In the current times of economic uncertainty, many home builders make business decisions based on their fear of the consequences of a recession. Making these fear-based decisions, however, will only hurt your business. It’s critical to not panic, and instead, sit down and take some time to plan out how your company is going to handle a possible recession. There are still plenty of opportunities to grow your business during a recession. In fact, research has found that companies who increase or maintain their marketing during a recession see significantly more growth in the next five years compared to those who cut their marketing during difficult economic times. Be sure to check out our blog post about the top five reasons marketing during a recession is essential to learn more.
Now that you understand the importance of marketing during an economic recession, we’re going to give you CLB Network’s six best recession marketing tips to ensure your home building company is seeing the growth you desire. Read on to learn more.
Tip #1: Focus on your Pre-Existing Customer Base
Customer loyalty is always an asset for home builders, but especially during a recession. It’s typically easier to market towards your established customer base. So take advantage of the loyal customers you already have and make sure they feel appreciated and valued by your company and team. The best ways to ensure your customers feel seen and heard are to regularly communicate and keep in touch with them. We recommend sending thank you notes, surveys, asking them to review your work, giveaways, and weekly or monthly emails. Marketing to your current customers is a great way to show that you care about them, while also reassuring them that your company remains strong and stable during the recession. Plus, making your customers feel appreciated is a great way to incentivize them to write positive reviews about your company and recommend you to their friends and family.
Tip #2: Continue and/or add to your Content Marketing Efforts
While it might seem tempting to cut back on your marketing budget during times of economic uncertainty, don’t do it! Many of your competitors will cut back on marketing, which gives your home building company an amazing opportunity to take advantage and increase your content marketing. While other companies cut back on marketing and SEO efforts, ramping yours up will lead to your brand being ranked higher on search engines, and will help prospects find your company more easily and quickly. The CLB Network team specializes in content marketing and SEO, so by partnering with us, your home building company will be sure to see an increase in traffic to your website and a significant improvement to your online presence, which will lead to more business for your company.
Tip #3: Keep an Eye on the Competition
While knowing what your competitors are up to is always important, it can be even more vital during a recession to take advantage in marketing areas that they’ve cut back on. If you’re seeing that your competitors have decreased their marketing efforts, this is a great opportunity for your company to get ahead of them and capture more best-fit clients.
Tip #4: Don’t Give up if a Prospect is Hesitant about Building
If you encounter leads who are worried about investing in a custom home build during a recession, don’t let them go immediately. During times of economic uncertainty, consumers are more likely to be wary of big investments, so make sure you communicate well. If consumers want to build a home, but are uncertain about starting such a large project during a recession, assure them that now is a great time to build. Our team has done plenty of research into why now is the best time to build a home, and one of the pieces of marketing content that we publish for our Certified Luxury Builders covers this topic. Be sure to contact us to access this research and content, which will help you convince prospects that now is a great time to invest in building a home. If prospects are still hesitant when it comes to building a house during a recession after your conversation with them, don’t fret. Instead, make sure you add them to your mailing list, communicate with them often, and ask them to reach back out when they feel ready to make the investment of creating a custom home. While some consumers might not want to build with you immediately, making and maintaining those connections will be beneficial for your company in the future.
Tip #5: Stick to your Strengths and Values
While times of economic uncertainty are intimidating and can make you fear for the health of your company, stay calm. Don’t make any huge changes or try to branch out into areas where you don’t already excel. It’s important to stick to the services and values your business already offers, and continue providing five-star experiences to your customers. There is always room for improvement in marketing, but don’t change the core of your business or rebrand. Making such drastic changes actually signals to consumers that your business isn’t doing well, and will deter them from selecting you as a home builder.
Tip #6: Use Data to Drive Marketing Decision Making
At all times, but especially during a recession when money is tighter, you’re going to need to assess how your marketing content is performing. The best way to do this is by using data, key performance indicators (KPIs), and analytics. The CLB Network team specializes in data-driven decision making, so we can assess how your company is currently performing, and create realistic goals and expectations for improvement based on the metrics you collect. Using KPIs and analytics will also save you time and money. They allow you to easily identify what is and isn’t working, and adjust from there, rather than blindly spending time and money on multiple strategies you don’t know will work.
We know that the impending economic recession is daunting, and the CLB Network team wants to help put your home building company at ease and assure you that now is still a prime time for your company to invest in marketing and growth. With most of your competition cutting their marketing budgets during a recession, your company has a great opportunity to take advantage and bring more clients in. The six tips covered in this blog post will help your company excel in marketing during the recession, and help to ensure your business grows and thrives for many years to come. To gain access to CLB Network’s full range of services for home builders, from content creation and marketing to financial planning, contact us today and learn how we can help your business grow.
When it comes to marketing in the construction industry, it can be easy to overlook its incredibly important role. It's important for an effective marketing strategy to be developed so the construction company can increase its visibility and maximize success within their field. Advertising a company’s unique skills and services can attract new customers, building a larger customer base, as well as increasing potential profits. Additionally, utilizing digital marketing such as creating social media profiles on platforms like Instagram and Facebook is essential in today’s market in order to keep up with advancing technology trends. With a strong marketing plan in place, future success is guaranteed within the competitive construction industry. To learn more about marketing in construction, contact us.
The Certified Luxury Builders Network leads luxury builders to greatness. Since 2016 CLB Network and builders across the nation with annual sales ranging from $5M - $50M have worked together to deliver a 5-Star experience and become market-leaders. Working with one great company at a time, CLB gives builders the tools, training, and support to achieve success in Quality, Profit, and Pipeline freeing leadership to work on—not in—their business.
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