Home Industry Businesses Use the Fall 2021 Homeowner Survey to Craft Their Home Improvement Marketing
Home Improvement and home industry businesses have new actionable marketing data at their fingertips. The Fall 2021 Homeowner Survey Results show that nearly 40% of homeowners are pursuing home improvement projects over the next year.
This survey covers homeowner behaviors, future project planning, budgets and financing, preferences, and more. The survey was conducted by Modernize, a leader in the home improvement and home services industry. They survey thousands of homeowners every quarter to provide insight into what drives them to start home improvement projects.
These results offer contractors a deep look into the latest homeowner trends and behaviors. You can use this information to help you understand your customers and grow you businesses.
From a marketing perspective, the more you know about your customer the better. This information will help you target your best prospects. You can also formulate your marketing campaigns, fine tune your creative and select the right offers.
Key Homeowner Insights:
- 39% of homeowners plan to pursue additional home improvement projects over the next year.
- 37% are pursuing projects to save money on monthly electricity and utility bills, and 19% are looking to increase the value of their home.
- 72% plan to budget $5,000 or less on their upcoming projects.
- If financing were available, 34% of surveyed homeowners would finance their entire home improvement project. BTW – This is really important for home improvement business since you can select your prospects by their credit score when you do your marketing.
Roofing: More than 50% of homeowners plan to install gutters or gutter guards during their roofing project. If financing were available, 36% of homeowners would seek to finance the entire roofing project.
Solar: 58% of homeowners pursuing projects are not aware of the current 2021 federal residential solar energy credit. 22% of homeowners plan to spend more than $10,000 on their solar project. Approximately 83% are installing solar to save money on utility and electric bills.
Windows: 67% of homeowners wish to finance some or all of their upcoming project. 84% plan to spend $5,000 or less.
HVAC: 65% of homeowners are budgeting between $2,501 and $10,000 for their HVAC project.
This is all great information. But what’s most exciting about having this kind of data using it to improve your marketing efforts.
Leveraging this Data for Marketing
There are quality mailing lists available that can target the specific Homeowner segments that are most likely to be in the market for a re-roof, new HVAC or replacement windows.
Some of the options marketers can choose
- Dwelling type
- Home value
- Age of home
- Credit Score
- Household composition
- New Homeowners
- Homeowners who purchased a resale
By fine tuning these mailing list elements, marketers can really hone in hone their best prospects.
For example – a Solar company can select homeowners in single family homes, home value $300,000+up, who have identified themselves as Green. Further, they can apply a modeled credit score of 720+up to insure the prospect can afford their installation. A Solar company may also want to contact New Homeowners in their area. That’s because many new homeowners want to install Solar as early as possible, to take advantage of the savings from Day 1.
Homeowners Are Looking for Credit Options – Use this in Your Home Improvement Marketing
The Study clearly shows that home owners are looking for financing options when it comes to paying for the home improvements they want. That means you want to market to homeowners who can take advantage of the financing options you can offer them. If your finance company lends to homeowners with 680+ scores, then those are the only ones you want to spend your money marketing to.
There are two kinds of credit score lists used for marketing: prescreen data and modeled credit data. The one you use depends on your company, your marketing material and your budget. Click HERE to learn more about your options.