Last month in this space, I reviewed a series of market projections for 2014 from Harvard University as well as the industry’s leading associations.
Who is Your Next Customer?
Merillat interviews consumers to reveal key insights into homeowners' attitudes and decision-making processes. Information can be valuable to remodeling firms in formulating their sales and marketing strategies.
This year's Kitchen/Bath Industry Show & Conference in Las Vegas may have been the most innovative and trend-setting trade show we've seen in years. With thousands of high-tech appliances, fixtures and amenities, the manufacturers who displayed their products (see pages 57–59 for some of the best new products we saw at the show) showed they have both you and your customers' needs and desires top of mind.
One of the most interesting things I found at the show, however, wasn't a refrigerator with a television screen or a spa with an MP3 player. It was a research project conducted by Merillat that used 1,252 interviews with consumers to reveal key insights into homeowners' attitudes and decision-making processes. The research was geared toward new-home buyers and focused on the kitchen, but the information can be extremely valuable for remodeling firms to formulate their sales and marketing strategies.
The results uncovered four distinct prospect groups: Luxury Leaders, Domestic Dwellers, Busy Bees and Career Builders. Depending upon your market, each is a hot target for remodeling services and each has a different way of viewing their home based on their lifestyles and interests.
The Luxury Leader is what many of you may call the high-end client. Their average annual income is $138,200, and they own a 3,000-square foot home valued at $370,000. They are highly educated, average 46 years old, and have grown children. Status is important to this prospect, so your marketing and sales should focus on providing pride and prestige through cutting-edge technology, fine finishes and trendy features.
Domestic Dwellers' average annual income is $111,00, and they own a 2,600-square-foot home valued at $289,000. They are mainly college educated, and average 46 years old, and their children are grown, too. This group is a bit more practical, making decisions based on durability and efficiency.
Busy Bees have an average annual income of $116,000, and they own a 2,800-square-foot home valued at $305,000. They are also college educated and average 43 years old, and their children mainly still live at home. Time is of the utmost importance to this client, so efficient sales and communication systems will differentiate you from the competition.
Career Builders' average annual income is $110,200, and they own a 2,800-square-foot home valued at $294,000. They are college educated, and average 42 years old, and their children tend to still be living at home. Convenience, low-maintenance and especially resale value are important to this prospect, so selling on ROI can close the sale best.
Editor in Chief, Michael Morris: 630/288-8057, firstname.lastname@example.org