/estimating a job, completing the job, and sending an invoice. The modern home service company will be sure to expand their operations and consider sales essential to their business.
To strategically implement a sales process, finding and utilizing the right tools is key. One of the most important tools that a company can use is sales software.
Sales software is a suite of tools that can digitally streamline sales processes, gather and store information about customers, analyze data, in addition to other functions. Companies that implement sales software into their practices can reap a number of benefits including time-saving automation, better organization, enhanced productivity, and increased team alignment.
3. Marketing Investment
Brian Halligan, CEO and Co-Founder of HubSpot said: “It’s not what you sell that matters as much as how you sell it!”
This is true across industries, especially in home services. Your brand is your company’s voice, face, and reputation. While you can have the greatest product and the most impeccable service, proper branding is essential to building a healthy business.
The home services industry is taking Brian’s advice to heart as more and more companies invest their resources into a robust marketing strategy. So how are companies spending their marketing dollars?
The digital transformation is in full swing. Prudent home service companies will take advantage of all of the modern, digital offerings available on the market today. Leading these offerings is marketing software. This software is a tool that helps businesses organize, perform, and analyze their marketing strategies. Typically, marketing software will offer a selection of means to manage campaigns, coordinate social media posting, better connect with the ideal audience, and analyze data. CompareCamp conveniently lists a number of leading marketing softwares available in the market today.
Social media is the “Marketplace of Ideas” of the Information Age. Not only does social media create a space for people to share personal photos, updates, and communications, it’s a massive tool for businesses to connect with customers.
Pew Research states that today, 72% of American adults use at least one social media site, up from just 5% in 2005. It’s clear that from its humble beginnings, social media has become an integral part of daily life for America and the rest of the world. So how can businesses leverage social media to reach their customer base?
First, create a page! Every good thing begins with a first step. But before you create a business page for every platform that exists, do some consumer research. Analyze audience demographics and focus your efforts on the platforms that your ideal customer would likely use.
Regarding demographics and social media, let’s take a moment to look at age. While most social media use skews towards younger people, you’ll find that each platform attracts a different audience. Facebook, for instance, has a relatively even spread of age demographics. In contrast, TikTok’s users are nearly exclusively young people, ages 13-34. Before investing your hard earned money into a potentially fruitless social media strategy, do the research to know your audience’s habits.
These days, it seems like everyone and their mother has a podcast. Whether it’s a show recapping your favorite television program’s latest episode or diving into a spooky short story, podcasts have content for everyone. Note the following statistic: monthly podcast listenership in the United States has grown from 32 million in 2013 to an estimated 164 million in 2023. It’s clear that podcasting is a burgeoning industry with lots of room for growth and most importantly, business opportunities.
The good news is that it’s easier than ever to create a podcast! As the podcast industry expanded over the past decade, services have emerged to assist individuals and businesses in their podcast production efforts. Services like Spotify’s Anchor FM allow you to create, distribute, and monetize your podcast, all on one platform. This would be a great option for businesses who don’t have the experience or resources to invest in a production team. Other similar podcast distribution services include Buzzsprout, Podbean, and Castos.
As the home services industry continues to grow and adapt to our modern and changing world, it’s more important than ever to stay on top of the latest trends. Using sales software to boost profits, implementing a robust marketing strategy, and staying up to date with the latest technologies will serve your business in the short and long term. Remember, technology is changing the world; change with it!