Home improvement businesses can be highly profitable, earning annual revenues in the six-figure range. According to a study by the National Association of Home Builders, a homeowner’s average home improvement project yields a 63% return on investment. That means for every $100 a homeowner spends on home improvements, they can expect to recoup $63 in increased home value.
Home improvement projects can also significantly boost a household’s monthly income. The same NAHB study found that homeowners who complete renovation projects earn an average of $10,000 more per year than those who do not.
There are many reasons why starting a home improvement business is a wise decision. With high potential profits and increased home values, now is the perfect time to get started. However, it doesn’t happen automatically.
Unfortunately, you might struggle to get clients even if you are years into your business. The lack of customers availing of your improvement services could destabilize your business and threaten its existence. It would be best to take action when this happens and not let your business flounder.
Referral Programs
A referral program is one of the most effective ways to get new clients. It involves offering incentives to your current clients for referring new business to you. The most common type of referral program is a discount, but you can also provide other incentives, such as store credit or free services.
You can promote your referral program in several ways, including social media, email marketing, and flyers. You can also include it on your website and in other marketing materials.
Make sure you make it easy for your clients to refer potential customers to you by giving them all the necessary information, such as your contact information and a brief description of your services. It would help if you also let them know the incentive they will receive for making a referral.
Run Advertising Campaigns
Another great way to get new clients is to run advertising campaigns. You can use various channels to reach your target audience, including TV, radio, print, and online.
When planning your advertising campaign, it’s essential to set a budget and stick to it. You should also consider the channels available and decide which will be most effective for reaching your target audience.
It’s also a good idea to create a call to action that encourages people to avail of your services. This could be like, “call us today for a free consultation.”
Develop a Strong Online Presence
In today’s digital world, it’s essential to have a solid online presence if you want to attract new clients. Your website is often the first point of contact between you and potential clients, so making a good impression is crucial.
Your website should be well-designed, user-friendly, and informative. It should also include your contact information and a call to action. In addition to your website, you should also have a presence on social media and other online platforms.
Email marketing can also be a great way to reach potential clients. You can use email to promote your business, share information about new products and services, and offer discounts and promotions.
Leadership Change
Unfortunately, not every business is booming, and sometimes the only way to get new clients is to make a change at the top. If you’re struggling to get new clients, it might be time to consider a leadership change.
This doesn’t mean you have to replace your entire leadership team. Sometimes, all it takes is one new person with fresh ideas to bring new life to your business. However, sudden changes might result in a challenging transition. If you want to ensure the change gets executed smoothly, you can avail of corporate culture development services to help your team thrive amidst the adjustment.
If you’re thinking about making a leadership change, it’s essential to research and choose the right person for the job. You should also develop a plan for how the transition will take place and what role each leader will play. It will be necessary to check industry news sources to get an idea of who might be available and suited for the job.
Final Thoughts
A lack of clients is a serious problem that can threaten the existence of your home improvement business. However, there are several things you can do to attract new clients.
Referral programs, advertising campaigns, and a solid online presence are all great ways to get new business. You can also consider a leadership change if you struggle to get new clients.
Whatever course of action you decide to take, it’s essential to have a plan and execute it effectively. With the right strategy, you can bring new life to your home improvement business and keep it thriving for years.
